Life insurance FINAL EXAM 100% Pass

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Life insurance FINAL EXAM 100% Pass If, at the time of an insured's death, the insurance company discovers that the insured's age was misstated on the application for life insurance, the company wil... l most likely ✔✔pay the policy proceeds in the amount the premiums would have purchased at the insured's actual age Which type of life insurance beneficiary requires his/her consent when a change of beneficiary is attempted by the policyowner? ✔✔Irrevocable beneficiary In a life insurance policy, which feature states that the policy will not cover certain risks? ✔✔Exclusion Which of the following BEST describes Credit Life insurance? ✔✔Insurance issued on a debtor to cover outstanding balances on installment loans The Commissioner of Insurance may issue a temporary agent's license for a maximum of how many days? ✔✔90 What kind of special need would a policyowner require with an Adjustable Life insurance policy? ✔✔flexible premiums An agent MUST do which of the following during a sales presentation for a participating life insurance policy? ✔✔Include a statement that dividends are not guaranteed A life insurance arrangement which circumvents insurable interest statutes is called ✔✔InvestorOriginated Life Insurance The option that provides an additional death benefit for a limited amount of time at the lowest possible cost is called a(n) ✔✔Accidental Death and Dismemberment rider (AD&D) Under the Texas insurance code, which of the following statements about the Suicide clause is CORRECT? ✔✔Suicide may not be a defense against payment after the second year A term life insurance policy matures ✔✔upon the insured's death during the term of the policy Under Texas insurance law, the term "transacting business" includes ✔✔collecting premiums insurance agent licenses normally must be renewed every ✔✔2 years A foreign insurance company is one that is incorporated ✔✔under the laws of another state An insurance agent does NOT have fiduciary responsibilities to ✔✔other agents Which of these actions is taken when a policyowner uses a Life Insurance policy as collateral for a bank loan? ✔✔collateral assignment Which of these do NOT constitute policy delivery? ✔✔Policy issued with a rating An insurance company may NOT reject a prospective insured's life application on the basis of which of the following factors? ✔✔gender If X wants to buy $50,000 worth of permanent protect [Show More]

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