Exams / Texas Life Insurance License / Tex. Ins. Code §1115.056
Tex. Ins. Code §1115.056 — what it says, and how the exam tests it
This section is cited by 2 of our practice questions and is tested on 2 exams including the Texas Life Insurance License.
The text
Sec. 1115.056. AGENT TRAINING REQUIREMENTS. (a) An agent may not solicit the sale of an annuity product unless the agent has adequate knowledge of the product to recommend the annuity and the agent is in compliance with the insurer's standards for product training. An agent may rely on insurer-provided, product-specific training standards and materials to comply with this subsection. (b) An agent who engages in the sale of annuity products must complete a one-time four-credit training course approved by the department and provided by a continuing education provider. (c) The training required by Subsection (b) must be of a length sufficient to qualify for at least four continuing education credits, as determined by the commissioner in accordance with Chapter 4004 and any rules adopted under that chapter, but may be longer. The training required by Subsection (b) may be used to satisfy the continuing education requirements under Subchapters B and E, Chapter 4004, and is not in addition to the continuing education requirements in Section 4004.202. (d) The training required by Subsection (b) must include information on the following topics: (1) the types of annuities and various classifications of annuities; (2) identification of the parties to an annuity; (3) how product-specific annuity features affect consumers; (4) the application of income taxation of qualified and nonqualified annuities; (5) the primary uses of annuities; and (6) appropriate standard of conduct sales practices, replacement, and disclosure requirements. (e) A provider of a course intended to comply with Subsection (b) must cover all topics listed in Subsection (d) and may not present any marketing information, provide training on sales techniques, or provide specific information about a particular insurer's products. Additional topics may be offered in conjunction with and in addition to the required topics. (f) A provider of an annuity training course intended to comply with Subsection (b) must register as a continuing education provider in this state and comply with the rules and guidelines applicable to agent continuing education courses provided by Chapter 4004. (g) An annuity training course may be conducted and completed by classroom or self-study methods in accordance with Chapter 4004. (h) A provider of annuity training under Subsection (b) must comply with the reporting…
Public record. Read the full, current section at the official source: tcss.legis.texas.gov
How it comes up on the exam
Practice questions written from this section — answers and explanations are in the drill.
- Under Texas law, before allowing an agent to sell an annuity product, an insurer must verify that the agent has completed the required annuity training course. Which of the following is an acceptable method for the insurer to satisfy this responsibility?
drill Texas Statutes and Rules Common to Life and Health Insurance → - A provider of an annuity training course in Texas that is intended to satisfy the one-time training requirement under §1115.056 is prohibited from presenting which of the following during the course?
drill Texas Statutes and Rules Common to Life and Health Insurance →