life insurance

Benefits are paid to the borrower's beneficiary.

All of the following statements are correct regarding Credit Life Insurance EXCEPT

decreasing term

An individual had just borrowed $10,000 from his bank on a 5-year installment loan requiring monthly payments. What type of life insurance policy would be best suited to this situation?

Authorized Insurer

An insurer that holds a Certificate of Authority in the state in which it transacts business is considered a/an

which of the following is NOT an example of a valid insurable interest?

Debtor in the life of the creditor

fully insured

If an injured worker has earned 40 quarters of coverage, the worker's status under Social Security disability is?

That the cash value will not be lost

Nonforfeiture values guarantee which policyowner?

Interest Only Option

The policyowner wants to make sure that upon his death, the life policy will pay a portion of the proceeds annually to his spouse, but that the principal will be paid to their children when they reach a certain age. What settlement option should the policyowner choose?

the performance of the policy portfolio

What determines the cash value of a variable life policy?

insurable interest and consent

a life insurance policy has a legal purpose if both of which of the following elements exist

insurer

all advertisements are the responsibility of the

availability of stranger originated life insurance (STOLI)

all of the following information must be disclosed to the viator prior to the execution of a viatical settlement contract except

2023

an agent completed a CE course in 2019. until what year must the agent keep the records of completion

there is no misconduct

an agent explains the details of a life insurance policy to a client. the agent does not realize however, that the state has recently rewritten two of the provisions. as a result, the agent inadvertantly misrepresents the policy making it more attractive than it really is. what best describes this situation?

unfair claims settlement practice

an applicant properly notifies her insurer of a straightforward claim, but the insurer waits an exceedingly long time to process it. which of the below terms best describes the behaviour of the insurer

Level Term

an individual covered under a group life insurance policy may convert the policy to any of the following EXECPT

$100,000

an indivudual purchased a $100,000 joint life policy on himself and his wife. eight years later, he died in an automobile accident. how much will his wife receive from the policy

counselor

an insurance professional advises a client regarding the benefits of her life insurance policy, in exchange for a fee. which of the following terms beet describes this type of insurance professional

$3,000

an insured decides to surrender his 100,00 whole life policy. the premiums paid into the policy added up to $15,000. at policy surrender, the cash surrender value was $18,000. what part of the surrender value would be income taxable

mutual

an insured purchased an insurance policy 5 years ago. Last year, she received a dividend check from the insurance company that was not taxable, this year, she did not receive a check from the insurer. from what type of insurer did the insured purchase the policy

mentioning the guaranty association in advertisements is considered to be unfair trade practice

an insurer advertises a health policy that ks covered by the life and health insurance guaranty association. the advertisment includes a short list of benefits and approximate rates. the end of the advertisements includes statement that protection is provided by the guaranty association. which of the following is true?

consideration

an insurer neglects to pay a legitimate claim that is covered under the terms of the policy, which of the following insurance principles has the insurer violated

increases annually

annually renewable term policies provide a level death benefit for a premium that

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

during replacement of life insurace, a replacing insurer must do which of the following?

hedge against inflation

fixed annuities provide all of the following except

the producer must provide the applicant with a notice regarding replacement

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

60 days

how soon from the termination of debt under a credit life insurance policy must a creditor provide notice to the insurer

guaranteed insurability rider

if a life policy allows the policyowner to make periodic additions to the face ammouny at standard rates without proving insurability the policy includes a

with the policy

if a policy includes a free-look period of at least 10 days, the buyers guide may be delivered to the applicant no later than

eithee the ammount paid into the plan or the cash value of the plan, whichever is the greater ammount

if an annuitant dies before annuitization occurs, what will the beneficiary receive

an applicant submits an application to the insurer

in insurance, an offer is ussually made when

not taxable since the IRS treats them as a return of a portion of the premium paid

on a participating insurance policy issued by a mutual insurance company, dividends paid to policyholders are

depends on the performance of the seperate account

the death benefit in a variable universal life policy

the period of time during which accumulated money is converted into income payments

the period of time during which accumulated money is converted into income payments

the producer

the responsibility of making certain that an application for insurance is filled ouy completely, correctly, and to the best of his or her knowledge is the responsibility of whom?

Waiver of Premium

the rider in a whole life policy that allows the company to forgo collecting the premium if the insured is disabled called

They are required by state law to be included in the policy

they are required by state law to be included in the policy

have passed a licebsing exam within 12 months before applying

to become a texas insurance agent an individual must

respond to the consumers complaint

under the fair credit reporting act, if the consumer challenges the accuracy of the information contained in his or her report, the reporting agency must

the original age is used for premium determination

what is the advantage of reinstating a policy instead of the applying for a new one

war or military service

what is the name of a clause that is included in a policy that limits or eliminates the death benefit if the insured dies as a result of war or while serving in the military

lump sum

what is the other term for the cash payment settlement option?

increasing term

what type of insurance would be used for a return of premium rider?

application

which is the primary source of information used for insurance underwriting

the rider is ussually level term insurance

which is true about a spouse term rider?

stock

which of the following insurers are owned by stock holders

the business must be able to pay up $50,000 in the event that it is proven to be negligent

which of the following is NOT a licensing requirement for a corporation in the state of texas

warranty

which of the following is a statement that is guaranteed to be true, and if untrue, may breach an insurance contract

life paid up at age 65

which of the following is an example of limited-pay life policy

survivorship life

which of the following is called a "second-to- die" policy

premium ammounts and surrender values

which of the following will be included in a policy summary

a policy owner who is noy the insured

who is a third party owner