INSURANCE EXAM

CONSUMER REQUESTS ADDITIONAL INFO CONCERNING INVESTIGATIVE CONSUMER REPORT, HOW LONG DOES INSURER HAVE TO COMPLY?

5 DAYS

COMMISSIONER OF INSURANCE: HOW MUCH EXPERIENCE HOW LONG TERM WHO APPOINTS ENDS ON WHAT DATE WHICH YEARS (EVEN OR ODD)

5 YEARS 2 YEARS GOVERNOR FEB 1 ODD

An applicant for a license must include information about his or her place of business for a minimum of what time period?

5 years

INSURED IN A GROUP POLICY HAS MISSTATED AGE. INSURED WILL MOST LIKELY

ADJUST THE PREMIUM

WHAT TYPE OF INSURANCE CAN KEY PERSON COVERAGE BE?

ANY TYPE

WITH RESPECT TO VARIABLE ANNUITY WHEN IS NUMBER OF ANNUITY UNITS DETERMINED?

AT THE TIME OF INITIAL PAYOUT

WHICH PROTECTS INSURED FROM UNITENTIONAL POLICY LAPSE DUE TO NONPAYMENT OF PREMIUM

AUTOMATIC PREMIUM LOAN

WHAT HAPPENS TO A PREMIUM ON THE CHILDREN'S RIDER WHEN A CHILD IS BORN

IT REMAINS THE SAME NO MATTER HOW MANY CHILDREN ON POLICY

IN REGARDS TO SOCIAL SECURITY, THE INTERVAL FROM 16 TO 60 IS CALLED THE

BLACKOUT PERIOD

GENERIC CONSUMER PUBLICATION THAT EXPLAINS LIFE INSURANCE IN GENERAL TERMS

BUYER'S GUIDE

INSURED RECEIVES ANNUAL LIFE INSURANCE CHECK. WHAT TERM BEST DESCRIBES ARRANGEMENT

CASH OPTION

WHICH KIND OF REPORT WILL PROVIDE UNDERWRITER THE INFO ABOUT INSURANCE APPLICANT'S CREDIT

CONSUMER REPORT

WHICH OF FOLLOWING USED TO COMPARE COST OF ONE LIFE INSURANCE POLICY AGAINST ANOTHER IN ORDER TO GUIDE PURCHASERS TO POLICIES THAT ARE COMPETITIVELY PRICED?

COST COMPARISON METHODS

NAME THREE OCCUPATIONS THAT WOULD QUALIFY SOMEONE TO BE COMMISSIONER OF INSURANCE

CPA LAWYER EXEC IN BUSINESS ADMIN

How much can a credit life policy be issued for?

Creditor can only insure the debtor for the amount owed.

Living needs rider requires death diagnosis within how many years

Diagnosis must indicate that death is expected within 3 years.

WHAT IS PURPOSE OF DISCLOSURE STATEMENT

EXPLAIN FEATURES AND BENEFITS OF PROPOSED POLICY TO THE CONSUMER

Z FALLAS FROM ROOF DISABLED FOR A YEAR. INSURANCE POLICY HAS DISABILITY INCOME BENEFIT RIDER. WHAT WILL Z RECEIVE

Monthly premium waiver and monthly income

HAS TO BE INCLUDED IN ALL LIFE INSURANCE ADS

NAME OF ACTUAL INSURER

WHAT IS NOT REQUIRED ON ILLUSTRATION USED IN THE SALE OF LIFE INSURANCE POLICY

NAME OF PRIMARY AND SECONDARY BENEFICIARIES

SUBSTANDARD RISK IS ALSO KNOWN AS

RATED

THREE TRAITS OF CONTINUING EDUCATION

REQUIRES 24 HOURS EVERY 2 YEARS DOES NOT ALLOW EXCESS CREDIT HOURS TO BE CARRIED FORWARD HOURS MAY BE COMPLETED USING INDEPENDENT SELF STUDY

IN A SURVIVORSHIP POLICY, WHEN DOES INSURER PAY

UPON THE LAST DEATH

AGENT HOLDS INSURANCE LICENSE IN KANSAS. WANT TO TRANSACT IN TEXAS. THE AGENT BECAME LICENSED BEFORE WRITTEN EXAMS REQUIRED. WHAT HAPPENS?

WRITTEN EXAM REQUIREMENT IS WAIVED

A banker is ready to close on a customer's loan. The bank is prepared to offer the loan but only if the customer purchases a life insurance policy from the bank in the amount of the loan. This is an example of

coercion

Cash surrender nonforfeiture option funds excess of premium

taxed as ordinary income

An insurance agent wants for a client to replace her current annuities plan with another one. He presents the new one in an incomplete and dishonest way, which makes the new contract seem far more appealing than the original one. The policyowner ends up surrendering her original contract and replacing it with the new one. Which term best describes what the agent did?

twisting

INSURED OWNS $50K WHOLE LIFE. INSURED DECIDES TO CANCEL POLICY AND EXERCISE TERM OPTION FOR CASH VALUE, WHICH IS $20K. WHAT IS FACE AMOUNT OF NEW TERM POLICY?

$50K

HOW LONG MUST PRODUCER MAINTAIN RECORDS OF CE

4 YEARS

No one whose license has been revoked can receive another license in Texas for

5 years

An individual has had a temporary life insurance agent's license for 40 days. How many more days will he be able to legally operate under the license?

50 days

AGENT COMPLETED CE IN 2014. WHAT YEAR MUST AGENT KEEP RECORDS?

2018

HOW MANY DAYS FOR AGENT TO REQUEST HEARING AFTER GETTING CEASE AND DESIST ORDER

30 DAYS

FATHER PURCHASES LIFE INSURANCE POLICY ON HIS TEENAGE DAUGHTER, ADDS PAYOR BENEFIT. HOW WILL THE RIDER WAIVE THE PAYMENT OF PREMIUM?

