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TEXAS LIFE AGENT EXAM 2024- 35 QUESTION WITH ANSWERS 2024/2025, Exams of Personal Health

Tarrant County CollegePersonal Health

1.A foreign insurance company is one that is incorporated: A. under Texas law B. under the laws of another state C. in a territory of another country D. outside the United States (US) - ✔✔B. under the laws of another state 2. To renew a General Lines Life, Accident and Health Agent's license, the Texas Department of Insurance requires the agent to complete a MINIMUM of how many hours of continuing education per renewal period? A. А.10 B. 15 C. 20 D. 24 - ✔✔D. 24 3. L has a $100,000 life insurance policy with a $10,000 loan outstanding. If L dies prior to paying back the loan, what benefit will L's beneficiary receive? A. A.$100,000 B. B.$90,000 C. C.$50,000 D. D.$0 - ✔✔B.$90,0004. The agent borrows money for a personal bill from a premium deposit account. The next day, the agent reimburses the premium deposit account. What unethical practice, if any, has occurred? A. None A. в. Embezzlement B. С. Commingling C. Fraud - ✔✔С. Commingling

Typology: Exams

2024/2025

Available from 09/29/2024

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TEXAS LIFE AGENT EXAM 2024- 35
QUESTION WITH ANSWERS 2024/2025
1.A foreign insurance company is one that is incorporated:
A. under Texas law
B. under the laws of another state
C. in a territory of another country
D. outside the United States (US) - ✔✔B. under the laws of another
state
2. To renew a General Lines Life, Accident and Health Agent's license,
the Texas Department of Insurance requires the agent to complete a
MINIMUM of how many hours of continuing education per renewal
period?
A. А.10
B. 15
C. 20
D. 24 - ✔✔D. 24
3. L has a $100,000 life insurance policy with a $10,000 loan
outstanding. If L dies prior to paying back the loan, what benefit will L's
beneficiary receive?
A. A.$100,000
B. B.$90,000
C. C.$50,000
D. D.$0 - ✔✔B.$90,000
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Download TEXAS LIFE AGENT EXAM 2024- 35 QUESTION WITH ANSWERS 2024/2025 and more Exams Personal Health in PDF only on Docsity!

TEXAS LIFE AGENT EXAM 2024 - 35

QUESTION WITH ANSWERS 2024/

1.A foreign insurance company is one that is incorporated: A. under Texas law B. under the laws of another state C. in a territory of another country D. outside the United States (US) - ✔✔B. under the laws of another state

  1. To renew a General Lines Life, Accident and Health Agent's license, the Texas Department of Insurance requires the agent to complete a MINIMUM of how many hours of continuing education per renewal period? A. А. B. 15 C. 20 D. 24 - ✔✔D. 24
  2. L has a $100,000 life insurance policy with a $10,000 loan outstanding. If L dies prior to paying back the loan, what benefit will L's beneficiary receive? A. A.$100, B. B.$90, C. C.$50, D. D.$0 - ✔✔B.$90,
  1. The agent borrows money for a personal bill from a premium deposit account. The next day, the agent reimburses the premium deposit account. What unethical practice, if any, has occurred? A. None A. в. Embezzlement B. С. Commingling C. Fraud - ✔✔С. Commingling
  2. Each agent who initiates an application for life insurance or annuity for replacement of an existing policy MUST submit which of the following as a part of the application? A. A signed replacement statement by the applicant B. A signed replacement statement from the insurance company being replaced C. A detailed comparison of existing coverage and the proposed coverage D. A signed replacement statement from the replacing insurance company - ✔✔A. A signed replacement statement by the applicant
  3. A nonprofit corporation without capital stock that is formed solely for the benefit of its members is known as a: A. fraternal benefit society A. В. association insurer B. cooperative insurer C. mutual insurance company - ✔✔A. fraternal benefit society
  1. The term that identifies the obligation expected of any licensee toward monies entrusted to that licensee's care in connection with the transaction of insurance is: A. individual responsibility B. reciprocal responsibility C. proprietary responsibility D. fiduciary responsibility - ✔✔D. fiduciary responsibility
  2. Individual licensees who change their residence address must notify the Commissioner of Insurance of the change within a: A. week B. month A. С. quarter C. year - ✔✔B. month
  3. Licensed insurance agents MUST notify the Texas Department of Insurance of which of the following? D. А. The agent's loss reports E. В. Written premiums B. The agent's sales commissions C. Any felony conviction of the agent - ✔✔D. Any felony conviction of the agent
  4. Which of the following is an example of rebating? A. Returning a portion of a premium as inducement to purchase insurance

