Texas Life and Health Insurance

A parent wants a level death benefit to replace income only during the next 20 years and does not need cash value. Which policy most directly matches that stated need?

A renewable term policy reaches the end of its initial term while the insured's health has deteriorated. What does the renewal privilege generally allow within the policy's limits?

An insured exercises a term policy's conversion privilege before its deadline. What is the principal advantage of conversion?

A borrower wants a life insurance death benefit that broadly follows a declining mortgage balance. Which design is most closely aligned with that goal?

A whole life policy is described as 20-pay life. What does the number 20 ordinarily describe?

A universal life owner reduces premium payments for several years while monthly policy charges continue. Which risk should the agent explain?

A variable life policy allocates cash value to equity subaccounts. Who generally bears the investment risk of those subaccount results?

An indexed universal life illustration uses an index-crediting formula. Which statement about that formula is accurate?

A customer pays a single premium and wants contractual income payments to begin next month. Which annuity timing best fits the request?

Under a traditional fixed annuity's general-account guarantee, who bears the investment risk of earning enough to meet the promised minimum interest crediting?

A fixed indexed annuity credits 80% of a positive index change, subject to a 6% annual cap. The index rises 10%, and no spread or other adjustment applies. What interest rate is credited for that year?

A retiree chooses a life-only annuity without a refund or period-certain feature. What ordinarily happens when the annuitant dies?

Two spouses want annuity income to continue while either spouse remains alive. Which payout form addresses that objective?

Which life insurance arrangement ordinarily pays its death benefit only after both covered spouses have died?

A return-of-premium term policy promises a refund if the insured survives the term and satisfies the stated conditions. What should an agent explain?

An insured meets a life policy's waiver-of-premium rider definition of disability and completes its waiting period. What does that rider generally do?

An insured wants the right to buy additional life coverage at specified future dates without another medical examination. Which rider is designed for that purpose?

A child is insured under a juvenile life policy with a payor benefit rider. Which event is that rider commonly designed to address?

An insured qualifies for an accelerated death benefit because of a covered terminal illness. How will an advance generally affect the policy's later death benefit?

A life policy names a spouse as primary beneficiary and an adult daughter as contingent beneficiary. The spouse dies before the insured, and no changes are made. Who ordinarily receives the proceeds if the daughter survives the insured?