Insurance (Primerica)

It is intended to provide coverage on a day earlier than the date of the issuance of the policy

What is the purpose of a conditional receipt

Consideration

When an insured makes truthful statements on the application for insurance and pays the required premium it is known as which of the following

Insurable interest and consent

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

Pay dividends to the policy owner

A participating insurance policy may do which of the following

Disclose commissions earned from the sale of the policy

A producer agent must do all the followwhen delivering a new policy to the insured

Unfair

After filing a claim, an insured tells the insurer that there is more than one insurance policy in force. that insurer set aside to clean until he hears with the other company will pay. The insurers action will be classified as

Adhesion

An insurer has made all of the decisions regarding the provisions included in the insureds policy, the insured finds an objectional Pro vision and wants to negotiate it with the insurer but is not allowed to do so. Her only options are to reject the policy or accept it as is. Which contract feature does this describe

15

An insurer must acknowledge receipt of a notice of claim within how many days

Inspection report

An insurer received a report regarding a potential ensured that includes the insured financial status hobbies and habits what type a report is that

Fair credit reporting act

And application is denied insurance because of information found on a consumer report which of the following requires that the insurance company supply the applicant with the name and address of the consumer reporting company

Contracts of adhesion

Contracts that are prepared by one party and submitted to the other party on a take it or leave it bases are classified as

Rebates of premiums

For which of the following actions can and agents license be suspended or revoked

Rebating

Giving a client and inducement to a cell not stated in the policy is an unlawful practice known ass

Return the application to the applicant for signature

If an agent sells to obtain an applicant signature on the application the agent must

Whether an insurable interest exist between the individuals

If an applicant for life insurance policy in person to be insured by the policy are two different people the underwriter would be concerned about

Other insurance coverages

Part two of the application for life insurance provides questions regarding all the following except

Consider true to the best of the best of the applicants knowledge

Representations are written or oral statements made by the applicant that are

Consideration

Something of value exchange between the insurer and the insured is considered and

Insurable interest

Stranger-originated Life insurance policies are in direct opposition to the principle of

Expire in 90 days

Temporary licenses issued in Texas

Draft insurance laws

The commissioner has full power and authority to do all the following except

Regulates consumer reports

The federal fair credit reporting act

Insurance

What do individuals use to transfer their risk of loss to a larger group

The policy owner

Which of the following individuals must have insurable interest in The insured

Debtor in creditor

Which of the following is not an example of insurable interest

The application given to a prospective insured

Which of the following is not the consideration in a policy

Certificate of authority

Which of the following must an insurer obtain to order to transact insurance within a given state

The fair credit reporting act

Which of the following protects consumers against circulation of in accurate or obsolete personal or financial information

Change any incorrect statement on the application by personally initially next to the correct statement

All of the following are duties and responsibilities are producers at the time of application except

Provide a financial statement

All of the following are requirements for an individual To be licensed except

Applicant submitted his or her most recent tax return to the department

All of the following must be true of an individual before license can be issued except that the

Be hearing must be held within 10 days of receiving a request, unless both parties agree to a later date

An Agnet receives an emergency cease and desist for chronically misrepresenting his insurance policies. The agent knows that he did not commit the violation stated in the emergency cease and desist order. He wants to contest the charges in a court hearing which of the following is true?

When the agent delivers the policy for Lexi initial premium and the applicant completes an acceptable statement of good health

An agent in an application for life insurance policy fill out and sign the application however the applicant does not wish to give the agent the initial premium and no conditional receipt is issued when will coverage again

The policy will be interrupted as if the insurer wait it's rights to have an answer on the application

If an insurer issued a policy based on the application that had an answered questions which

Loss

Insurance is a contract by which one seeks to protect another from

When the application is signed and a check is given to the agent

When is the earliest a policy may going to affect

Alien insurer

When transacting business in this state an insurer formed under the laws of another country is known as a/an

The applicant has a prior felony conviction

Which of the following examples would a contract between an insurer and perspective insured be legal

Telling a client that his first premium will be waived if you purchase the insurance policy today

Which of the following is an example of a producer being involved in an unfair trade practice of rebating

Conditioner

When both parties to a contract must perform certain duties and follow rules of conduct to make the contract enforceable the contract is

It is a nonprofit organization that maintains underwriting information on applicants for life and health insurance

Which of the following best describes the MIB

Standard

Which of the following is a risk classification used by underwriters for life insurance

The policy may be avoided if it can be proven that the applicant was not capable of making a buying decision at the time of application

An agent try to sell insurance over the phone to an applicant who appears to be confused but eventually able to get enough information for the application to be completed after the policy was issued the agent talk to the insured's family and they explained that the insured was recovering from a surgery and might have been under the influence of medication at the time of application which of the following is true

The beneficiary would receive $25,000 if it was determined that the insured qualified for the policy applied for

An applicant signed an application for a $25,000 life insurance policy pays the initial premium and received a conditional receipt of the applicant is killed in an auto Mobile accident the next day

Lower premiums that a person who receives a standard risk

An applicant who receives a preferred risk classification qualifies for

Conditional

The proposed insured makes the premium payment on 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

If it is intentional and material

When would a misrepresentation on the insurance application to be considered a fraud

Applicants past income

In classifying a risk the home office underwriting department will look at all the following except

Because steamers associates friends and neighbors provide the report data

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

Unilateral

In insurance policies, the insured is not legally bound to any particular action in the insurance contract, but the insurer is legally obligated to pay losses covered by the policy. What contract element does this describe?

It will likely be higher because the applicant is a substandard risk

In the underwriting process it was determined that the applicant for life insurance is in poor health and have some dangerous habits which of the following is true concerning the policy premium

When an insurers underwriter approves coverage

Informing an insurance contract, when does except Ince usually occur

The completed application is Submitted

In insurance, and offer is usually made when

Return the application to the applicant for completion

Which is the appropriate action by the insurer if a prospective insured submitted an incomplete application

Exchange of unequal values

Which of the following best describes the aleatory. Nature of an insurance contract

Policy summary

Which of the following documents delivered to the policy owner includes information about premium amounts cash value surrender values and death benefits for specific policy years

Stock

Which of the following ensures are owned by stockholders who had the usual rights of ownership including the right of voting

Buyers guide

Which of the following is a generic consumer publication that explains life insurance and general terms in order to assess the applicant in the decision-making process

Warranty

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

I signed up to $100,000

Which of the following is not a possible penalty for violation of the insurance code

A debtor has an insurable interest in the life of the lender

Which of the following statements is not true concerning insurable interest as it applies to life and

Premium amounts and surrender values

Which of the following would be included in a policy summary

The medical information bureau

Which of the following would provide an underwriter with information concerning an applicant's health history

To help the insured understand all aspects of the contract

Why should the producer personally deliver the policy when the first premium has already been paid

3 days

Within how many days of requesting an investigative consumer report must an insurer notify the consumer in writing that the report will be obtained