LH TEXAS INSURANCE EXAM

PDF Download L&H TEXAS INSURANCE EXAM Actual Qs and Ans - Expert-Verified Explanation -Guaranteed passing score -100 Questions and Answers

-Format: Multiple-choice / Flashcard

Question 1: A false statement in an application is?

Representation Misrepresentation Waiver Concealment

Answer:

Misrepresentation

Question 2: Which of these is not a limited health plan?

Universal life insurance Cancer Prescription drugs Vision care

Answer:

Universal life insurance Question 3: When an insured is covered under his group health plan and his spouses group health plan, his plan would be called?

HMO PPO Primary Secondary

Answer:

Primary

Question 4: Which of these is not a party in a 3rd party contract?

Policyowner Irrevocable beneficiary Applicant Insurer

Answer:

Irrevocable beneficiary Question 5: A person living in one state and working in another state would buy his insurance from which Market Place?Whichever state is the least expensive State of residence Anywhere he wants State of employment

Answer:

State of residence

Question 6: Purchasing an insurance policy is what type of risk management?

Avoidance Reduction Retention Transfer

Answer:

Transfer Question 7: Which of these policies pays the death benefit when the first of two people listed on the policy dies?Joint Life Joint Survivor Life Modified Life Universal Life

Answer:

Joint life

Question 8: In an annuity contract a 10% penalty is levied for which of these?

Money withdrawn before age 62 Money withdrawn after age 70 ½ Money withdrawn before age 65 Money withdrawn before age 59 ½

Answer:

Money withdrawn before age 59 ½

Question 9: AIDS testing requires all of these, EXCEPT?

Gathering of data on positive results for studies Questions about HIV or Aids are legal Signed consent for testing Underwriting required testing

Answer:

Gathering of data on positive results for studies

Question 10: *Social Security offers all of these, EXCEPT?

Medical Dismemberment Disability Retirement

Answer:

Dismemberment Question 11: If a life insurance policy is funded too quickly it will be classified as a?Modified Endowment Contract Term Life Contract Illegal Contract Indexed contract

Answer:

Modified Endowment Contract Question 12: *If an Insurer deceives a prospect regarding the Insurer's assets, corporate structure or financial standing. This would be?Boycott Defamation False Advertising Coercion

Answer:

False Advertising Question 13: A steady stream of income paid to an individual upon retirement is what type of insurance policy?Life paid up at age 65 Disability income Annuity

Term to age 65

Answer:

Annuity

Question 14: *Which of these would be considered rebating?

Refund of part of the initial premium Payment of a claim to a beneficiary Payment of a dividend to an insured Interest paid in the cash value of a permanent insurance policy

Answer:

Refund of part of the initial premium Question 15: Which of these would be a reason for someone to purchase an annuity?Guarantees benefits to pay mortgage in the event of premature death Protects against outliving retirement benefits Replaces insured's income in the event of death Pays off debt in the event the insured dies prematurely

Answer:

Protects against outliving retirement benefits Question 16: Which of the following is true of Medicare Part A, in terms of coverage?Helps pay for outpatient services Helps pay for routine physical exams Helps pay for hospital care and skilled nursing facility care Helps pay for surgeon's fees

Answer:

Helps pay for hospital care and skilled nursing facility care Question 17: If an applicant or insured discovers errors in their Credit Report, the Fair Credit Reporting Act requires the following to correct the report?Credit reporting agency Applicant/insured Producer Underwriter

Answer:

Credit reporting agency