Texas Life And Health Insurance Actual Exam Questions And Verified Answers 2023/2024 Latest Update

TEXAS LIFE AND HEALTH INSURANCE ACTUAL EXAM QUESTIONS AND VERIFIED ANSWERS 2023/2024 LATEST UPDATE What type of reinsurance contract involves two companies automatically sharing their risk exposure? - ANSWER- Treaty The stated amount or percent of liquid assets that an insurer must have on hand that will satisfy future obligations to its policyholders is called - ANSWER- reserves When third-party ownership is involved, applicants who also happen to be the stated primary beneficiary are required to have - ANSWER- insurable interest Statements made on an insurance application that are believed to be true to the best of the applicant's knowledge are called - ANSWER- representations The part of a life insurance policy guaranteed to be true is called a(n) - ANSWER- warranty Which of these is NOT a type of agent authority?Express Implied Principal Apparent - ANSWER- Principal The Consideration clause of an insurance contract includes - ANSWER- the schedule and amount of premium payments E and F are business partners. Each takes out a $500,000 life insurance policy on the other, naming himself as primary beneficiary. E and F eventually terminate their business, and four months later E dies. Although E was married with three children at the time