TEXAS INSURANCE LICENSE EXAM 2024 ACTUAL EXAM 2 VERSIONS (VERSION A AND B) COMPLETE 500 QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CORRECT ANSWERS) /ALREADY GRADED A+

TEXAS INSURANCE LICENSE EXAM 2024 ACTUAL EXAM 2 VERSIONS (VERSION A AND B) COMPLETE 500 QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CORRECT ANSWERS) /ALREADY GRADED A+ LIFE SECTION 1 - AnswerLIFE SECTION 1 1) Sandra Timms, age 27, is advised by her producer to purchase Life insurance to cover a 20-year-amortized $50,000 business-improvement loan. Which of the following plans would adequately protect Ms. Timms at the minimum premium outlay? - AnswerA- $50,000 Whole Life policy B- $50,000 Level Term policy for 20 years C- $50,000 20 Pay Life policy D- $50,000 Decreasing Term policy for 20 years 2) A 45-year old customer who is seeking to supplement his retirement income at age 65 would not buy a: - AnswerA- Deferred Annuity B- Equity Indexed Annuity C- Variable Annuity D- Immediate Annuity 3) John Livingston owns a 30-Pay Life policy that he purchased at the age of 30. The cash value will equal the face amount of the policy when he reaches the age of: - AnswerA- 60 B- 70 C- 100 D- 30 4) Which of the following is an example of a Limited-Pay Life policy? - AnswerA- Universal life B- Whole Life C- Life Paid-Up at Age 65 D- Renewable Term to Age 70 5) Which of the following policies provides the greatest amount of protection for an insured's premium dollar as well as some cash accumulation? - AnswerA- Annuity B- Whole Life C- Term D- Limited-Pay Life 6) Which of the following individual policy conversions is usually permitted without any evidence of insurability? - AnswerA- Conversion to a lower-premium plan B- Conversion from a Whole Life policy to a Term policy C- Conversion from a Term policy to a Whole Life policy D- Conversion to a larger amount of insurance 7) Which of the following is NOT correct regarding Ordinary Whole Life policies? - AnswerA- The premiums payments are owed annually until you die or reach age 100 B- The cash value grows more quickly in the beginning years of the policy C- Coverage lasts for your own life D- Ordinary Whole Life is a type of permanent insurance 8) Which of the following statements is true about the premium payment schedule for a Whole Life policy? - AnswerA- Premiums are payable for a designated period of time only, after which coverage is no longer provided B- Premiums are payable until the insured's retirement only, after which coverage is continued automatically until the insured's death C- One premium, in the amount of the insured's choice, is payable at the time of application, and the balance of the premiums is deducted from the face amount of the policy at the time of the insured's death