Chap 11 Texas Statutes and rules pertinent to life insurance only

Which of the following documents must be provided to the policyowner or applicant during policy replacement?

Notice regarding replacement

During replacement of life insurance, a replacing insurer must do which of the following?

Obtain a list of all life insurance polices that will be replaced

If a person is compensated for a testimonial in an advertisement, which of the following statements should be included in the advertisement?

Paid endorsement

All of the following are mandatory life insurance policy provisions EXCEPT

Policy Backdating

Which of the following may be included on an insurance advertisement?

Testimonials from compensated individuals

All of the following statements are correct regarding credit life insurance EXCEPT

Benefits are paid to the borrowers beneficiary

Which of the following is used to compare the cost of one life insurance policy against another in order to guide prospective purchasers to policies that are competitively priced?

Cost comparison methods

The type of insurance sold to a debtor and designed to pay the amount due on a loan if the debtor dies before the loan is repaid is called

Credit life

Regarding credit life insurance, who is responsible for reporting termination of debt to the insurer?

Creditor

Which of the following would be the beneficiary in credit life insurance?

Creditor

How must a replacing producer respond to an applicant wishing to replace existing life insurance?

The producer must provide the applicant with a notice regarding replacement

Which of the following CANNOT be included along with illustrations used to sell life insurance?

Vanishing premium information

Upon the submission of a death claim under a life insurance policy, when must the insurer pay the policy benefit?

Within 2 months

Which of the following is TRUE regarding the insurance amount in a credit life policy?

creditor can on ly insure the debtor for the amount owed