Texas Statutes and Rules pertinent to Life Insurance only
How soon form the termination of debt under a credit life insurance policy must a creditor provide notice to the insurer
60 days
All of the following information must be disclosed to the viator prior to the execution of a viatical settlement contract EXCEPT
Availability of stranger-originated life insurance (STOLI)
All of the following statements are correct regarding credit life insurance EXCEPT
Benefits are paid to the borrower's beneficiary
Which of the following types of insurance policies is most commonly used in credit life insurance
Decreasing Term
All of the following are mandatory life insurance policy provisions EXCEPT
Policy backdating
Which of the following CANNOT be included along with illustrations used to sell life insurance
Vanishing premium information
During replacement of life insurance, a replacing insurer must do which of the following?
obtain a list of all life insurance policies that will be replaced
How long is the incontestability period in group life insurance policies issued in Texas
2 years
Conversion to an individual whole life policy is permitted without evidence of insurability within how many days of the termination of employment?
31 days
How long is the grace period in group policies
31 days
If a policyowner surrenders his life insurance policy that has been in force for 5 years within 60 days after the premium due date, what will the insurer be required to pay
A cash surrender value
An insured in a group policy has misstated his age on the insurance application. As a result, the insurer will most likely
adjust the premium
Which of the following is correct regarding credit life insurance
It insurers the life of a debtor
Which of the following must be included in all life insurance advertisements
Identity of the actual insurer
The initial amount of credit life insurance may NOT exceed
The amount to be repaid under the contract
Which of the following is TRUE regarding the insurance amount in a credit life policy
The creditor can only insure the debtor for the amount owed
The usage of words or symbols that are similar to what entity is prohibited in life insurance advertisements?
Federal government
Which of the following documents must be provided to the policy owner or applicant during policy replacement
Notice regarding replacement
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
To which of the following situations does the replacement regulation apply
A whole life policy reissued with reduction in cash value
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 is TRUE about credit life insurance
Creditor is the policyowner
Which of the following is NOT allowed in credit life insurance
Creditor requiring that a debtor buys insurance from a certain insurer
What provision in a life or health insurance policy extends coverage beyond the premium due date
Grace period
An individual covered under a group life insurance policy may convert the policy to any of the following EXCEPT
Level term
The regulations regarding replacement apply to which of the following
Renewable term
Which of the following may be included on an insurance advertisement
Testimonials from compensated individuals
