TEXAS LIFE HEALTH INSURANCE EXAM QUESTIONS AND CORRECT ANSWERS LATEST GENERATED 2024
1. At what point must a life insurance applicant be informed of
... [Show More] their rights that fall under the Fair Credit Re- porting Act?
2. Who elects the governing body of a mutual insurance company?
3. An insurance applicant MUST be in- formed of an investigation regard- ing his/her reputation and character according to the
4. What type of reinsurance contract involves two companies automati- cally sharing their risk exposure?
5. The stated amount or percent of liquid assets that an insurer must have on hand that will satisfy future obligations to its policyholders is called
6. Which of the following requires in- surers to disclose when an appli- cant's consumer or credit history is being investigated
7. What is the consideration given by an insurer in the Consideration clause of a life policy?
8. When third-party ownership is in- volved, applicants who also happen to be the stated primary beneficiary are required to have
9. Statements made on an insurance application that are believed to be
Upon completion of the application
policyholders
Fair Credit Reporting Act
Treaty
reserves
1970 - Fair Credit Reporting Act
Promise to pay a death benefit
insurable interest in the proposed in- sured
representations
true to the best of the applicant's knowledge are called
10. The part of a life insurance policy guaranteed to be true is called a(n)
11. Which of these is NOT a type of agent authority?
Express Implied Principal Apparent
12. The Consideration clause of an in- surance contract includes
13. E and F are business partners. Each takes out a $500,000 life insurance policy on the other, naming him- self as primary beneficiary. E and F eventually terminate their business, and four months later E dies. Al- though E was married with three children at the time of death, the primary beneficiary is still F. How- ever, an insurable interest no longer exists. Where will the proceeds from E's life insurance policy be directed to?
14. Which of the following terms defines the legally enforceable promise in an insurance contract by the insurer?
15. When must insurable interest exist for a life insurance contract to be valid?
warranty Principal
the schedule and amount of premium payments
In this situation, the proceeds from E's life insurance policy will go to F.
Unilateral
Inception of the contract [Show Less]