Life insurance Texas #2

Which of the following best describes the concept that the insured paid a small amount of premium for a large amount of risk on the part of the insurance company

Aleatory

Who can make a fully deductible contribution to a traditional IRA?

An individual not covered by an employer-sponsored plan who has earned income

If an insured meets this states financial requirements and is approved to transact business in the state is considered to be

Authorized

Which entity has the authority to grant a temporary life insurance agents license

Commissioner of Insurance only

The proposed insured it makes the premium payment of a new insurance policy if the insured should die the insurer will pay the death benefit to the beneficiary if the policy is approved this is an example of what kind of contract

Conditional

Which of the following includes information regarding a persons credit character reputation and habits

Consumer report

A producer agent must do all the following when delivering a new policy to the insured except

Disclose commissions earned from the sale of the policy

Which policy component decreases in decreasing term insurance

Face amount

When possible what should insurers strive to illuminate from illustrations

Foot notes and caveats

And insurance company is domiciled in Montana and transact insurance in Wyoming which term best describes the insurers classification in Wyoming

Foreign

What provision in a life or health insurance policy expense coverage be on the premium due date

Grace period

All advertisements of the rest are responsibility Of the

Insure

When a reduced paid up nonforfeiture option is chosen what happens to be the face amount of the policy

It is reduced to the amount of what the cash value would buy as a single premium

Which of the following is true of a child's writer added to the insured permanent life insurance policy

It is term coverage that is convertible to permanent insurance at or prior to the child reaching the maximum coverage age

Which of the following is not true regarding the accumulation period of an annuity

It would not occur in a deferred and annuity

The premium of a survivorship life policy compared with that of a joint life policy would be

Lower

Which of the following is not true regarding policy loans

Money borrowed from the cash value is taxable

On a participating insurance policy issued by a mutual insurance company dividends paid it to the policyholders are

Not taxable since Iris Street in Mesa return of a portion of the premium paid

A rider attached to the life insurance policy that provides coverage on the insured's family members is called the

Other insured rider

For which of the following actions can an agent license be suspended or revoked

Rebates and premiums

All the following are true regarding rebates except

Rebates are allowed if it's in the best interest of the client

Methods used to pay the death benefits to a beneficiary upon the insured's death are called

Settlement options

To attain currently insured status under Social Security a worker must have earned at least how many credits during the last 13 quarters

Six credits

Which of the following statements is correct about a substandard risk classification in the same age group with a similar lifestyles

Standard risk is representative of the majority of people

Which of the following insurers are owned by stockholders

Stock

Children's writers attached your whole life policies are usually issued what type of insurance

Term

The initial amount of credit life insurance may not exceed

The amount to be repaid under the contract

In comparison to a consumer reports which of the following describes an unique characteristic of investigative consumer reports

The customers associates friends and neighbors provide reports data

Which of the following is not true regarding a variable universal life policy

The death benefit is fixed

If an insured requires a medical examination of an application in connection with the application for life insurance who is responsible for paying the cost of the examination

The insure

An employee is insured under her employers group life plan if she terminates her group coverage,which of the following statements is incorrect

The insured may choose to convert to term or permanent individual coverage

The insured had his wife named as a beneficiary of his life insurance policy to ensure that his wife had income for life after the insured's death he chose the life income settlement option the amount of payments will be determined by taking into account all the following except

The insurers age at death

In a life settlement contract Whom does the life settlement broker represent

The owner

Which of the following determines the cash value of a variable life policy

The performance of policy portfolio

If insure issued a policy based on the application that had an answered questions which of the following will be true

The posse will be in jeopardy and as if they ensure waived his rights to have answered on the application

So paid up addition option uses the dividend

To purchase a smaller amount of the same type of insurance as the original policy

Which of the following products requires a securities license

Variable annuity

How many hours of continuing education can be carried over from one licensing. To the next

Zero

The two types of assignments are

absolute and collateral

The type of policy that can be changed from one that does not accumulate cash value to the one that does is a

convertible term policy

The automatic premium loan provision is activated at the end of the

grace period

What is the other term for the cash payment settlement option

lump sum

Another name for a substandard risk classification is

rated

An individual covered under that a group life insurance policy may convert to the policy to any of the following except

15 year term

If an agent has completed 34 hours of continuing training education in one renewable. How many CE hours will the agent have to complete in the next renewal

24

The commissioner of insurance issues a cease-and-desist order to an agent if the agent which is taking test the charges in court how many days after the order was issued does the agent have to make the request

30 days

What percentage of continuing education hours must be in a classroom setting

50%