Texas Life Health insurance exam
|Questions with 100% Correct
Answers
Activities of daily living (ADLs) - ✔ ✔ a person's essential activities that
include bathing, dressing, eating, transferring, toileting, continence
Assignment - ✔ ✔ transfer of right of policy ownership
Consideration - ✔ ✔ something of value that each party gives to the other
(binding force in any contract)
Indemnity - ✔ ✔ a principle of reimbursement of which insurance is based; in the
event of loss, an insurer reimburses the insureds or beneficiaries for the loss
Lump sum - ✔ ✔ payment of the entire benefit in one sum
Minor - ✔ ✔ a person under legal age
,NAIC - ✔ ✔ National Association of Insurance Commissioners, an organization
composed of insurance commissioners from all states and jurisdictions formed to
resolve insurance regulatory issues
Principal - ✔ ✔ the face value of the policy; the original amount invested
before the earnings
Nonforfeiture options - ✔ ✔ - cash
- extended terms (automatic)
- reduced paid up
Dividend options - ✔ ✔ - cash
- reduction of premium
- accumulation at interest
- paid up additions
(automatic) -paid up insurance
- one year term
Settlement options - ✔ ✔ -cash (automatic)
- Life income
- interest only
- fixed period
- fixed amount
Life policy provisions - ✔ ✔ - assignment
, - consideration
- entire contract
- free look
- grace period
- incontestability
- insuring clause
- misstatement of Age and gender
- Ownership
- Payment of Premiums
- Reinstatement
Beneficiaries - ✔ ✔ Primary Vs.
Contingent Revocable Vs. Irrevocable
Common disater clause
Accessing cash value - ✔ ✔ policy loan
automatic premium loan
withdrawal
partial surrender
Policy options - ✔ ✔ - nonforfeiture
- dividend
- settlement
|Questions with 100% Correct
Answers
Activities of daily living (ADLs) - ✔ ✔ a person's essential activities that
include bathing, dressing, eating, transferring, toileting, continence
Assignment - ✔ ✔ transfer of right of policy ownership
Consideration - ✔ ✔ something of value that each party gives to the other
(binding force in any contract)
Indemnity - ✔ ✔ a principle of reimbursement of which insurance is based; in the
event of loss, an insurer reimburses the insureds or beneficiaries for the loss
Lump sum - ✔ ✔ payment of the entire benefit in one sum
Minor - ✔ ✔ a person under legal age
,NAIC - ✔ ✔ National Association of Insurance Commissioners, an organization
composed of insurance commissioners from all states and jurisdictions formed to
resolve insurance regulatory issues
Principal - ✔ ✔ the face value of the policy; the original amount invested
before the earnings
Nonforfeiture options - ✔ ✔ - cash
- extended terms (automatic)
- reduced paid up
Dividend options - ✔ ✔ - cash
- reduction of premium
- accumulation at interest
- paid up additions
(automatic) -paid up insurance
- one year term
Settlement options - ✔ ✔ -cash (automatic)
- Life income
- interest only
- fixed period
- fixed amount
Life policy provisions - ✔ ✔ - assignment
, - consideration
- entire contract
- free look
- grace period
- incontestability
- insuring clause
- misstatement of Age and gender
- Ownership
- Payment of Premiums
- Reinstatement
Beneficiaries - ✔ ✔ Primary Vs.
Contingent Revocable Vs. Irrevocable
Common disater clause
Accessing cash value - ✔ ✔ policy loan
automatic premium loan
withdrawal
partial surrender
Policy options - ✔ ✔ - nonforfeiture
- dividend
- settlement
