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life ins. Test

Enter the letter for the matching Answer
incorrect
1.
bonus or thrift plan
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2.
provisions
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3.
time period For agents to report change of address, felony conviction, or administrative action
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4.
pure risk
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5.
when can the written part of the life exam be waived for states you don't live in?
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6.
hazard
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7.
is the payment of accelerated living benefit taxable?
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8.
trust
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9.
insurable interest
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10.
Rules for HIV tests
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11.
policy loans
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12.
hwo is the acceleraqted living benefit amount determined?
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13.
automatic premium loans
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14.
policy assignment
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15.
annually renewable term
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16.
t or f Indeterminate premium reduction pol must include a statement that all non-guaranteed premium rates used to market policy are lower than rates that the insurer is willing to guarantee in other policies
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17.
Who can be an agent
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18.
casualty insurance
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19.
policy owner
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20.
when can a corporation and banks have a life ins license?
A.
the loan is made against cash built up. Insurer charges and interest rt.
B.
other states requires written exam, official in other state verifies that applicant is life licensed and had passed the exam, applic has no place in TX as life ins agent
C.
transfers owners rights under the policy to the extent expressed in the assignment form
D.
usually specified as a percentage of the face amount of insurance, usually 50%, but it is legal for the insurer to pay up to 100% of the death benefits before the insured dies.
E.
insures against the loss and/or damage of property and resulting liabilities.
F.
the individual who has all the ownership rights, including the responsibility of paying the policy premiums.
G.
true
H.
are conditions or situations that increase the probability of an insured loss occurring. Hazards are classified as physical hazards, moral hazards, or morale hazards.
I.
refers to situations that can only result in a loss or no change. There is no opportunity for financial gain. Pure risk is the only type insurance companies are willing to accept.
J.
special type of loan that prevents the unintentional lapse in policy due to nonpayment of premium
K.
TX corp and principal place of business is TX, at least corp offcer indiv licensed, corp must demonstrate finan respons and be able to pay up to 25k if legally required because of an error
L.
policy holder faces the possibility of losing money or something of value in event of loss
M.
explains the rights and characteristics of an ins contract. not standard policy because exact wording not required in Texas
N.
1 MONTH
O.
any person who solicits ins on behalf of a company takes or transmits a policy collects premiums examines loss and is compensated by premium where a part of premium is paid to the agent
P.
The person who establishes the trust (known as the grantor) gives legal title of a property to another (known as the trustee) to be used for the benefit of the trust beneficiary.
Q.
premium increases each year with age
R.
This is not a taxable benefit since it is used to pay medical benefits or long term care due to catastrophic or terminal illness.
S.
employer will contribute amount or % for each $$ contributed by employee. Employee contribution not always required.
T.
1. written persmision 2. must meet protocol of Health and Hum Svc 3.Must disclose test results in writing 4. in no dr and results are posit then results must be passed on to dept of health must include name, address and rpt number
Type the Answer that corresponds to the displayed Question.
incorrect
21.
How often do you have to renew your life ins license
Type the Question that corresponds to the displayed Answer.
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22.
Written on single life (person)
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23.
is the insuring of risks that are of a poorer class (more prone to losses) than the average risk.
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24.
age not matter, distrib not mandatory, grow tax free as long as open for 5 years or more
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25.
portion paid in to annuity not taxable
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26.
short term annuities that limit amt paid to a certain fixed period. Pays until end of a fixed period. can be bought as fixed period or fixed amount installments
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27.
combines term ins and cash value plan. term ins = annual renewable term, price increases each year based on person's age
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28.
uses the dividend to purchase 1 year ins in amount of cash value
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29.
availability of cash to the insured. Some policies have cash you can borrow.
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30.
meaning "by the bloodline," distributes the benefits of a beneficiary who died before the insured to that beneficiary's heirs.

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