TEXAS LIFE INSURANCE FINAL SCRIPT 2026
COMPLETE LICENSING QUESTIONS AND
ANSWERS PACKAGE
◉ Which is true concerning a Variable Universal Life policy?
Answer: Policyowner controls where the investment will go and
selects the amount of the premium payment
◉ T has a term policy that allows him to continue the coverage after
expiration of the initial policy period. What type of term coverage is
this?
Answer: Renewable
◉ F needs life insurance that provides coverage for only a limited
amount of time with a death benefit that changes regularly
according to a schedule. What kind of policy is needed?
Answer: Decreasing term policy
◉ G purchased a Family Income policy at age 40, The policy has a
20-year rider period. If G were to die at age 50, how long would G's
family receive an income?
Answer: 10 years
,◉ The most important factor to consider when determining whether
to convert term insurance at the insured's attained age or the
insured's original age is
Answer: the cost
◉ S would like to use dividends from her life insurance policy to
purchase paid-up additions. All of these would be factors that
determine how much coverage can be purchased EXCEPT
Answer: beneficiary's age
◉ When an insurer issues a policy that refuses to cover certain risks,
this is referred to as a(n)
Answer: exclusions
◉ Which statement regarding the Misstatement of Age provision is
considered to be true?
Coverage will be adjusted to reflect the insured's true age if a
misstatement of age is discovered
Requires that a new policy must be applied for if a misstatement of
age is found on the current policy
Misstatement of Age provision is valid only during the contestable
period
Insurer may void the policy if a misstatement of age is discovered
,Answer: Coverage will be adjusted to reflect the insured's true age if
a misstatement of age is discovered
◉ Which of these is NOT considered to be a right given to a
policyowner?
Answer: Modify a provision in the insurance contract
◉ J let her life insurance policy lapse 8 months ago due to
nonpayment. She can reestablish coverage under which of the
following provisions?
Answer: Reinstatement provision
◉ T took out a $50,000 life insurance policy with an Accidental
Death and Dismemberment rider. Five years later, T commits suicide.
How much will the insurer pay?
Answer: 50,000
◉ D was actively serving in the Marines when he was killed in an
automobile accident while on leave. His $100,000 Whole life policy
contains a War Exclusion clause. How much will D's beneficiary's
receive?
Answer: The full face amount
, ◉ Which of these statements about a Guaranteed Insurability Option
rider is NOT TRUE?
Coverage can be added at specific events such as marriage or having
a child
Evidence of insurability is not required when the option is exercised
Evidence of insurability is required when the option is exercised
Coverage can be added at specific ages
Answer: Evidence of insurability is required when the option is
exercised
◉ An insured is past due on his life insurance premium, but is still
within the Grace Period. What will the beneficiary receive if the
insured dies during this Grace Period?
Answer: Full face amount minus any past due premiums
◉ Which of these are NOT an example of a Nonforfeiture option?
Extended Term
Reduced Paid-up
Cash Surrender
Life Income
Answer: life income
COMPLETE LICENSING QUESTIONS AND
ANSWERS PACKAGE
◉ Which is true concerning a Variable Universal Life policy?
Answer: Policyowner controls where the investment will go and
selects the amount of the premium payment
◉ T has a term policy that allows him to continue the coverage after
expiration of the initial policy period. What type of term coverage is
this?
Answer: Renewable
◉ F needs life insurance that provides coverage for only a limited
amount of time with a death benefit that changes regularly
according to a schedule. What kind of policy is needed?
Answer: Decreasing term policy
◉ G purchased a Family Income policy at age 40, The policy has a
20-year rider period. If G were to die at age 50, how long would G's
family receive an income?
Answer: 10 years
,◉ The most important factor to consider when determining whether
to convert term insurance at the insured's attained age or the
insured's original age is
Answer: the cost
◉ S would like to use dividends from her life insurance policy to
purchase paid-up additions. All of these would be factors that
determine how much coverage can be purchased EXCEPT
Answer: beneficiary's age
◉ When an insurer issues a policy that refuses to cover certain risks,
this is referred to as a(n)
Answer: exclusions
◉ Which statement regarding the Misstatement of Age provision is
considered to be true?
Coverage will be adjusted to reflect the insured's true age if a
misstatement of age is discovered
Requires that a new policy must be applied for if a misstatement of
age is found on the current policy
Misstatement of Age provision is valid only during the contestable
period
Insurer may void the policy if a misstatement of age is discovered
,Answer: Coverage will be adjusted to reflect the insured's true age if
a misstatement of age is discovered
◉ Which of these is NOT considered to be a right given to a
policyowner?
Answer: Modify a provision in the insurance contract
◉ J let her life insurance policy lapse 8 months ago due to
nonpayment. She can reestablish coverage under which of the
following provisions?
Answer: Reinstatement provision
◉ T took out a $50,000 life insurance policy with an Accidental
Death and Dismemberment rider. Five years later, T commits suicide.
How much will the insurer pay?
Answer: 50,000
◉ D was actively serving in the Marines when he was killed in an
automobile accident while on leave. His $100,000 Whole life policy
contains a War Exclusion clause. How much will D's beneficiary's
receive?
Answer: The full face amount
, ◉ Which of these statements about a Guaranteed Insurability Option
rider is NOT TRUE?
Coverage can be added at specific events such as marriage or having
a child
Evidence of insurability is not required when the option is exercised
Evidence of insurability is required when the option is exercised
Coverage can be added at specific ages
Answer: Evidence of insurability is required when the option is
exercised
◉ An insured is past due on his life insurance premium, but is still
within the Grace Period. What will the beneficiary receive if the
insured dies during this Grace Period?
Answer: Full face amount minus any past due premiums
◉ Which of these are NOT an example of a Nonforfeiture option?
Extended Term
Reduced Paid-up
Cash Surrender
Life Income
Answer: life income
