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XCEL SOLUTIONS EXAMS PACKT | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+
XCEL SOLUTIONS EXAMS PACKT | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+
[Show more]XCEL SOLUTIONS EXAMS PACKT | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+
[Show more]BASIC PRINCIPLES OF LIFE AND HEALTH 
INSURANCE AND ANNUITIES XCEL 
SOLUTIONS EXAM | QUESTIONS & 
ANSWERS (VERIFIED) | LATEST UPDATE | 
GRADED A+ 
Commercial Insurers "private insurance companies" 
Correct Answer: sell insurance for a profit. Offers many different lines of insurance. 
Some se...
Preview 2 out of 11 pages
Add to cartBASIC PRINCIPLES OF LIFE AND HEALTH 
INSURANCE AND ANNUITIES XCEL 
SOLUTIONS EXAM | QUESTIONS & 
ANSWERS (VERIFIED) | LATEST UPDATE | 
GRADED A+ 
Commercial Insurers "private insurance companies" 
Correct Answer: sell insurance for a profit. Offers many different lines of insurance. 
Some se...
BASIC PRINCIPLES OF LIFE AND HEALTH 
INSURANCE AND ANNUITIES XCEL 
SOLUTIONS EXAM | QUESTIONS & 
ANSWERS (VERIFIED) | LATEST UPDATE | 
GRADED A+ 
Commercial Insurers "private insurance companies" 
Correct Answer: sell insurance for a profit. Offers many different lines of insurance. 
Some se...
Preview 2 out of 11 pages
Add to cartBASIC PRINCIPLES OF LIFE AND HEALTH 
INSURANCE AND ANNUITIES XCEL 
SOLUTIONS EXAM | QUESTIONS & 
ANSWERS (VERIFIED) | LATEST UPDATE | 
GRADED A+ 
Commercial Insurers "private insurance companies" 
Correct Answer: sell insurance for a profit. Offers many different lines of insurance. 
Some se...
INSURANCE LICENSE PRACTICE XCEL 
SOLUTIONS FINAL EXAM #12 - TEXAS 
LIFE ONLY EXAM | QUESTIONS & 
ANSWERS (VERIFIED) | LATEST UPDATE | 
GRADED A+ 
Question 1 
Which settlement option pays a stated amount to an annuitant, but no residual value to 
a beneficiary? 
Correct Answer: Life income 
Que...
Preview 3 out of 21 pages
Add to cartINSURANCE LICENSE PRACTICE XCEL 
SOLUTIONS FINAL EXAM #12 - TEXAS 
LIFE ONLY EXAM | QUESTIONS & 
ANSWERS (VERIFIED) | LATEST UPDATE | 
GRADED A+ 
Question 1 
Which settlement option pays a stated amount to an annuitant, but no residual value to 
a beneficiary? 
Correct Answer: Life income 
Que...
INSURANCE LICENSE PRACTICE XCEL 
SOLUTIONS FINAL EXAM #12 - TEXAS 
LIFE ONLY EXAM | QUESTIONS & 
ANSWERS (VERIFIED) | LATEST UPDATE | 
GRADED A+ 
Question 1 
Which settlement option pays a stated amount to an annuitant, but no residual value to 
a beneficiary? 
Correct Answer: Life income 
Que...
Preview 3 out of 21 pages
Add to cartINSURANCE LICENSE PRACTICE XCEL 
SOLUTIONS FINAL EXAM #12 - TEXAS 
LIFE ONLY EXAM | QUESTIONS & 
ANSWERS (VERIFIED) | LATEST UPDATE | 
GRADED A+ 
Question 1 
Which settlement option pays a stated amount to an annuitant, but no residual value to 
a beneficiary? 
Correct Answer: Life income 
Que...
NJ HEALTH INSURANCE EXAM (XCEL 
SOLUTIONS) | QUESTIONS & ANSWERS 
(VERIFIED) | LATEST UPDATE | GRADED 
A+ 
Why are dividends from a mutual insurer not subject to taxation? 
Correct Answer: because dividends are considered to be a return of premium 
ABC insurance company transfers part of their r...
Preview 4 out of 59 pages
Add to cartNJ HEALTH INSURANCE EXAM (XCEL 
SOLUTIONS) | QUESTIONS & ANSWERS 
(VERIFIED) | LATEST UPDATE | GRADED 
A+ 
Why are dividends from a mutual insurer not subject to taxation? 
Correct Answer: because dividends are considered to be a return of premium 
ABC insurance company transfers part of their r...
NJ HEALTH INSURANCE EXAM (XCEL 
SOLUTIONS) EXAM | QUESTIONS & 
ANSWERS (VERIFIED) | LATEST UPDATE | 
GRADED A+ 
Why are dividends from a mutual insurer not subject to taxation? 
Correct Answer: because dividends are considered to be a return of premium 
ABC insurance company transfers part of th...
