100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Texas Life Insurance Exam Texas Life Insurance Exam (2024 / 2025) Actual Questions with Verified Answers, 100% Guarantee Pass $13.49   Add to cart

Exam (elaborations)

Texas Life Insurance Exam Texas Life Insurance Exam (2024 / 2025) Actual Questions with Verified Answers, 100% Guarantee Pass

 1 view  0 purchase
  • Course
  • PA Life Insurance
  • Institution
  • PA Life Insurance

Texas Life Insurance Exam (2024 / 2025) Actual Questions with Verified Answers, 100% Guarantee Pass

Preview 3 out of 21  pages

  • August 21, 2024
  • 21
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • PA Life Insurance
  • PA Life Insurance
avatar-seller
TIPSCORE
Life Insurance Exam (Texas).pdf file:///C:/Users/HP/Desktop/NIW/Life%20Insurance%20Exam%20(Te




Life Insurance Exam (Texas)


1. Insurance

(General concept): - transfers the risk of loss from an individual to an insurer

- based on the principle of indemnity

- based on the principle of risk (risk pooling)

2. insurable interest

(General Concept): - must exist at the time of the application

- insuring one's own life, family member, or a business partner

3. Solicitation and sales presentation: - illustration- presentation of nonguaran- teed

elements

- buyer's guide is generic information about life polices which must be provided at the time of

application

- policy summary is a description of features and benefits of the policy being issued and must be

provided when the policy is delivered.

4. Underwriting (Field underwriting (by agent): - application completed and signed

- agent's report: agent's observation about the application that can assist in under- writing
1/




1 of 21 8/20/2024, 12:58

,Life Insurance Exam (Texas).pdf file:///C:/Users/HP/Desktop/NIW/Life%20Insurance%20Exam%20(Te




-premiums with application and conditional receipts

5. underwriting ( company underwriting): - multiple sources of information: appli- cations,

consumer reports, MIB (Medical Information Burea)

- Risk Classification: 3 types of risk : standard, substandard, preferred

6. Underwriting (Federal Regulation): - Fair Credit Reporting Act: protect con- sumers

against circulations of inaccurate or obsolete information

- USE PATRIOT Act/ Anti-money Laundering and Suspicious Activity Reports Rules

7. Premium Determination: - 3 key Factors for life insurance: mortality, interest, and expense

- Mode: the more frequently premium is paid, the higher the premium

8. Policy Issue and Delivery: Effective date of coverage - if the premium is not paid with

the application, the agent must obtain the premium and a statement of continued good

health at the time of the policy delivery

9. Agent/ Producer: a legal representative of an insurance company; the classifi- cation of

producers usually includes agents and brokers' agents are the agents of the insurer

10. Applicant of proposed insured: a person applying for insurance

11. Beneficiary: a person who receives the benefits of an insurance policy

12. Broker: an insurance producer who is not appointed by an insurance company and who

represents the client
2/




2 of 21 8/20/2024, 12:58

,Life Insurance Exam (Texas).pdf file:///C:/Users/HP/Desktop/NIW/Life%20Insurance%20Exam%20(Te




13. Death benefits: the amount paid upon death of the insured in a life insurance policy




3/




3 of 21 8/20/2024, 12:58

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller TIPSCORE. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $13.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

78121 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$13.49
  • (0)
  Add to cart