Life Agent exam topics

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• Life Insurance Policy Basis: Premiums, Dividends, and WithdrawalsLife insurance tax basis, often called investment in the contract, generally starts with premiums paid and is adjusted for amounts such as refunds, no…
• Life Insurance Policy Loan Interest at DeathAn outstanding policy loan and unpaid interest can reduce the net death benefit under the contract. Texas law requires covered cash-value policies to …
• Life Insurance Policy Ownership Transfer: Rights and Tax QuestionsA life policy owner can generally transfer contractual rights through the insurer’s ownership-change process or an assignment, subject to the policy a…
• Life Insurance Premium Receipts: Conditional vs. Binding CoverageA conditional receipt provides temporary life coverage only if the receipt’s stated conditions are satisfied, such as payment of the required premium …
• Life Insurance Proceeds Paid to an EstateIf no beneficiary is entitled to a life insurance death benefit, the insurer may pay the estate under the policy terms. Proceeds paid to an estate usu…
• Life Insurance Reinstatement vs. Buying a New PolicyReinstatement restores a lapsed policy under its original contract if the owner meets the policy’s deadline, pays required overdue amounts, and satisf…
• Life Insurance Settlement Option: Interest OnlyUnder an interest-only settlement option, the insurer retains the life insurance proceeds and pays the beneficiary interest under the policy or electi…
• Life Insurance Settlement Options: Lump Sum, Life Income, and Period CertainA lump-sum settlement pays the life insurance proceeds at once. A life-income option converts proceeds into payments tied to a payee’s lifetime, so pa…
• Life Insurance Smoker Classification: What Applicants Must DiscloseAnswer every tobacco, nicotine, and substance-use question truthfully and within the time period the application specifies. Insurers define smoker and…
• Life Insurance Suicide Clause vs. Incontestability ClauseA suicide clause limits the death benefit when death by suicide occurs during a stated early policy period. An incontestability clause limits an insur…