Life insurance and Health Common to Life Health Insurance
A license may NOT be denied, suspended, or revoked if the license
Submits an unsigned insurance policy application
The Commissioner of Insurance issues a Cease and Desist Order and immediately receives a request for the charges o be reviewed in a hearing. Within what number of days must the hearing be held
10
An agent's license will terminate within how many days from the due date of obligatory fees and continuing education requirements
90
Which of the following is a TRUE statement about a temporary license issued in this state?
It can only be issued one in any 6-month period
All of the following would be considered an insurance transaction EXCEPT
Obtaining an insurance license
The following are all causes for the Insurance Commissioner to suspend of impose conditions upon the continuance of an agent's license EXCEPT
The applicant has been shown to be a poor personal credit risk
Which of the following occupations would NOT directly help to qualify someone for the office of Commissioner of Insurance?
insurance agent
What is the major difference between a stock company and a mutual company?
ownership
Anyone who violates the Insurance Code of Texas may be fined up to
$25,000
In Texas, the Commissioner of Insurance is
Appointed by the Governor
In order for an insurer to legally transact insurance, it must obtain which of the following?
Certificate Authority
which of the following must an insurer obtain in order to transact insurance within a given state?
Certificate Authority
Which of the following would NOT be considered rebating?
Giving a client a $25 pen with the insurer's logo during the insurance application process
The Commissioner of Insurance issues a Cease and Desist Order to an agent If the agent wishes to contest the charges in court, how many days after the order was issued does the agent have to make the request ?
30 days
When transacting business in this state an insurer formed under the laws of another country is known as a/an
Alien insurer
The owner of a small restaurant submits a claim to his insurer after a loss due to fire. The insurer's investigation finds a police report that show a fire may have been of suspicious origin. The Insurer can do which of the following?
Delay an acceptance or rejection decision
All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT
Dividends from a mutual insurer.
The Commissioner has full power and authority to do all of the following EXCEPT
Draft insurance laws
Temporary licenses issued in Texas
Expire in 90 days
What is the purpose of the Life Insurance Guaranty Association
To help protect policyowners and beneficiaries financial loss caused by the insolvency of an insurance company
Which of the following is the closest term to an authorized insurer?
admitted
Which of the following is NOT a possible penalty for a violation of the Insurance code
A ine up to $100,000
Which of the following individuals could legally receive commissions from the sale of a life insurance policy?
A licensed life insurance agent
Insurance companies may be classified according to the legal form of their ownership. The type of company organized to return any surplus money to their policyholders is
A mutual insurer
What is a foreign insurer?
An insurer with a home office in another state
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?
mutual
The Commissioner of Insurance issues a Cease and Desist Order and immediately receives a request for the charges to be viewed in a hearing. Within what number of days must the hearing be held?
10
An agent's license will terminate within how many days from the due date of obligatory fees continuing education requirements?
90
Insurance companies maybe classified according to the legal from of their ownership. the type of company organized to return any surplus money to their policyholder is
A mutual insurer
An agent receives an Emergency Cease and Desist order for chronically misrepresenting his insurance policies. The agent knows that he did not commit the violations stated in the Emergency Cease and Desist Order. He wants to contes the charges in a court hearing. Which of the following is true
The hearing must be held within 10 days of receiving a request, unless both parties agree to a later date.
An insurance company is domiciled in Montana and transacts insurance in Wyoming. Which term best describes the insurer's classification in Wyoming?
foreign
Which of the following is an example of a producer being involved in an unfair trade practice of rebating?
Telling a client that his first premium will be waived if he purchased the insurance policy today
A temporary license holder can receive a commission from a sale made to all of the following EXCEPT
The license holder's sister-in-law
An agent completed a CE course in 2014. Until what year must the agent keep the records of completion?
2018
When transacting business their state an insurer formed under the laws of another country is known as a/an
Alien insurer
In Texas how is the Commissioner of Insurance placed in office?
Appointed by the Governor for a term of 2 years
An insurance professional advises a client regarding the benefits of her life insurance policy, in exchange for a fee. Which of the following terms best describes this type of insurance professional
Counselor
An applicant for a license in Texas must include a statement with his application that provides information about all the following EXCEPT
Intending to apply for another license.
An insurer advertises a health policy that is covered by the Life and Health Insurance Guaranty Association. The advertisement includes statement that protection is provided by the Guaranty Association. Which of the following is true?
Mentioning the Guaranty Association in advertisement is considered to be unfair trade practice
