Texas life and health insurance
which of the following about the applicant is not included in the General information section of the application for insurance
Medical background
What is a definition of a unilateral contract?
One-sided: only one party make an enforceable promise
Under the fair credit reporting act, if the consumer challenges the accuracy of the information contained in his or her report, the reporting agent must?
Respond to the consumer's complaint
Which of the following is not the consideration in a policy
The application given to a prospective insured
An applicant signs an application for a $25,000 life insurance policy, pays the initial premium, and receives a conditional receipt. If the applicant dies the following day, which of the following is TRUE?
The beneficiary would receive $25,000 if it was determined that the insurer qualified for the policy applied for
In terms of parties to a contract, which of the following does not describe a competent party?
The person must have at least completed secondary education.
The responsibility of making certain that an application for insurance is filled out completely, correctly, and to the best of his or her knowledge is the responsibility of whom?
The producer
In forming an insurance contract, when does the acceptance usually occur?
When an insurer's underwriter approves coverage
An insured pays a $100 premium every month for his insurance coverage, yet the insurer promises to pay $10,000 for a covered loss. What characteristic of an insurance contact does this describe?
Aleatory
The full premium was submitted with the application for life insurance, and the policy was issued two weeks later as requested. When does the policy coverage become effective?
As of the application date
Which of the following is a generic consumer publication that explains life insurance in general terms in order to assist the applicant in the decision making process
Buyers guide
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?
Conditional
Because an insurance policy is a legal contract, it must conform to the state laws governing contracts which require all of the following elements EXCEPT
Conditions
When an insured makes truthful statements on the application for the insurance and pays the required premium, it is known as which of the following?
Consideration
A producer agent must do all of the following when delivering a new policy to the insured except?
Disclose commissions earned from the sales of the policy