A. В. Cancellation of an insurance policy without a cause B. Sale of mass-marketed insurance products C. Offer of temporary insurance coverage - ✔✔A. Returning a portion of a premium as inducement to purchase insurance

  1. An insurance agent sells a policy and includes their own name as a beneficiary. This action is considered: A. defamation B. rebating C. fraud D. misrepresentation - ✔✔C. fraud
  2. An agent whose license has been revoked is required to: A. wait at least five years before applying for a new license A. В. submit all previously written policies to the Commissioner of Insurance's office for servicing of the accounts B. cancel all policies currently in effect and advise the insureds to place them elsewhere C. continue to service existing accounts but not solicit new business - ✔✔A. wait at least five years before applying for a new license
  3. Boycott, coercion, and intimidation that result in the unreasonable restraint of trade are prohibited under the Texas Insurance Code covering: A. А. rebating B. false advertising C. discrimination

D. pay the policy proceeds less a penalty not to exceed 12% of those proceeds - ✔✔C. pay the policy proceeds in the amount the premiums would have purchased at the insured's actual age

  1. A purpose of the Texas Life and Health Insurance Guaranty Association is to: A. provide profits to insurance companies operating in this state• A. В.return excess premium charges to policyholders B. reduce financial losses to policyholders resulting from insurance company insolvency C. prohibit excessive insurance rates - ✔✔C. reduce financial losses to policyholders resulting from insurance company insolvency
  2. An insurance agent candidate who has passed the licensing exam has how many months from when the candidate passed to apply for licensure? A. 1 B. 4 C. 9 D. 12 - ✔✔D. 12
  3. Life insurance policies contain a grace period, after the first premium payment, of what length of time? A. 15 days A. В. 1 month B. С. 45 days

C. 2 months - ✔✔В. 1 month

  1. A purpose of the life insurance and annuity replacement rule is to: A. А. guarantee the solvency of insurance companies• B. protect the interests of policyowners C. increase the availability of life insurance D. regulate life insurance rates - ✔✔B. protect the interests of policyowners
  2. Under a group life insurance policy, an insured can legally assign the incidents of ownership in the policy to: A. any beneficiary A. В. the insured's spouse only B. the insured's children only C. the executor of the insured's estate only - ✔✔A. any beneficiary
  3. Insurance records that are maintained by a licensee MUST be: A. А. audited every three years by a certified public accountant (CPA) B. documented on forms prescribed by the Insurance Commissioner C. available for inspection by the Insurance Commissioner for five years D. available for inspection by policyholders - ✔✔C. available for inspection by the Insurance Commissioner for five years
  4. An agent may legally share commissions only with:

A. В. beneficiary B. initial death benefit C. company's mortality table - ✔✔C. initial death benefit

  1. Before holding a hearing regarding an agent's unfair or deceptive practice, the Commissioner of Insurance MUST give the agent how many days notice? A. 3 A. В. 5 B. 10 C. 45 - ✔✔C. 10
  2. For an insurance company to transact business in Texas, which of the following MUST be true? A. It must employ resident agents. B. It must hold a certificate of authority issued by Texas. C. Its underwriting and claims facilities must be located in Texas. D. Its articles of incorporation must be filed with the Texas Secretary of State. - ✔✔B. It must hold a certificate of authority issued by Texas.
  3. Under the Conversion provision of a group life insurance policy, a terminating employee can: A. continue the life insurance coverage by paying the group premium rate A. В. change to a Term policy

B. change to an individual life insurance policy without evidence of insurability C. change the amount of group coverage - ✔✔C. change to an individual life insurance policy without evidence of insurability

  1. A group life insurance policy sponsored by an employer in the state of Texas requires that a MINIMUM of how many employees be covered? A. 2 A. В. 15 B. 25 C. 35 - ✔✔В. 15
  2. Life insurance on the life of a debtor in connection with a loan is referred to as: A. Whole LifeChat B. Loan insurance C. Term D. Credit Life - ✔✔D. Credit Life 35.Which of the following terms BEST describes a false or derogatory statement intended to cause injury to a person engaged in the insurance business? A. А. Rebating B. Defamation C. Collusion