FATHER IS DISABLED FOR 6 OR MORE MONTHS

ANNUALLY RENEWABLE TERM POLICY PROVIDE LEVEL DEATH BENEFIT FOR PREMIUMS THAT

INCREASE ANNUALLY

AN INSURER RECEIVES REPORT REGARDING POTENTIAL INSURED THAT INCLUDES FINANCIAL STATUS, HOBBIES, AND HABITS. WHAT KIND OF REPORT IS THIS?

INSPECTION REPORT

THREE TRAITS OF EQUITY INDEXED ANNUITIES

INSURANCE COMPANY KEEPS A % GUARANTEED INTEREST RATES LESS RISKY THAN VARIABLE ANNUITIES

CONTRIBUTIONS TO A TAX SHELTERED ANNUITY ARE

NOT INCLUDED AS INCOME FOR EMPLOYEE, BUT TAXABLE UPON DISTRIBUTION

EQUITY INDEXED ANNUITIES TRY TO

SEEK HIGHER RETURNS

HOW DEATH BENEFITS ARE PAID TO BENEFICIARY IS CALLED

SETTLEMENT OPTIONS

INSURED CONTINUALLY USES AUTOMATIC PREMIUM TO PAY POLICY PREMIUM WHAT HAPPENS TO POLICY

TERMINATES WHEN CASH VALUE REDUCED TO NOTHING

The Commissioner has full power and authority to do all of the following EXCEPT

draft insurance laws

WHAT IS THE PURPOSE OF A DISCLOSURE STATEMENT IN LIFE INSURANCE POLICIES

EXPLAIN FEATURES AND BENEFITS OF A PROPOSED POLICY TO THE CONSUMER

WHY SHOULD PRODUCER DELIVER POLICY WHEN PREMIUM HAS ALREADY BEEN PAID?

HELP INSURED UNDERSTAND ALL ASPECTS OF THE CONTRACT

YOU HAVE A 10 YEAR LEVEL TERM LIFE POLICY THAT IS RENEWABLE AND COVERTIBLE

INSURED MAY RENEW BUT AT HIGHER PREMIUM RATE

THREE THINGS THAT MUST BE ACCURATELY REPRESENTED ON A ADVERTISMENT

INSURER'S ASSETS INSURER'S CORPORATE STRUCTURE INSURER'S FINANCIAL STANDING

TWINS ARE STARTING BUSINESS. THEY NEED A LOT OF CAPITAL TO START BUSINESS. WHICH TYPE OF INSURANCE MOST AFFORDABLE AND STILL PROVIDE DEATH BENEFIT

JOINT LIFE

TWO BROTHERS START A BUSINESS. WHAT TYPE OF INSURANCE WOULD BE MOST AFFORDABLE AND STILL PROVIDE A DEATH BENEFIT SHOULD ONE DIE?

JOINT LIFE

WHAT ALLOWS INSURER TO RELIEVE MINOR FROM PREMIUM PAYMENT IF MINOR PARENTS DIE OR DISABLED

PAYOR BENEFIT

IN A CREDIT LIFE INSURANCE POLICY , THE CREDITOR IS THE

POLICYOWNER

WHICH FOLLOWING IS THE CLOSEST TERM AUTHORIZED INSURER

ADMITTED

WHAT IS PURPOSE OF BUYER'S GUIDE

ALLOW CONSUMER TO COMPARE THE COSTS OF DIFFERENT POLICIES

IF INSURANCE COMPANY WISHES TO ORDER CONSUMER REPORT, WHAT IS NOT INCLUDED IN REPORT?

ANCESTRY

WHAT DO ACCUMULATION UNITS OF VARIABLE ANNUITIES CONVERT TO UPON ANNUITIZATION

ANNUITY UNITS

POLICY OWNER WANTS TO PAY PORTION OF PROCEEDS ANNUALLY TO SPOUSE, BUT PRINCIPAL WILL BE PAID TO KIDS WHEN THEY REACH CERTAIN AGE. WHAT SETTLEMENT OPTION SHOULD POLICYOWNER CHOOSE?

INTEREST ONLY OPTION

DEPENDING ON COMPANY INVESTMENTS AND EXPENSE FACTORS, CHANGES THE CASH VALUES. THIS POLICY IS A

INTEREST SENSITIVE WHOLE LIFE

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

The Commissioner of Insurance issues a Cease and Desist Order and immediately receives a request for the charges to be reviewed in a hearing. Within what number of days must the hearing be held?

10 days

WHAT ARE LICENSING REQUIREMENTS OF VARIABLE LIFE INSURANCE

LIFE INSURANCE AND SECURITES

PARTICIPATING INSURANCE POLICY MAY DO WHICH OF FOLLOWING

PAY DIVIDENDS TO THE POLICY OWNER

AGENT EXPLAINS DETAILS OF LIFE INSURANCE POLICY TO CLIENT. AGENT DOESN'T REALIZE THAT STATE REWROTE TWO PROVISIONS. AGENT MISREPRESENTS POLICY DUE TO REVISIONS. WHAT HAPPENS TO AGENT?

THERE IS NO MISCONDUCT

UPON POLICY DEIVERY THE PRODUCED MAY NOT BE REQUIRED TO OBTAIN

SIGNED WAIVER OF PREMIUM

EQUITY INDEXED ANNUITIES SEEK

HIGHER RETURNS

WHICH TYPE OF OWNERSHIP APPROPIATE FOR PARENT BUYING LIFE INSURANCE POLICY ON CHILD WHERE PARENT IS POLICYOWNER?

THIRD PARYY OWNERSHIP