INSURANCE LICENSE PRACTICE XCEL SOLUTIONS FINAL EXAM
12 – TEXAS LIFE ONLY ACTUAL COMPLETE ALL 100 REAL
EXAM QUESTIONS AND CORRECT DETAILED ANSWERS | NEW
AND REVISED | GRADED A+.
Question
In a key employee life insurance policy the third-party owner can
be all the following EXCEPT - ANSWER-The insured
Question
Insured may assign up to ____ of the policy ownership under an
individual life insurance policy - ANSWER-100%
Question
On August 6, Submitted an application for a $50,000 life insurance
policy and did not pay the initial premium. On August 18, D went
to the doctor complaining of chest pain, and some tests were
given by the doctor. the life policy was delivered by the producer
on August 20th and they explained what had taken place with the
doctor. What action should the producer then take? - ANSWER-
Collect initial premium along with a signed health statement
,Question the Insurance Commissioner must give how many
days notice prior to holding a hearing regarding an agent's
unfair or deceptive practice? - ANSWER-30 days
Question
S is covered by a whole life policy. Which insurance products can
cover his children? - ANSWER-Child term Rider
Question
Insurance policies are offered on a take-it-or-leave-it basis, which
make them? - ANSWER-Contracts of adhesion
Question
Which of the following may NOT charge fees for insurance
advice? – ANSWER-Legal reserve agent's
Question
The consideration clause in a life insurance contract contains
what pertinent information? - ANSWER-Amount of premium
payments and when they're due
Question 64 who is liable when an insured suffers a loss on a
policy sold by an agent through an insurer not authorized to
conduct business in Texas? - ANSWER-The agent and the
company
, Question
Traditional individual retirement annuity (IRA) distributions must
start by? - ANSWER-April 1st of the year following the year the
participant attains age 70 ½
Question
Which of the following groups may NOT be insured by a group life
insurance policy? - ANSWER-Individuals who are related by
blood
Question
Q applied for life insurance and submitted the initial premium on
January 1. Policy was issued February 1, but it was not delivered
by the agent until February 7. Q is disqualified and returns the
policy February 13. How will the insurer handle this situation? -
ANSWER-Policy was returned within the free look period,
premium will be fully refunded
Questions
A license may be denied, suspended, or revoked if the license -
ANSWER-Is found guilty of misrepresentation in obtaining the
license
Question
12 – TEXAS LIFE ONLY ACTUAL COMPLETE ALL 100 REAL
EXAM QUESTIONS AND CORRECT DETAILED ANSWERS | NEW
AND REVISED | GRADED A+.
Question
In a key employee life insurance policy the third-party owner can
be all the following EXCEPT - ANSWER-The insured
Question
Insured may assign up to ____ of the policy ownership under an
individual life insurance policy - ANSWER-100%
Question
On August 6, Submitted an application for a $50,000 life insurance
policy and did not pay the initial premium. On August 18, D went
to the doctor complaining of chest pain, and some tests were
given by the doctor. the life policy was delivered by the producer
on August 20th and they explained what had taken place with the
doctor. What action should the producer then take? - ANSWER-
Collect initial premium along with a signed health statement
,Question the Insurance Commissioner must give how many
days notice prior to holding a hearing regarding an agent's
unfair or deceptive practice? - ANSWER-30 days
Question
S is covered by a whole life policy. Which insurance products can
cover his children? - ANSWER-Child term Rider
Question
Insurance policies are offered on a take-it-or-leave-it basis, which
make them? - ANSWER-Contracts of adhesion
Question
Which of the following may NOT charge fees for insurance
advice? – ANSWER-Legal reserve agent's
Question
The consideration clause in a life insurance contract contains
what pertinent information? - ANSWER-Amount of premium
payments and when they're due
Question 64 who is liable when an insured suffers a loss on a
policy sold by an agent through an insurer not authorized to
conduct business in Texas? - ANSWER-The agent and the
company
, Question
Traditional individual retirement annuity (IRA) distributions must
start by? - ANSWER-April 1st of the year following the year the
participant attains age 70 ½
Question
Which of the following groups may NOT be insured by a group life
insurance policy? - ANSWER-Individuals who are related by
blood
Question
Q applied for life insurance and submitted the initial premium on
January 1. Policy was issued February 1, but it was not delivered
by the agent until February 7. Q is disqualified and returns the
policy February 13. How will the insurer handle this situation? -
ANSWER-Policy was returned within the free look period,
premium will be fully refunded
Questions
A license may be denied, suspended, or revoked if the license -
ANSWER-Is found guilty of misrepresentation in obtaining the
license
Question
