Life Agent exam topics

The life general-knowledge section and Texas rules tested on the Life Agent exam.

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Annuity Annuitization vs. Systematic WithdrawalsAnnuitization converts an annuity’s value into contract-defined periodic payments for life, a fixed period, or another elected payout; access to the s…
Life Insurance Free-Look Period: Texas Rules and Policy DeadlinesA free-look period lets a new life policyowner review the delivered policy and cancel within a limited window for a premium refund. Texas Department o…
Life-Only vs. Joint-and-Survivor Annuity PayoutsA life-only annuity pays the named annuitant for life and generally stops at that person’s death. A joint-and-survivor annuity pays while either of tw…
Primary, Contingent, Revocable, and Irrevocable BeneficiariesPrimary and contingent describe payment order: the primary beneficiary is first in line, while a contingent beneficiary may receive proceeds if the pr…
Employer-Owned Life Insurance: Notice, Consent, and Tax RulesWhen a business owns life insurance on an employee and may receive the death benefit, §101(j) can limit its exclusion to amounts paid. To qualify for …
Annuity Premium Bonus: What Does the Bonus Cost?An annuity premium bonus is a contract credit, not necessarily cash that can be withdrawn immediately. Its value depends on vesting, surrender charges…
Can You Add Money to an Immediate Annuity?Usually, a single-premium immediate annuity is purchased with one premium and then begins scheduled payments, so later deposits are not part of that s…
Annuity Cost Basis After a Section 1035 ExchangeIn a qualifying Section 1035 exchange, an annuity’s tax basis generally carries into the replacement contract rather than resetting to its new account…
Annuity Payment After Recovery of Investment in the ContractFor a nonqualified annuity paid under the applicable periodic-payment method, the owner generally recovers the contract’s investment through the tax-f…
Variable Annuity Subaccount Transfer vs. Contract WithdrawalA subaccount transfer generally reallocates existing value among investment options inside a variable annuity, while a withdrawal takes money out of t…