Life insurance Texas #2
Which of the following best describes the concept that the insured paid a small amount of premium for a large amount of risk on the part of the insurance company
Aleatory
Who can make a fully deductible contribution to a traditional IRA?
An individual not covered by an employer-sponsored plan who has earned income
If an insured meets this states financial requirements and is approved to transact business in the state is considered to be
Authorized
Which entity has the authority to grant a temporary life insurance agents license
Commissioner of Insurance only
The proposed insured it makes the premium payment of 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
Which of the following includes information regarding a persons credit character reputation and habits
Consumer report
A producer agent must do all the following when delivering a new policy to the insured except
Disclose commissions earned from the sale of the policy
Which policy component decreases in decreasing term insurance
Face amount
When possible what should insurers strive to illuminate from illustrations
Foot notes and caveats
And insurance company is domiciled in Montana and transact insurance in Wyoming which term best describes the insurers classification in Wyoming
Foreign
What provision in a life or health insurance policy expense coverage be on the premium due date
Grace period
All advertisements of the rest are responsibility Of the
Insure
When a reduced paid up nonforfeiture option is chosen what happens to be the face amount of the policy
It is reduced to the amount of what the cash value would buy as a single premium
Which of the following is true of a child's writer added to the insured permanent life insurance policy
It is term coverage that is convertible to permanent insurance at or prior to the child reaching the maximum coverage age
Which of the following is not true regarding the accumulation period of an annuity
It would not occur in a deferred and annuity
The premium of a survivorship life policy compared with that of a joint life policy would be
Lower
Which of the following is not true regarding policy loans
Money borrowed from the cash value is taxable
On a participating insurance policy issued by a mutual insurance company dividends paid it to the policyholders are
Not taxable since Iris Street in Mesa return of a portion of the premium paid
A rider attached to the life insurance policy that provides coverage on the insured's family members is called the
Other insured rider
For which of the following actions can an agent license be suspended or revoked
Rebates and premiums
All the following are true regarding rebates except
Rebates are allowed if it's in the best interest of the client
Methods used to pay the death benefits to a beneficiary upon the insured's death are called
Settlement options
To attain currently insured status under Social Security a worker must have earned at least how many credits during the last 13 quarters
Six credits
Which of the following statements is correct about a substandard risk classification in the same age group with a similar lifestyles
Standard risk is representative of the majority of people
Which of the following insurers are owned by stockholders
Stock
Children's writers attached your whole life policies are usually issued what type of insurance
Term
The initial amount of credit life insurance may not exceed
The amount to be repaid under the contract
In comparison to a consumer reports which of the following describes an unique characteristic of investigative consumer reports
The customers associates friends and neighbors provide reports data
Which of the following is not true regarding a variable universal life policy
The death benefit is fixed
If an insured requires a medical examination of an application in connection with the application for life insurance who is responsible for paying the cost of the examination
The insure
An employee is insured under her employers group life plan if she terminates her group coverage,which of the following statements is incorrect
The insured may choose to convert to term or permanent individual coverage
The insured had his wife named as a beneficiary of his life insurance policy to ensure that his wife had income for life after the insured's death he chose the life income settlement option the amount of payments will be determined by taking into account all the following except
The insurers age at death
In a life settlement contract Whom does the life settlement broker represent
The owner
Which of the following determines the cash value of a variable life policy
The performance of policy portfolio
If insure issued a policy based on the application that had an answered questions which of the following will be true
The posse will be in jeopardy and as if they ensure waived his rights to have answered on the application
So paid up addition option uses the dividend
To purchase a smaller amount of the same type of insurance as the original policy
Which of the following products requires a securities license
Variable annuity
How many hours of continuing education can be carried over from one licensing. To the next
Zero
The two types of assignments are
absolute and collateral
The type of policy that can be changed from one that does not accumulate cash value to the one that does is a
convertible term policy
The automatic premium loan provision is activated at the end of the
grace period
What is the other term for the cash payment settlement option
lump sum
Another name for a substandard risk classification is
rated
An individual covered under that a group life insurance policy may convert to the policy to any of the following except
15 year term
If an agent has completed 34 hours of continuing training education in one renewable. How many CE hours will the agent have to complete in the next renewal
24
The commissioner of insurance issues a cease-and-desist order to an agent if the agent which is taking test the charges in court how many days after the order was issued does the agent have to make the request
30 days
What percentage of continuing education hours must be in a classroom setting
50%