Texas Life Insurance exam 2023 with complect solution

Who is considered a field underwriter? An agent When must insurable interest exist in life insurance? Application or issue date If no receipt is issued at the time of application, a statement of good health is usually required at the time of? Policy delivery The Medical Information Bureau is?(MIB) a source of medical information to alert insurers to adverse medical history A substandard risk compared to a standard risk would pay? a higher premium Which document describes specific information about policy provisions and benefits? Policy summary Does not have an insurable interest? Insured's best friend What is the main source of underwriting information used by the company in the risk selection process? Application An insured submits the full premium along with a completed application, and the policy is issued 10 days later. When does the coverage begin? On the date of application What is the main responsibility of a company's underwriting unit? Risk selection and classification What best describes the USA PATRIOT Act with regards to the insurance industry? To prevent terrorism activities through monitoring of financial transactions If the agent feels that could misrepresentation on the part of the applicant for insurance, what must the agent do? Inform the insurance comapny Representations are statements made by the applicant that are? Considered true to the best of the applicant's knowledge If an agent fails to obtain an applicants signature on the insurance application, the agent must? Return the application to the applicant for signature What includes information regarding a person's credit, character, reputation, and habits? Consumer report When the insured purchased a new home, he wanted to purchase a life insurance policy that would protect his family against losing it should he die before the mortgage was paid. Which of the following policies is best suitable for that need? Decreasing term An annually renewable term policy? Renews each year with an increased premium The time period during which an annuitant contributes to annuity is called? The accumulation period An example of limited-pay life policy? Life paid-up at the age 65 An individual owns an adjustable life policy. Sometimes in the future he wants to increase the death benefit. What is correct regarding the death benefit increase? It can be increased by providing evidence of insurability What is true regarding a universal life policy? The premiums can be decreased by the insured With a traditional whole life policy, the death benefit.. Remains constant over time Whose life expectancy is taken into consideration in an annuity? Annuitant An insured receives a monthly summary of his life insurability policy. The cash value this month is significantly lower than it was last month. What type of policy is it? Variable An individual inherited a large sum of money at age 40 and wanted to use it to provide a guarantee income after his retirement at age 60. Which of the following types of annuities would best meet this need? Deferred What would be considered a disadvantage of term insurance? If the insured dies after the end of the term, there is no death benefit to the beneficiary The renewable provision allows the policy-owner to renew the coverage at the expiration date Without evidence of insurability Which type of life insurance policy generates immediate cash value? Single premium What is true regarding a joint life policy? Premium is based on the average age of the insureds The insured is also the policyowner of a whole life policy. What age must the insured attain in order to receive the policy's face amount? 100