Life Test
The commissioner of insurance issues a Cease & Desist Order & immediately receives a request for the charges to be reviewed in a hearing. Within how many days must the hearing be held?
10 days
What is the minimum required number of continuing education credits in ethnics every licensing period?
2 hours
According to the limitations of lawsuits provision, how many years does a claimant have to take legal action against the insurer?
2 years
How long is the grace period in a group life policies issued in this state?
31 days
The number of credits required to obtain a fully insured status to receive social security benefits is
40
Agents whose license has been revoked will not be able to receive another license in Texas for at least..
5 years
A temporary license is normally valid for
90 days
Which of the following persons is required to hold a producer license?
A nonresident agent who negotiates insurance contracts
In an individual life insurance policy, when must the nonforfeiture benefits begin?
After 3 policy years
Who is considered a nonresident agent?
An agent who resides and is licensed in another state, but who is authorized to transact insurance in this state.
All of the following persons who do not have have an employer-sponsored retirement plan would be eligible to set up contributions to a traditional IRA EXCEPT
Arlene, age 72, a nurse
Which of the following is NOT an example of a company's location of incorporation?
Authorized
If a life policy does not pass the 7-pay test, that policy
Becomes a modified endowment contract
In credit life insurance, who is responsible for paying the policy premium?
Borrower
The 10% early withdrawal penalty from an IRA can be waived for
Catastrophic medical expenses
A key-person insurance policy benefit will pay for which of the following?
Cost of training a replacement
Which of the following beneficiary in credit life insurance
Creditor
In a group life policies, individual certificates are given to
Each insured person
A life agent's license must be renewed
Every 2 years on the anniversary date of issuance
With personal life insurance, the lump-sum death is received by the beneficiary
Income tax free
An employee quits his job and converts his group insurance to an individual policy; the premium for the individual policy will be based on
Insured's attained age
I'm an insurance transaction, which of the following does a licensed agent represent
Insurer
Which of the following is NOT a requirement of a qualified plan?
It must temporay
Which of the following is not true regarding policy loans?
Money borrowed from the cash value is taxable.
What is the requirement for a number of employees in a SIMPLE plan?
No more than 100
Generally, the premium paid for personal life insurance is?
Non tax deductible
All of the following would be considered an insurance transaction EXCEPT
Obtaining an insurance license
An agent who offers a cash reward to a prospect for buying a policy is guilty of
Rebating
Which of the following are social security benefits?
Retirement, disability and survivors
The commissioner of insurance is responsible for all of the following actions EXCEPT
Setting premium rates
The advantage of qualified plans to employers is
Tax-deductible contributions
A printer has hired an advertising agency to design & edit advertisement brochures for an insurance company. Once brochures are printed, who is responsible for the advertisements and their content.?
The insurance company
Which of the following insurance arrangements will be appropriate for a business purchasing life insurance on its general manager?
Third-party ownership
What is the main purpose of requiring licenses for persons who transact insurance?
To protect the general public
What is the term for an insured who enters into a vatical settlement?
Viator
An insurer who deliberately makes a malicious statement about another insurance company is guilty of an illegal trade practice called
defamation
How often must producers renew their license
every 2 years
What provision in a life insurance policy extends coverage beyond the premium due date?
grace period