Texas Life, Accident and Health Agent Exam, Life: Application, Underwriting, Delivery and Contract Law: all 28 questions

All questions from the Life: Application, Underwriting, Delivery and Contract Law section for Texas Life, Accident and Health Agent Exam, each with the correct answer.

3001Who must sign a life insurance application for it to be complete?
3002An applicant asks the agent to correct an answer on the application after it is signed. The proper step is to
3003An incomplete application will most likely
3004A statement in an application that the applicant believes to be true to the best of knowledge is a
3005A material misrepresentation on an application is a statement that
3006An agent collects the initial premium with the application and issues a conditional receipt. Coverage under the receipt
3007Compared to a conditional receipt, a binding receipt
3008A life insurance replacement occurs when a new policy is purchased and an existing policy is
3009Which of these is a typical disadvantage to the policyowner of replacing a life policy?
3010The USA PATRIOT Act requires insurers and agents to take part in programs to
3011The Gramm-Leach-Bliley Act (GLBA) requires financial institutions, including insurers, to
3012The Fair Credit Reporting Act (FCRA) requires an insurer that takes adverse action based on a consumer report to
3013The Medical Information Bureau (MIB) is
3014Insurable interest in life insurance must exist
3015Which relationship shows an insurable interest without any additional proof?
3016Risk classification places a proposed insured in a group with similar risks, which might be
3017Stranger-originated life insurance (STOLI) is a practice in which
3018Under the doctrine of utmost good faith, an applicant for insurance must
3019Which element is NOT required for a valid insurance contract?
3020In life insurance, consideration from the applicant consists of
3021A life insurance contract is described as a contract of adhesion because
3022A life insurance policy is a unilateral contract because
3023A life insurance contract is aleatory, which means
3024A life insurance policy is called conditional because the insurer's duty to pay depends on
3025Coverage under a life insurance policy normally begins
3026When delivering a policy, an agent should also
3027Warranties differ from representations in that a warranty
3028An insurer waives its right to rescind a policy for a known misrepresentation when

Texas Life, Accident and Health Agent Exam, Life: Application, Underwriting, Delivery and Contract Law: all 28 questions

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