Texas Life and Health Insurance Exam Questions with 100% Correct Answers

Which of these characteristics is consistent with a Straight Life Policy? Correct Answer Premiums are payable for as long as there is insurance coverage in force Which of the following are Equity Indexed annuities typically invested in? Correct Answer S&P 500 Which of the following does Social Security NOT provide benefits for? Correct Answer Dismemberment An example of false advertising would be Correct Answer An insurer exaggerating its dividends in a magazine advertisement A 45 year-old woman won $100,000 in a scratch-off lottery ticket. She purchased an annuity that will pay her $1500 per month beginning at age 60. Which of these annuities did this woman purchase? Correct Answer Deferred Fixed Annuity Which of the following types of organizations are prepaid group health plans, where members pay in advance for the services of participating physicians and hospitals that have agreements? Correct Answer HMO Which action will a life insurance company most likely take if an insured dies and it is discovered that the insured's age was misstated on the application? Correct Answer Pay an amount the premiums would have purchased at the insured's actual age 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? Correct Answer Term Life An IRA owner can start making withdrawals and NOT be subjected to a tax penalty beginning at what age? Correct Answer 59 1/2 An applicant MUST receive an Outline of Coverage when an application is taken for a(n) Correct Answer Medicare Supplement policy Life insurance that covers an insured's whole life with level premiums paid over a limited time is called: Correct Answer Limited Pay Life An individual has a Major Medical policy with a $5,000 deductible and an 80/20 Coinsurance clause. How much will the INSURED have to pay is a total of $15,000 in covered medical expenses are incurred? Correct Answer $7000