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TEXAS LIFE INSURANCE EXAM 2024 EXAM QUESTIONS
Actual Qs and Ans - Expert-Verified Explanation -Guaranteed passing score -100 Questions and Answers
-Format: Multiple-choice / Flashcard
Question 1: With a traditional whole life policy, the death benefit...
Answer:
is guaranteed and also remains level for life
Question 2: What is pure death protection?
Answer:
premiums that are paid on term policies for the protection in the event of death, not for cash accumulation Question 3: The insured usually pays $1,200 annually for her life insurance premium. This year, she has accumulated $175 in dividends, and applied that to her next premium, reducing it to $1,025. What dividend option has the insured chosen?
Answer:
Reduction of premium
Question 4: What are the standard exclusions in life insurance policies?
Answer:
- Aviation
- War or military service
-hazardous occupations or hobbies
Question 5: The 10% early withdrawal penalty from an IRA can be waived for...
Answer:
Catastrophic medical expenses
Question 6: Representations
Answer:
Statement made by the applicant on the insurance application that are BELIEVED to be true, but are not guaranteed to be true Question 7: What are the 3 basic types of Term (pure life) insurance based on how the death benefit (face value) changes during the policy term?
Answer:
- Level
- increasing
- decreasing
Question 8: The application consist of?
Answer:
- Parts
- General Information
- Medical Information
Question 9: With personal life insurance, the lump-sum death is received by the beneficiary...
Answer:
Tax free.Question 10: What is the minimum required number of continuing education credits in the ethics every licensing period?
Answer:
- Hours
Question 11: If a life policy does not pass the 7-pay test, that policy...
Answer:
Becomes a Modified Endowment Contract
Question 12: What is true regarding a joint life policy?
Answer:
Premium is based on the average age of the insureds Question 13: If the agent feels that misrepresentation on the part of the applicant occurred for insurance, what must the agent do?
Answer:
Inform the insurance comapny
Question 14: Payor Benefit Rider
Answer:
Found in juvenile polices which waivers the premiums if the person paying them (often the parent) is disabled or dies while the child is still a minor
Question 15: Adjustable Life
Answer:
Life insurance that permits changes in the face amount, premium amount, period of protection, and the premium payment period
Question 16: Who is considered a nonresident agent?
Answer:
An agent who resides in another state, but is licensed to write insurance in this state.Question 17: The number of Quarters required to obtain a fully insured status to receive Social Security benefits is...
Answer:
40 Question 18: What provision of a life insurance policy states the application is part of the contract?
Answer:
Entire contract
Question 19: If an agent fails to obtain an applicants signature on the insurance application, the agent must?
Answer:
Return the application to the applicant for signature
Question 20: Irrevocable designation
Answer:
May not be changed WITHOUT THE WRITTEN CONSENT OF THE BENEFICIARY Question 21: When a death claim is submitted, the insurer discovered that the insured understated her age on the application for a life policy. What will the insurer take?
Answer:
Pay a reduced death benefit based on the insured's actual age Question 22: An individual owns an adjustable life policy. Sometime in the future he wants to increase the death benefit. What is correct regarding the death benefit increase?
Answer:
It can be increased by providing evidence of insurability
Question 23: Level Term insurance
Answer:
The most common type of temporary protection purchased. The word level refers to the death benefit that does not change throughout the life of the policy.
Question 24: Policy Replacement
Answer:
Present to the applicant a NOTICE REGARDING REPLACEMNT that is signed by both the applicant and producer Question 25: The time period during which an annuitant contributes to annuity is called?
Answer:
The accumulation period
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