Texas Life Insurance exam with precise detailed solutions
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Who is considered a field underwriter? - ✔✔An agent
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When must insurable interest exist in life insurance? - ✔✔Application or issue date
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If no receipt is issued at the time of application, a statement of good health is usually
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required at the time of? - ✔✔Policy delivery || || || || || || ||
The Medical Information Bureau is?(MIB) - ✔✔a source of medical information to alert
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insurers to adverse medical history || || || ||
A substandard risk compared to a standard risk would pay? - ✔✔a higher premium
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Which document describes specific information about policy provisions and benefits? -
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✔✔Policy summary ||
Does not have an insurable interest? - ✔✔Insured's best friend
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What is the main source of underwriting information used by the company in the risk
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selection process? - ✔✔Application || || ||
An insured submits the full premium along with a completed application, and the policy is
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issued 10 days later. When does the coverage begin? - ✔✔On the date of application
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What is the main responsibility of a company's underwriting unit? - ✔✔Risk selection and
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classification
, What best describes the USA PATRIOT Act with regards to the insurance industry? - ✔✔To
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prevent terrorism activities through monitoring of financial transactions
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If the agent feels that could misrepresentation on the part of the applicant for insurance,
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what must the agent do? - ✔✔Inform the insurance comapny
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Representations are statements made by the applicant that are? - ✔✔Considered true to the || || || || || || || || || || || || || ||
best of the applicant's knowledge
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If an agent fails to obtain an applicants signature on the insurance application, the agent
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must? - ✔✔Return the application to the applicant for signature
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What includes information regarding a person's credit, character, reputation, and habits? -
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✔✔Consumer report ||
When the insured purchased a new home, he wanted to purchase a life insurance policy
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that would protect his family against losing it should he die before the mortgage was paid.
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Which of the following policies is best suitable for that need? - ✔✔Decreasing term
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An annually renewable term policy? - ✔✔Renews each year with an increased premium
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The time period during which an annuitant contributes to annuity is called? - ✔✔The
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accumulation period ||
An example of limited-pay life policy? - ✔✔Life paid-up at the age 65
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Who is considered a field underwriter? - ✔✔An agent
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When must insurable interest exist in life insurance? - ✔✔Application or issue date
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If no receipt is issued at the time of application, a statement of good health is usually
|| || || || || || || || || || || || || || || || ||
required at the time of? - ✔✔Policy delivery || || || || || || ||
The Medical Information Bureau is?(MIB) - ✔✔a source of medical information to alert
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insurers to adverse medical history || || || ||
A substandard risk compared to a standard risk would pay? - ✔✔a higher premium
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Which document describes specific information about policy provisions and benefits? -
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✔✔Policy summary ||
Does not have an insurable interest? - ✔✔Insured's best friend
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What is the main source of underwriting information used by the company in the risk
|| || || || || || || || || || || || || || ||
selection process? - ✔✔Application || || ||
An insured submits the full premium along with a completed application, and the policy is
|| || || || || || || || || || || || || || ||
issued 10 days later. When does the coverage begin? - ✔✔On the date of application
|| || || || || || || || || || || || || ||
What is the main responsibility of a company's underwriting unit? - ✔✔Risk selection and
|| || || || || || || || || || || || || ||
classification
, What best describes the USA PATRIOT Act with regards to the insurance industry? - ✔✔To
|| || || || || || || || || || || || || || ||
prevent terrorism activities through monitoring of financial transactions
|| || || || || || ||
If the agent feels that could misrepresentation on the part of the applicant for insurance,
|| || || || || || || || || || || || || || ||
what must the agent do? - ✔✔Inform the insurance comapny
|| || || || || || || || ||
Representations are statements made by the applicant that are? - ✔✔Considered true to the || || || || || || || || || || || || || ||
best of the applicant's knowledge
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If an agent fails to obtain an applicants signature on the insurance application, the agent
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must? - ✔✔Return the application to the applicant for signature
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What includes information regarding a person's credit, character, reputation, and habits? -
|| || || || || || || || || || || ||
✔✔Consumer report ||
When the insured purchased a new home, he wanted to purchase a life insurance policy
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that would protect his family against losing it should he die before the mortgage was paid.
|| || || || || || || || || || || || || || || ||
Which of the following policies is best suitable for that need? - ✔✔Decreasing term
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An annually renewable term policy? - ✔✔Renews each year with an increased premium
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The time period during which an annuitant contributes to annuity is called? - ✔✔The
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accumulation period ||
An example of limited-pay life policy? - ✔✔Life paid-up at the age 65
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