FINAL EXAM REVIEW - Texas life and health Questions and Answers 100% Pass

FINAL EXAM REVIEW - Texas life and health Questions and Answers 100% Pass If, at the time of an insured's death, the insurance company discovers that the insured's age was misstated on the application for life insurance, the company will most likely - Correct Answer ️️ -pay the policy proceeds in the amount the premiums would have purchased at the insured's actual age The provision in a health insurance policy that suspends premiums being paid to the insurer while the insured is disabled is called the: - Correct Answer ️️ -Waiver of Premium P and Q are married and have three children. P is the primary beneficiary on Q's Accidental Death and Dismemberment (AD&D) policy and Q's sister R is the contingent beneficiary. P, Q, and R are involved in a car accident and Q and R are killed instantly. The Accidental Death benefits will be paid to: - Correct Answer ️️ -P only Which of these statements accurately describes the Waiver of Premium provision in an Accident and Health policy? - Correct Answer ️️ -*Premiums are waived after the insured has been totally disabled for a specified time period (The Waiver of Premium provision waives the payment of premiums after the insured has been totally disabled for a specified period of time.) All of the following provisions must be included in life insurance policies EXCEPT - Correct Answer ️️ -All of the following provisions must be included in life insurance policies EXCEPT Q applied for life insurance and submitted the initial premium on January 1. The policy was issued February 1, but it was not delivered by the agent until February 7. Q is dissatisfied and returns the policy February 13. How will the insurer handle this situation? - Correct Answer ️️ -olicy was returned within the free-look period, premium will be fully refunded Who can purchase a plan through the Marketplace? - Correct Answer ️️ -Any legal resident except those incarcerated A major medical policy typically: - Correct Answer ️️ -provides benefits for reasonable and necessary medical expenses, subject to policy limits Which of the following BEST describes a short-term medical expense policy? - Correct Answer ️️ -Nonrenewable A Whole Life Insurance Policy endows when the - Correct Answer ️️ -Cash value equals the death benefit The insuring clause - Correct Answer ️️ -States the scope and limits of the coverage An insurer must provide an insured with claim forms within __ days after receiving notice of a loss. - Correct Answer ️️ -15 A Family Income Policy is a combination of Whole Life and - Correct Answer ️️ - Decreasing term insurance T and S are named co-primary beneficiaries on a $500,000 Accidental Death and Dismemberment policy insuring their father. Their mother was named contingent beneficiary. Five years later, S dies of natural causes and the father is killed in a scuba accident shortly afterwards. How much of the death benefit will the mother receive? - Correct Answer ️️ -$0 Which of these statements describe a Modified Endowment Contract (MEC)? - Correct Answer ️️ -Exceeds the maximum amount of premium that can be paid into a policy and still have it recognized as a life insurance contract What group term life feature permits an individual to depart from the group and continue to be covered without providing evidence of insurability? - Correct Answer ️️ - conversion An insurance company may be judged guilty of false advertising if it - Correct Answer ️️ -exaggerates its dividends in a newspaper advertisement A policy of adhesion can only be modified by whom? - Correct Answer ️️ -the insurance company Variable Whole Life Insurance can be described as: - Correct Answer ️️ -both an insurance and securities product Which type of contract liquidates an estate through recurrent payments? - Correct Answer ️️ -annuity Many small business owners worry how their business would survive financially if the owner becomes disabled. The policy which BEST addresses this