Texas Life and Health Exam 1 with Questions and Answers

Texas Life and Health Exam 1 with Questions and Answers Taft-Hartley Trusts are also known as: A) Trade associations B) Lodges C) 501(c)(9) D) Negotiated Trusteeships ANSWER Correct Answer: D) Negotiated Trusteeships he underwriting process involves all of these, EXCEPT for: A) Application B) Policy loan C) Credit report D) Risk classification ANSWER Correct Answer: B) Policy loan All of these statements about the Waiver of Premium provision are correct, EXCEPT: A) Waiver of Premium is available on both permanent and term insurance policies B) Insured must be totally disabled to qualify C) A waiting period must pass before becoming eligible for benefits D) Insured must be eligible for Social Security disability for claim to be accepted ANSWER Correct Answer: D) Insured must be eligible for Social Security disability for claim to be accepted A Return of Premium life insurance policy is A) Whole life and Increasing term B) Variable life C) interest-sensitive D) a Nonforfeiture option ANSWER Correct Answer: A) Whole life and Increasing term What is the purpose of a Policy Summary? A) It allows the consumer to compare the costs of different policies B) It guarantees a policy will be issued C) It details the commissions earned by the agent D) It highlights the critical parts of the policy issued ANSWER Correct Answer: D) It highlights the critical parts of the policy issued Which of these types of policies may NOT have the Automatic Premium Loan provision attached to it? A) Modified Whole Life B) Endowment C) 20-Pay Life D) Decreasing Term ANSWER Correct Answer: D) Decreasing Term