Texas Life and Health Insurance Exam Questions and
Answers (Verified Solutions) 2023
What type of reinsurance contract involves two companies automatically
sharing their risk exposure? – correct answer \u2705Treaty
The stated amount or percent of liquid assets that an insurer must have on
hand that will satisfy future obligations to its policyholders is called – correct
answer \u2705reserves
When third-party ownership is involved, applicants who also happen to be
the stated primary beneficiary are required to have – correct answer
\u2705insurable interest
Statements made on an insurance application that are believed to be true to
the best of the applicant’s knowledge are called – correct answer
\u2705representations
The part of a life insurance policy guaranteed to be true is called a(n) –
correct answer \u2705warranty
Which of these is NOT a type of agent authority?
Express<\/p>\n\n\n\n
Texas Life and Health Insurance Exam Questions and
Answers (Verified Solutions) 2023
Implied
Principal
Apparent – correct answer \u2705Principal
The Consideration clause of an insurance contract includes – correct answer
\u2705the schedule and amount of premium payments
E and F are business partners. Each takes out a $500,000 life insurance policy
on the other, naming himself as primary beneficiary. E and F eventually
terminate their business, and four months later E dies. Although E was
married with three children at the time of death, the primary beneficiary is
still F. However, an insurable interest no longer exists. Where will the
proceeds from E’s life insurance policy be directed to? – correct answer \u2705In
this situation, the proceeds from E’s life insurance policy will go to F.
Which term defines the legally enforceable promise in an insurance contract
by the insurer? – correct answer \u2705Unilateral<\/p>\n\n\n\n
Texas Life and Health Insurance Exam Questions and Texas Life and Health Insurance Exam Questions andAnswers (Verified Solutions) 2023What type of reinsurance contract involves two companies automaticallysharing their risk exposure? – correct answer \u2705TreatyThe stated amount or percent of liquid assets that an insurer must have onhand that will satisfy future obligations to its policyholders is called – correctanswer \u2705reservesWhen third-party ownership is […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[25],"tags":[],"class_list":["post-113842","post","type-post","status-publish","format-standard","hentry","category-exams-certification"],"_links":{"self":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts\/113842","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/comments?post=113842"}],"version-history":[{"count":0,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts\/113842\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/media?parent=113842"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/categories?post=113842"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/tags?post=113842"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
Answers (Verified Solutions) 2023
Insurance contracts are known as __<\/em> because certain future conditions or
acts must occur before any claims can be paid. – correct answer
\u2705conditional
Which of these require an offer, acceptance, and consideration? – correct
answer \u2705Contract
Which of these is NOT considered to be an element of an insurance
contract?
the offer
acceptance
negotiating
consideration – correct answer \u2705negotiating
An agent is an individual that represents whom? – correct answer \u2705Insurer
Which policy requires an agent to register with the National Association of
Securities Dealers (NASD) before selling? – correct answer \u2705Variable Life
<\/p>\n","protected":false},"excerpt":{"rendered":"