TEXAS STATE LIFE AND HEALTH INSURANCE EXAM
SIMULATOR 2023-2024 ACTUAL EXAM 300
QUESTIONS AND CORRECT DETAILED ANS WERS
WITH RATIONALES |ALREADY GRADED A+||BRAND
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A 55 year old recently received a $30,000 distribution from a previous employer's 401k plan, minus $6,000 withholding. Which federal taxes apply if none of the funds were rolled over?
Income taxes plus a 10% penalty tax on $30,000
What kind of Accidental Death and Dismemberment (AD&D) insurance beneficiary requires his/her consent when a change of beneficiary is made?
Irrevocable beneficiary
What is the MINIMUM benefit period that must be offered by a Long-Term Care policy?
12 months
All of these are considered sources of underwriting information about an applicant,
EXCEPT:
Rating Services
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Which of the following types of care is typically not covered in a Long-Term Care policy?
Acupuncture
T has an annuity that guarantees an income payment for the rest of his life. The contract also guarantees that if T dies before receiving payments for 20 years, the remaining payments will be paid to his son for the balance of the 20 years. What type of annuity is this?
Life Annuity with Period Certain
K pays on a $20,000 20-Year Endowment policy for 10 years and dies from an automobile accident. How much will the insurance company pay the beneficiary?
$20,000 death benefit
In order to establish a Health Reimbursement Arrangement (HRA), it must:
be established by the employer
Insurance policies are offered on a "take it or leave it" basis, which make them:
Contracts of Adhesion
Which of the following is the reimbursement of benefits for the treatment of a beneficiary's injuries caused by a third party? 2 / 4
Subrogation
What is required for an agent whose license has been revoked?
Wait at least five years before applying for a new license
Who is normally considered to be the owner of a 403(b) tax-sheltered annuity?
The employee
Which of the following statements regarding a Tax Sheltered Annuity (TSA) is
INCORRECT?
The income from the TSA is received income tax-free
A major medical policy typically:
provides benefits for reasonable and necessary medical expenses, subject to policy limits
All of these statements about the Commissioner of Insurance are true EXCEPT
The Commissioner must be elected in a general election
An insurance company can be accused of false advertising by 3 / 4
exaggerating its dividends in a newspaper advertisement
An individual who purchases a Life annuity is given protection against:
the risk of living longer than expected
Which of the following BEST describes a Hospital Indemnity policy?
Coverage that pays a stated amount per day of a covered hospitalization
The automatic premium loan provision is designed to:
avoid a policy lapse
A nonprofit incorporated society that does not have capital stock and operates for
the sole benefit of its members is known as:
a fraternal benefit society
A prospective insured MUST receive an Outline of Coverage when an application is taken for a(n)
Medicare Supplement policy
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