Download Study Guide Ins TX - LAH05 - General Lines - Life, Accident, and Health / Certified Exam Q and more Exams Nursing in PDF only on Docsity!
Study Guide Ins TX - LAH05 -
General Lines - Life, Accident, and
Health / Certified Exam Q&A,
_____________Quiz____________? A newly license General Lines agent must complete a MINIMUM of___ hours of continuing education within ___ months after initial license. -
Answer ✓✓
_____________Quiz____________? · Insurance agent licenses normally must be renewed every __ years. -
Answer ✓✓
_____________Quiz____________? · An agent must include a statement that _________ are not guaranteed during a sales presentation for a participating life insurance policy. -
Answer ✓✓
Dividends _____________Quiz____________?
Dividend -
Answer ✓✓
a partial return of premium to the insured based on the insurer's financial performance or on the insured's own loss experience. Insurers cannot legally guarantee the payment of dividends. _____________Quiz____________? An applicant for an agent's license must be... -
Answer ✓✓
honest, trustworthy, and reliable. _____________Quiz____________? An agent who tells claimants that their rights may be impaired if they fail to complete a release form within a given period could be guilty of ____. -
Answer ✓✓
Coercion _____________Quiz____________? Coercion -
Answer ✓✓
Persuading someone to do something by using force or threats. _____________Quiz____________? An agent who tells a client that dividends are guaranteed may be guilty of _____. -
Answer ✓✓
misrepresentation _____________Quiz____________?
Insurance solvency -
Answer ✓✓
is a company's ability to be able to meet the obligations they face when it comes to making payments on claims for insurance policies. _____________Quiz____________? The Commissioner of Insurance does NOT have the power and duty to activate insurance company's _________ ________. -
Answer ✓✓
financial reserves. _____________Quiz____________? Financial Reserves -
Answer ✓✓
funds set aside such as profits for unexpected events/situations. Covers scheduled, routine and unscheduled expenses that would otherwise be drawn from general funds. _____________Quiz____________? The Commissioner of Insurance may issuer a temporary agents license for a maximum of ___ days. -
Answer ✓✓
_____________Quiz____________? The Commissioner of Insurance may suspend, revoke, or refuse to renew the license of an agent who is.. -
Answer ✓✓
found guilty of misrepresentation or fraud in obtaining the license.
_____________Quiz____________? Before holding a hearing regarding an agent's unfair or deceptive practice, the Insurance Commissioner MUST give ___ days' notice. -
Answer ✓✓
_____________Quiz____________? An insurance company MUST use ________________________ in its advertising. -
Answer ✓✓
its true corporate name _____________Quiz____________? · If an insurance company is organized under the laws of New Jersey and licensed to do business here, it is considered a _______ _______ in Texas. -
Answer ✓✓
foreign company _____________Quiz____________? In Texas, a domestic insurance company is defined as a company that... -
Answer ✓✓
is incorporated and formed in Texas. _____________Quiz____________? Under Texas Insurance Law, the term "transacting business" includes... -
Answer ✓✓
collecting premiums _____________Quiz____________?
Under the _____ _________ code, suicide may not be a defense against payment after the second year. -
Answer ✓✓
Texas Insurance _____________Quiz____________? · Boycott, coercion, and intimidation that result in the unreasonable restraint of trade are prohibited under the Texas Insurance Code covering..... -
Answer ✓✓
unfair methods of competition _____________Quiz____________? Annuities -
Answer ✓✓
contracts that provide income for a specified period of years or for life. Also, protects an individual against outliving their money. It is a type of contract that liquidates an estate through recurrent payments. _____________Quiz____________? Immediate Annuity -
Answer ✓✓
· Purchased with one lump-sum payment and provides a stream of income payments that begin within one year form the purchase date · Benefit payments start within one payment period of purchase. _____________Quiz____________? Life Annuity w/ Period Certain -
Answer ✓✓
· Instead of paying out of for the rest of the annuitant's life, they pay guaranteed income for a specified period - typically 10 to 20 years - regardless of whether the annuitant lives that long. Upon the death of the annuitant, a period certain annuity will continue providing income payments to a beneficiary named in the contract. _____________Quiz____________? Single Premium Annuity -
Answer ✓✓
· An immediate annuity that will make the first payment as early as 1 month from the date of purchase. _____________Quiz____________? ______ ____ is an element of single premium annuity. -
Answer ✓✓
Lump-sum payment _____________Quiz____________? Straight Life Annuity -
Answer ✓✓
· An annuity that pays a guaranteed stream of income but ceases payments upon the death of the annuity holder. (Payments cannot be made to a beneficiary.) · The annuity that represents the largest possible monthly payment to an individual annuitant (offer the highest periodic payments). _____________Quiz____________? Deferred -
Answer ✓✓
· An annuity in which the income payments begin sometime after one year from the purchase date.
A provision in a life insurance policy that pays the policyowner an amount that does not surpass the guaranteed cash value is called the.... -
Answer ✓✓
policy loan provision _____________Quiz____________? The insuring agreement in Life Insurance contract establishes... -
Answer ✓✓
an insurer's basic promise. _____________Quiz____________? An applicant's signature is required on a life insurance application... -
Answer ✓✓
to attest that the statements on the application are accurate to the best of the applicant's knowledge. _____________Quiz____________? __________ _______ of a life insurance policy is used extensively in estate-planning as well as business circumstances -
Answer ✓✓
Third-party ownership _____________Quiz____________? All the following provisions must be included in life insurance policies, EXCEPT -
Answer ✓✓
Extended Term _____________Quiz____________?
