TENNESSEE LIFE AND HEALTH INSURANCE
EXAM STUDY GUIDE 2026 LIFE INSURANCE
PORTION WITH 100% CORRECT ANSWERS
◉ the premium cost for basic coverage applied for. Answer: When a
life insurance application is completed, a policy summary must be
given to the applicant. The policy summary must include...
◉ an association or a limited liability company. Answer: A business
entity can be defined as a
◉ D. Answer: Which of the following features of a group Term LIfe
policy enables an individual to leave the group and continue his or
her insurance without providing evidence of insurability?
A. Owner's Rights clause
B. Incontestable Period
C. Insuring Agreement
D. Conversion privilege
◉ additional death benefits. Answer: A cost of living rider gives the
insured
,◉ D. Answer: Which of these is a valid Tennessee regulation for
referral fees?
A. Referral fees can be unlimited in amount
B. If the referral sale involves replacement, the notice regarding
replacement form is not required
C. Referral fees may only be paid in the event a policy is purchased
D. The Commissioner may establish by rule a maximum amount for
each referral
◉ C. Answer: Which of these actions should a producer take when
submitting an insurance application to an insurer?
A. Issue a binding receipt to applicant if no initial premium is
submitted
B. Disclose to the applicant the amount of commissions to be earned
on this transaction
C. Inform insurer of relevant information not included on the
application
D. Arrange for a copy of the attending physician statement (APS) to
be sent to the producer.
◉ exclusion. Answer: When an insurer issues a policy that refuses to
cover certain risks, this is referred to as a
, ◉ Conditional. Answer: K applies for a life insurance policy on
herself and submits the initial premium with the application. She is
given a receipt by the agent stating that coverage begins
immediately if the application is approved. What kind of receipt was
used?
◉ When the conditions of the receipt are met. Answer: An agent
gives a conditional receipt to a client for an insurance policy after
collecting the initial premium. When will the policy become
effective?
◉ age 100. Answer: How long does the coverage normally remain on
a limited-pay life policy?
◉ Conversion. Answer: Which provision allows the policyowner to
change a term life policy to a permanent one without providing
proof of good health?
◉ Payor Clause. Answer: Which of the following provisions
guarantees that premiums will be waived if a Juvenile Life
policyowner becomes disabled?
◉ Aviation Exclusion. Answer: A pilot applies for Life insurance. The
insurer approves the application with a $10 additional monthly
premium modification due to the risk involved. The pilot declines
EXAM STUDY GUIDE 2026 LIFE INSURANCE
PORTION WITH 100% CORRECT ANSWERS
◉ the premium cost for basic coverage applied for. Answer: When a
life insurance application is completed, a policy summary must be
given to the applicant. The policy summary must include...
◉ an association or a limited liability company. Answer: A business
entity can be defined as a
◉ D. Answer: Which of the following features of a group Term LIfe
policy enables an individual to leave the group and continue his or
her insurance without providing evidence of insurability?
A. Owner's Rights clause
B. Incontestable Period
C. Insuring Agreement
D. Conversion privilege
◉ additional death benefits. Answer: A cost of living rider gives the
insured
,◉ D. Answer: Which of these is a valid Tennessee regulation for
referral fees?
A. Referral fees can be unlimited in amount
B. If the referral sale involves replacement, the notice regarding
replacement form is not required
C. Referral fees may only be paid in the event a policy is purchased
D. The Commissioner may establish by rule a maximum amount for
each referral
◉ C. Answer: Which of these actions should a producer take when
submitting an insurance application to an insurer?
A. Issue a binding receipt to applicant if no initial premium is
submitted
B. Disclose to the applicant the amount of commissions to be earned
on this transaction
C. Inform insurer of relevant information not included on the
application
D. Arrange for a copy of the attending physician statement (APS) to
be sent to the producer.
◉ exclusion. Answer: When an insurer issues a policy that refuses to
cover certain risks, this is referred to as a
, ◉ Conditional. Answer: K applies for a life insurance policy on
herself and submits the initial premium with the application. She is
given a receipt by the agent stating that coverage begins
immediately if the application is approved. What kind of receipt was
used?
◉ When the conditions of the receipt are met. Answer: An agent
gives a conditional receipt to a client for an insurance policy after
collecting the initial premium. When will the policy become
effective?
◉ age 100. Answer: How long does the coverage normally remain on
a limited-pay life policy?
◉ Conversion. Answer: Which provision allows the policyowner to
change a term life policy to a permanent one without providing
proof of good health?
◉ Payor Clause. Answer: Which of the following provisions
guarantees that premiums will be waived if a Juvenile Life
policyowner becomes disabled?
◉ Aviation Exclusion. Answer: A pilot applies for Life insurance. The
insurer approves the application with a $10 additional monthly
premium modification due to the risk involved. The pilot declines
