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EXAM FX TEXAS LIFE AND HEALTH INSURANCE EXAM
QUESTIONS
Actual Qs and Ans - Expert-Verified Explanation -Guaranteed passing score -100 Questions and Answers
-Format: Multiple-choice / Flashcard
Question 1: what is a warranty in an insurance contract?
Answer:
an absolutely true statement upon which the validity of the insurance contract is based
Question 2: who would be considered a third-party owner?
Answer:
An individual or an entity who is not the insured
Question 3: who may contribute to an HR-10 Plan?
Answer:
A self-employed individual Question 4: what two elements are necessaryfor a life insurance contract to have a legal purpose?
Answer:
insurable interest and consent
Question 5: what are the death benefit option in universal life policies?
Answer:
option a- level death benefit option b- increasing death benefit Question 6: If an agent fails to obtain the applicant's signature on the insurance application, what must the insurer do?
Answer:
send the application back to the applicant for signature
Question 7: what quilified plan is suitable for the self-employed?
Answer:
HR-10 or Keogh Question 8: in forming an insurance contract, when does an acceptance usually occur?
Answer:
when the insurer approves a prepaid application
Question 9: what is insurance underwriting?
Answer:
the process of risk selection and classification Question 10: the death protection component of a universal life policy is expressed as what type of coverage?
Answer:
annually renewable term Question 11: An annuity purchased with multiple payments that begins income payments after one year from the moment of purchase is known as what type of annuity?
Answer:
flexible premium deffered annuity
Question 12: what document describes the specific information about a policy?
Answer:
policy summary
Question 13: when does an insurance policy go into effect?
Answer:
When the policy is delivered and the premium is paid Question 14: What do individuals use to transfer their risk of loss to a larger group?
Answer:
Insurance
Question 15: Who owns a group life insurance contract?
Answer:
The employer (also known as the sponsor of the group) Question 16: What type of report provides information about the applicant's hobbies, habits and financial status?
Answer:
Inspection report
Question 17: Mortality tables are used by insurance companies to predict what?
Answer:
life expectancy and the death rates for specific groups of individuals
Question 18: who qualifies for tax-sheltered annuities, or 403(b) plans?
Answer:
Employees of non proit organizations under section 501(c) (3) and employees of public school systems Question 19: When a change needs to be made on the application for insurance, which is the best method for correcting the information?
Answer:
complete a new application or ask the applicant to initial the corrections on the original application Question 20: what type of policy is typically issued without proof of insurability from the insured?
Answer:
group policy
Question 21: health contracts are prepared by insurers and must be accepted by the insured on an as is basis. this describes what aspect of a health insurance contract?
Answer:
contract of adhesion Question 22: for a retirement plan to be qualiied, it must be designed for whose benefit?
Answer:
employees
Question 23: who must have insurable interest in the insured?
Answer:
the policy holder
Question 24: health insurance contracts are unilateral. what does that mean?
Answer:
Only one party makes a legally enforceable promise Question 25: in health insurance, the policy itself and the insurance application form what?
Answer:
the entire contract
Question 26: what is policy replacement?
Answer:
a new policy is issue while an existing policy is terminated or reissued with a reduction in cash value Question 27: when must the policy summary for a life insurance policy be delivered to the policyowner?
Answer:
at the time of policy delivery Question 28: what is the penalty for excessive contributions to a traditional IRA?
Answer:
6%
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