Preview 4 out of 59 pages
Add to cartNJ HEALTH INSURANCE EXAM (XCEL 
SOLUTIONS) EXAM | QUESTIONS & 
ANSWERS (VERIFIED) | LATEST UPDATE | 
GRADED A+ 
Why are dividends from a mutual insurer not subject to taxation? 
Correct Answer: because dividends are considered to be a return of premium 
ABC insurance company transfers part of th...
Fraternal Benefit Society has each of the following characteristics EXCEPT? 
Incorporated 
Without capital stock 
Exists for profit 
Exists for the benefit of its members 
Correct Answer: Exists for profit(Fraternal benefit societies are not-for-profit entities 
which exist for the benefit of thei...
Preview 2 out of 6 pages
Add to cartFraternal Benefit Society has each of the following characteristics EXCEPT? 
Incorporated 
Without capital stock 
Exists for profit 
Exists for the benefit of its members 
Correct Answer: Exists for profit(Fraternal benefit societies are not-for-profit entities 
which exist for the benefit of thei...
Question 1 
Which settlement option pays a stated amount to an annuitant, but no residual value to 
a beneficiary? 
Correct Answer: Life income 
Question 2 
A new agent must complete at least _____ hours of continuing education within 24 
months of initial license? 
Correct Answer: 24 hours 
Quest...
Preview 3 out of 21 pages
Add to cartQuestion 1 
Which settlement option pays a stated amount to an annuitant, but no residual value to 
a beneficiary? 
Correct Answer: Life income 
Question 2 
A new agent must complete at least _____ hours of continuing education within 24 
months of initial license? 
Correct Answer: 24 hours 
Quest...
Question 1 
Which settlement option pays a stated amount to an annuitant, but no residual value to 
a beneficiary? 
Correct Answer: Life income 
Question 2 
A new agent must complete at least _____ hours of continuing education within 24 
months of initial license? 
Correct Answer: 24 hours 
Quest...
Preview 3 out of 21 pages
Add to cartQuestion 1 
Which settlement option pays a stated amount to an annuitant, but no residual value to 
a beneficiary? 
Correct Answer: Life income 
Question 2 
A new agent must complete at least _____ hours of continuing education within 24 
months of initial license? 
Correct Answer: 24 hours 
Quest...
Why are dividends from a mutual insurer not subject to taxation? 
Correct Answer: because dividends are considered to be a return of premium 
ABC insurance company transfers part of their risk to XYZ insurance company. This 
situation is called 
Correct Answer: reinsurance 
A nonparticipating compa...
Preview 4 out of 59 pages
Add to cartWhy are dividends from a mutual insurer not subject to taxation? 
Correct Answer: because dividends are considered to be a return of premium 
ABC insurance company transfers part of their risk to XYZ insurance company. This 
situation is called 
Correct Answer: reinsurance 
A nonparticipating compa...
Why are dividends from a mutual insurer not subject to taxation? 
Correct Answer: because dividends are considered to be a return of premium 
ABC insurance company transfers part of their risk to XYZ insurance company. This 
situation is called 
Correct Answer: reinsurance 
A nonparticipating compa...
Preview 4 out of 59 pages
Add to cartWhy are dividends from a mutual insurer not subject to taxation? 
Correct Answer: because dividends are considered to be a return of premium 
ABC insurance company transfers part of their risk to XYZ insurance company. This 
situation is called 
Correct Answer: reinsurance 
A nonparticipating compa...
A nonparticipating company is sometimes called a 
Correct Answer: Stock Insurer 
The Do Not Call Registry offers exemptions for calls placed from all the following 
EXCEPT 
Correct Answer: Insurance Sales Calls 
Ken is a producer who has obtained Consumer Information Reports under false 
pretenses....
Preview 4 out of 63 pages
Add to cartA nonparticipating company is sometimes called a 
Correct Answer: Stock Insurer 
The Do Not Call Registry offers exemptions for calls placed from all the following 
EXCEPT 
Correct Answer: Insurance Sales Calls 
Ken is a producer who has obtained Consumer Information Reports under false 
pretenses....
Insuring Which health policy clause specifies the amount of benefits to be paid 
Correct Answer: Insuring 
The investment gains from a universal life policy usually go to 
Correct Answer: The cash value 
L takes out a life insurance policy and dies 10 years later. During the claim process, the 
ins...
Preview 4 out of 34 pages
Add to cartInsuring Which health policy clause specifies the amount of benefits to be paid 
Correct Answer: Insuring 
The investment gains from a universal life policy usually go to 
Correct Answer: The cash value 
L takes out a life insurance policy and dies 10 years later. During the claim process, the 
ins...
When a policy pays dividends to its policyholders, it is said to be 
-profitable 
-mutual 
-nonparticipating 
-participating 
Correct Answer: -Participating 
A participating policy is one in which insurance policies pay out dividends to the 
policyholders. 