Term policies -
Answer ✓✓
are issued for a given period, such as 10, 20, or 30 years. If you die during the term, your designated beneficiaries will receive the death benefit. If you don't die during the term, the policy will expire when the term ends, and no benefits will be paid. _____________Quiz____________? When a policy owner exchanges a term policy for a whole life policy without providing proof of good health, ______ _______ applies. -
Answer ✓✓
conversion provision _____________Quiz____________? Conversion Provision -
Answer ✓✓
allows a policyholder to change a term policy into whole or universal policy without going through the health qualification process again. _____________Quiz____________? Credit policies are issued as... -
Answer ✓✓
term life insurance _____________Quiz____________? _____ expires at the end of the policy period. -
Answer ✓✓
Term _____________Quiz____________?
If the one wants an increasing Death Benefit to protect against inflation, they should select...... -
Answer ✓✓
Paid-Up Additional Insurance. _____________Quiz____________? _______-___ ________ ______ additional whole life insurance coverage that a policyholder purchases using the policy's dividends instead of premiums -
Answer ✓✓
Paid-Up Additional Insurance _____________Quiz____________? Paid-up additions themselves then _____ ________, and the value continues to compound indefinitely over time. -
Answer ✓✓
earn dividends _____________Quiz____________? Dividend: -
Answer ✓✓
a partial return of premium to the insured based on the insurer's financial performance or on the insured's own loss experience. Insurers cannot legally guarantee the payment of dividends. _____________Quiz____________? In a monthly premium payment mode, ...... -
Answer ✓✓
the gross premium is higher on a monthly payment mode as compared to being paid annually.
_____________Quiz____________? Variable policy -
Answer ✓✓
A life policy with a death benefit that can fluctuate according to the performance of its underlying investment portfolio. _____________Quiz____________? · In a variable UL, ..... -
Answer ✓✓
the policy owner controls where the investment will go and selects the amount of the premium payment. _____________Quiz____________? A ______ __ provides a minimum guaranteed Death benefit -
Answer ✓✓
variable WL _____________Quiz____________? · A _____ ______ ______ is an element of a VL policy. -
Answer ✓✓
fixed, level premium _____________Quiz____________? Variable, Requires an agent to register with the ______ _______ __ ______ _______ before selling. -
Answer ✓✓
National Association of Securities Dealers (NASD)
_____________Quiz____________? contributory -
Answer ✓✓
Group life insurance plans are those in which the employee 'contributes' a portion of the premium and the employer pays the rest. _____________Quiz____________? The premiums paid by an employer for his employee's group life insurance are usually considered to be.... -
Answer ✓✓
tax-deductible to the employer. _____________Quiz____________? The amount of coverage on a ____ ____ __ policy is limited to the insureds total loan value. -
Answer ✓✓
group credit life _____________Quiz____________? Group credit insurance offers _____ __ __ ___, usually a bank or finance company, where the payout is the outstanding principal amount in the event of the death/disability of the debtor. -
Answer ✓✓
coverage to the lender _____________Quiz____________? Group life policies MUST include all the following provisions EXCEPT -
Answer ✓✓
right loan to proceeds
_____________Quiz____________? Loan proceeds are ___________________________________________________. It is the amount that the borrower owes to the lender, plus any interest due on the money. -
Answer ✓✓
the amount that a lender dispatches to the borrower after paying off any closing fees _____________Quiz____________? Under the Texas code, the MAXIMUM for which a spouse may be insured in a company group life program with a $50,000 death benefit is $ ______. -
Answer ✓✓
_____________Quiz____________? An ______ ____ _____ requires a policy owner to provide proof of insurability in an adjustable life policy. -
Answer ✓✓
increase face amount _____________Quiz____________? Adjustable Life Policy -
Answer ✓✓
a hybrid of term life and whole life insurance that allows policyholders the option to adjust policy features, including the period of protection, face amount, premiums, and length of the premium payment period. Adjustable life policies also incorporate an interest-bearing savings component, known as a "cash value" account. _____________Quiz____________? Coverage normally remains until __ ___ on a Limited-pay Life policy -
Investor-Originated Life Insurance _____________Quiz____________? Investor-Originated Life Insurance: (IOLI) is a type of life insurance where an investor pays_ ______ to take out a large life insurance policy for the person. The investor pays the person's premiums in exchange for the person's life insurance benefits -
Answer ✓✓
A Person _____________Quiz____________? Equity Indexed Life Insurance: -
Answer ✓✓
Tied to an equity index such as the S&P 500 Cash Value has a minimum rate of accumulation If the gain on the index goes beyond the policy's minimum rate of return, the cash value will mirror that of the index. _____________Quiz____________? _____-____ ____covers an insured's whole life with level premiums paid over a limited time.
Answer ✓✓
Limited-Pay Life _____________Quiz____________? _____ _____ covers children under their parent's policy. -
Answer ✓✓
Term Rider _____________Quiz____________?
________ covers two people and pays upon the death of the last insured. -
Answer ✓✓
Survivorship
