XCEL Life and Health Insurance Examination Bundle

Replacement regulation is designed to protect correct Ans Policy owners from misrepresentation and loss of benefits All Health Benefit Plans issued after January 1, 2014 must provide correct Ans Preventative health services Which of these will have the highest monthly payout upon annuitization...

A partial surrender is allowed in which of the following life policies? CORRECT ANS Universal life All of the following riders can increase the death benefit amount EXCEPT CORRECT ANS Waiver of Premium A health insurance policy where the insurer has the right to terminate the policy for reason...

Irrevocable beneficiary CORRECT ANS What kind of life insurance beneficiary requires his/her consent when a change of beneficiary is made? Anytime CORRECT ANS When can a policy-owner change a revocable beneficiary? Daughter CORRECT ANS K has a life insurance policy where her husband is benefic...

Stock insurer CORRECT ANS A non-participating company is also called Insurance policy CORRECT ANS Contract that involves one party which indemnifies another when a loss arises from an unknown event Mutual CORRECT ANS A type of insurer that is owned by its policy owners is called Because div...

John and Mary have a handicapped child that is financially dependent upon them. The death of one of the parents would not be financially disastrous, however the death of both likely would be. Which policy would be best suited for them? CORRECT ANS Second-to-die policy An insurance policy written ...

Period Certain CORRECT ANS Which annuity payout option allows the policy owner to choose a pre-determined number of benefit payments? Life only annuity CORRECT ANS Which annuity payout option has no additional payouts regardless of when the annuitant dies Errors and Omissions CORRECT ANS a pro...

What type of insurance company sells insurance for a profit? CORRECT ANS Commercial Insurers (Private Insurance Companies) What type of insurance company sells more than one line of insurance? CORRECT ANS Multi-line insurer What type of companies are organized and incorporated under state laws...

When can a policy owner change a revocable beneficiary? CORRECT ANS Anytime M purchased an Accidental Death and Dismemberment (AD&D) policy and named his son as beneficiary. M has the right to change the beneficiary designation at any time. What type of beneficiary is his son? CORRECT ANS Revocab...

Maria the insurance producer completes a sale by collecting the required signatures on the application and obtaining the initial premium. Afterwards, she deposited the check into a personal checking account. Maria committed what crime? CORRECT ANS Fraud Making a statement that is false and malici...

S recently received a $500,000 lump sum retirement buyout from her employer. She would like to buy an annuity that will immediately furnish her with a guaranteed income for life. What type of annuity is best suited for her situation? CORRECT ANS Single Premium. Immediate Annuities are purchased w...

Jonas is a whole life insurance policy owner and would like to add coverage for his two children. Which of the following products would allow him to accomplish this? CORRECT ANS Child Term Rider Lisa has recently bought a fixed annuity. Which of these is considered to be a disadvantage of owning ...

Under a Modified Endowment Contract, what are the likely tax consequences? CORRECT ANS •Pre-death distributions will become taxable To receive proceeds from a death benefit, a minor CORRECT ANS •must have an appointed guardian Under a Modified Endowment Contract, what are the likely tax co...