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INSURANCE LICENSE PRACTICE XCEL SOLUTIONS
FINAL EXAM #12 – TEXAS LIFE ONLY ALL QUESTIONS
AND CORRECT DETAILED ANSWERS | NEW AND
REVISED | A GRADED
Question 1
Which settlement option pays a stated amount to an annuitant, but no residual
value to a beneficiary? - (answers)Life income
Question 2
A new agent must complete at least _____ hours of continuing education within
24 months of initial license? - (answers)24 hours
Question 3
L takes out a life insurance policy and dies 10 years later. During the claim
process, the insurer discovers that L has understated range on the application.
Under the misstatement of age provision the insurer will? - (answers)Adjust the
death benefits to a reduced amount
Question 4
An example of false advertising would be? - (answers)And insurer exaggerating in
dividends in a magazine advertisement
Question 5
With whom an agent legally share commissions? - (answers)Another agent with
the same line of insurance
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Question 6
Insurance agent as a fiduciary responsibility to all of the following EXCEPT? -
(answers)Other agents
Question 7
Which of these is not an example of doing insurance business? - (answers)Selling
shares of stock
Question 8
taking receipt of premiums and holding them for the insurance company is an
example of? - (answers)Fiduciary responsibility
Question 9
How does an indexed annuity differ from a fixed annuity? - (answers)Indexed
annuity owners receive crediting interest time to the fluctuation of the linked
index
Question 10
which of the following policies combines investment choices with a form of Term
coverage? - (answers)Variable universal life
Question 11
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How long does an insurance company appointment remain in force? -
(answers)Until terminated
Question 12
in Texas an individual life insurance policy is REQUIRED to have a grace period of?
- (answers)31 days
Question 13
Which statement is TRUE regarding a variable whole life policy? - (answers)A
minimum guaranteed death benefit is provided
Question 14
in an insurance contract the insurer is the only party who makes a -
(answers)Unilateral
Question 15
which of these is NOT considered to be an element of an insurance contract? -
(answers)Negotiating
Question 16
What does a 401(k) plan generally provide its participants? - (answers)Salary-
deferral contributions
Question 17
INSURANCE LICENSE PRACTICE XCEL SOLUTIONS
FINAL EXAM #12 – TEXAS LIFE ONLY ALL QUESTIONS
AND CORRECT DETAILED ANSWERS | NEW AND
REVISED | A GRADED
Question 1
Which settlement option pays a stated amount to an annuitant, but no residual
value to a beneficiary? - (answers)Life income
Question 2
A new agent must complete at least _____ hours of continuing education within
24 months of initial license? - (answers)24 hours
Question 3
L takes out a life insurance policy and dies 10 years later. During the claim
process, the insurer discovers that L has understated range on the application.
Under the misstatement of age provision the insurer will? - (answers)Adjust the
death benefits to a reduced amount
Question 4
An example of false advertising would be? - (answers)And insurer exaggerating in
dividends in a magazine advertisement
Question 5
With whom an agent legally share commissions? - (answers)Another agent with
the same line of insurance
,2|Page
Question 6
Insurance agent as a fiduciary responsibility to all of the following EXCEPT? -
(answers)Other agents
Question 7
Which of these is not an example of doing insurance business? - (answers)Selling
shares of stock
Question 8
taking receipt of premiums and holding them for the insurance company is an
example of? - (answers)Fiduciary responsibility
Question 9
How does an indexed annuity differ from a fixed annuity? - (answers)Indexed
annuity owners receive crediting interest time to the fluctuation of the linked
index
Question 10
which of the following policies combines investment choices with a form of Term
coverage? - (answers)Variable universal life
Question 11
, 3|Page
How long does an insurance company appointment remain in force? -
(answers)Until terminated
Question 12
in Texas an individual life insurance policy is REQUIRED to have a grace period of?
- (answers)31 days
Question 13
Which statement is TRUE regarding a variable whole life policy? - (answers)A
minimum guaranteed death benefit is provided
Question 14
in an insurance contract the insurer is the only party who makes a -
(answers)Unilateral
Question 15
which of these is NOT considered to be an element of an insurance contract? -
(answers)Negotiating
Question 16
What does a 401(k) plan generally provide its participants? - (answers)Salary-
deferral contributions
Question 17
