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