Health/Life Test

authority

A certificate of ________ permits an insurance company to transact business in Texas.

An insurer may not use suicide as a defense against payment after the second year

In Texas, which of these statements regarding the Suicide clause is TRUE

Right to Loan

Which of the following is NOT a required provision in group life policies?

The Commissioner must be elected

All of these statements about the Commissioner of Insurance are true EXCEPT

Extended Term

Which of these provisions is NOT required in life insurance policies?

an insured

An insurer is NOT required to provide information on fraudulent claims if requested by

Wait at least five years before applying for a new license

What is required for an agent whose license has been revoked?

The agent

Who is liable when an insured suffers a loss on a policy sold by an agent through an insurer not authorized to conduct business in Texas?

Accumulation at Interest

A policyowner may generate taxable income from which of the following Dividend Options?

Term life

Q is looking to buy a life insurance policy that will provide the greatest amount of protection for a temporary time period. Which of these policies should Q purchase?

Insured must be eligible for Social Security disability for claim to be accepted

All of these statements about the Waiver of Premium provision are correct, EXCEPT:

A child

Whose life is covered on a life insurance policy that contains a payor benefit clause?

6

Three law partners form a Cross-Purchase Buy and Sell agreement. This agreement is funded with individual life insurance. How many total life policies are needed for this agreement?

Universal Life

S, age 40, is looking to buy a Life Insurance policy that will allow for increases or decreases in coverage as his needs change. The policy best suited for S would be

policy proceeds

M has an insurance policy that also has an outstanding policy loan at the time of M's death. The insurer will deduct the outstanding loan balance from the:

HRA is entirely funded by the employee

All of these are characteristics of a Health Reimbursement Arrangement (HRA) EXCEPT

the insured's total loan value

The amount of coverage on a group credit life policy is limited to:

The premiums can be lowered or raised, based on investment performance

All of these statements about Equity Indexed Life Insurance are correct, EXCEPT:

unilateral contracts

Life and health insurance policies are:

both an insurance and securities product

Variable Whole Life Insurance can be described as:

rating services

All of these are considered sources of underwriting information about an applicant EXCEPT

premium mode

A policyowner is able to choose the frequency of premium payments through what policy feature?

Insured must be under a physician's care

What is the initial requirement for an insured to become eligible for benefits under the Waiver of Premium provision?

Proceeds will be payable to K's estate if P dies within a specified time

K is the insured and P is the sole beneficiary on a life insurance policy. Both are involved in a fatal accident where K dies before P. Under the Common Disaster provision, which of these statements is true?

the cash value

The investment gains from a Universal Life Policy usually go toward:

from the date that the policy was issued

Under an individual Health Insurance policy, the Time Limit of Certain Defenses provision states that nonfraudulent misstatements first become incontestable two years

entire contract

Which of the following policy provisions prohibits an insurance company from incorporating external documents into an insurance policy?

protect the producer

The Legal Actions provision of an insurance contract is designed to do all of the following, EXCEPT:

variable life

Which of these types of life insurance allows the policyowner to have level premiums and to also choose from a selection of investment options?

Investor-Originated Life Insurance

Which of these arrangements allows one to bypass insurable interest laws?

Conversion

What group term life feature permits an individual to depart from the group and continue to be covered without providing evidence of insurability?

Flexible Installment Deferred

The payments on Q's annuity are no less than $250 quarterly. Which of the following annuities does Q own?

Income derived from the TSA is received income tax-free

All of the following statements regarding a Tax Sheltered Annuity (TSA) are true EXCEPT

closed panel

The situation in which a group of physicians are salaried employees and conduct business in an HMO facility is called a(n):

She does NOT need to provide evidence of insurability

G quits their job and wants to convert their group health coverage to an individual policy during the COBRA period. Which of the following statements is TRUE?