TEXAS LIFE AND HEALTH INSURANCE REAL EXAM LATEST
UPDATED QUESTIONS AND CORRECT ANSWERS ALREADY A+
GRADED
individual
ANSWER-premiums paid with after tax dollars,
not tax deductible- death benefit tax free, lump
sum- death benefit taxable to an estate-
dividend tax free, accumulate at interest,
interest taxable
insurance
ANSWER-transfer of risk
,agent
ANSWER-producer or field underwriter
insurer
ANSWER-principle
agency contract
ANSWER-between agent and insurer- spells out
each one's duties- contains the express
authority
applicant/proposed insured
ANSWER-seeks insurance from insurer
,death benefit
ANSWER-face amount- paid to beneficiary
beneficiary
ANSWER-receives the policy proceeds when
insured dies- doesn't have to sign contract
policyowner
ANSWER-has all rights and privileges in a policy-
pays premium, making changes, naming
beneficiary- may or may not be insured
, 3rd party ownership
ANSWER-insured and policyowner are different
people- parent/child; key person; group
life/health
application
ANSWER-main source of underwriting
agent report
ANSWER-part of the application process, but
does not become part of contract
entire contract
UPDATED QUESTIONS AND CORRECT ANSWERS ALREADY A+
GRADED
individual
ANSWER-premiums paid with after tax dollars,
not tax deductible- death benefit tax free, lump
sum- death benefit taxable to an estate-
dividend tax free, accumulate at interest,
interest taxable
insurance
ANSWER-transfer of risk
,agent
ANSWER-producer or field underwriter
insurer
ANSWER-principle
agency contract
ANSWER-between agent and insurer- spells out
each one's duties- contains the express
authority
applicant/proposed insured
ANSWER-seeks insurance from insurer
,death benefit
ANSWER-face amount- paid to beneficiary
beneficiary
ANSWER-receives the policy proceeds when
insured dies- doesn't have to sign contract
policyowner
ANSWER-has all rights and privileges in a policy-
pays premium, making changes, naming
beneficiary- may or may not be insured
, 3rd party ownership
ANSWER-insured and policyowner are different
people- parent/child; key person; group
life/health
application
ANSWER-main source of underwriting
agent report
ANSWER-part of the application process, but
does not become part of contract
entire contract
