Life & Health License Test Texas Exam Fx Exams With 153 Questions And Answers

K is the insured and P is the sole beneficiary on a life insurance policy. Both are involved in a fatal accident where K dies before P. Under the Common Disaster provision, which of these statements is true? {Ans: Proceeds will be paid to K's estate if P dies within a specified time.}When must insurable interest be present in order for a life insurance policy to be valid? {Ans: At the time of application}What type of policy would offer a 40-year old the quickest accumulation of cash value? {Ans: 20-pay life}What benefit does the Payor clause on a Juvenile Life policy provide? {Ans: Premiums are waived if payor becomes disabled}N is a student pilot with a large life insurance policy. Which of these features would limit the insurer's obligation in the event N was killed while flying as a student pilot? {Ans: Exclusion}M completes an application for life insurance but does not pay the initial premium. All of these actions must occur before M's policy goes into effect EXCEPT {Ans: free-look period has expired}Which of these is an element of a Variable Life policy? {Ans: A fixed, level premium}An IRA owner can start