A nonprofit incorporated society that doe...
Preview 4 out of 37 pages
Add to cartWhen a policy pays dividends to its policyholders, it is said to be 
-profitable 
-mutual 
-nonparticipating 
-participating 
Correct Answer: -Participating 
A participating policy is one in which insurance policies pay out dividends to the 
policyholders. 
A nonprofit incorporated society that doe...
Insuring Which health policy clause specifies the amount of benefits to be paid 
Correct Answer: Insuring 
The investment gains from a universal life policy usually go to 
Correct Answer: The cash value 
L takes out a life insurance policy and dies 10 years later. During the claim process, the 
ins...
Preview 4 out of 34 pages
Add to cartInsuring Which health policy clause specifies the amount of benefits to be paid 
Correct Answer: Insuring 
The investment gains from a universal life policy usually go to 
Correct Answer: The cash value 
L takes out a life insurance policy and dies 10 years later. During the claim process, the 
ins...
A potential client, age 40, would like to purchase a whole life policy that will accumulate 
cash value at a faster rate in the early years of the policy. Which of these statements 
made by the producer would be correct? 
Correct Answer: 20-pay life accumulates cash value faster than straight life...
Preview 3 out of 17 pages
Add to cartA potential client, age 40, would like to purchase a whole life policy that will accumulate 
cash value at a faster rate in the early years of the policy. Which of these statements 
made by the producer would be correct? 
Correct Answer: 20-pay life accumulates cash value faster than straight life...
A partial surrender is allowed in which of the following life policies? 
Correct Answer: Universal life 
All of the following riders can increase the death benefit amount EXCEPT 
Correct Answer: Waiver of Premium 
A health insurance policy where the insurer has the right to terminate the policy fr ...
Preview 3 out of 20 pages
Add to cartA partial surrender is allowed in which of the following life policies? 
Correct Answer: Universal life 
All of the following riders can increase the death benefit amount EXCEPT 
Correct Answer: Waiver of Premium 
A health insurance policy where the insurer has the right to terminate the policy fr ...
a nonparticipating company is sometimes called a 
Correct Answer: stock insurer 
Fraternal Benefit Society has each other the following characteristics except 
Correct Answer: exist for profit 
The Fair Credit and Reporting Act's main purpose is to 
Correct Answer: protect consumers with guidelines...
Preview 2 out of 12 pages
Add to carta nonparticipating company is sometimes called a 
Correct Answer: stock insurer 
Fraternal Benefit Society has each other the following characteristics except 
Correct Answer: exist for profit 
The Fair Credit and Reporting Act's main purpose is to 
Correct Answer: protect consumers with guidelines...
A potential client, age 40, would like to purchase a whole life policy that will accumulate 
cash value at a faster rate in the early years of the policy. Which of these statements 
made by the producer would be correct? 
Correct Answer: 20-pay life accumulates cash value faster than straight life...
Preview 3 out of 17 pages
Add to cartA potential client, age 40, would like to purchase a whole life policy that will accumulate 
cash value at a faster rate in the early years of the policy. Which of these statements 
made by the producer would be correct? 
Correct Answer: 20-pay life accumulates cash value faster than straight life...
When a policy pays dividends to its policyholders, it is said to be 
-profitable 
-mutual 
-nonparticipating 
-participating 
Correct Answer: -Participating 
A participating policy is one in which insurance policies pay out dividends to the 
policyholders. 
A nonprofit incorporated society that doe...
Preview 4 out of 37 pages
Add to cartWhen a policy pays dividends to its policyholders, it is said to be 
-profitable 
-mutual 
-nonparticipating 
-participating 
Correct Answer: -Participating 
A participating policy is one in which insurance policies pay out dividends to the 
policyholders. 
A nonprofit incorporated society that doe...
Which of the following statements is CORRECT regarding the tax treatment of a lumpsum payment paid to a life insurance policy's primary beneficiary? 
Correct Answer: All proceeds are income tax free in the year they are received. 
A(n) _____ insurance company is one formed in a country other than ...
Preview 2 out of 10 pages
Add to cartWhich of the following statements is CORRECT regarding the tax treatment of a lumpsum payment paid to a life insurance policy's primary beneficiary? 
Correct Answer: All proceeds are income tax free in the year they are received. 
A(n) _____ insurance company is one formed in a country other than ...
Which of the following statements is CORRECT regarding the tax treatment of a lumpsum payment paid to a life insurance policy's primary beneficiary? 
Correct Answer: All proceeds are income tax free in the year they are received. 
A(n) _____ insurance company is one formed in a country other than ...
Preview 2 out of 10 pages
Add to cartWhich of the following statements is CORRECT regarding the tax treatment of a lumpsum payment paid to a life insurance policy's primary beneficiary? 
Correct Answer: All proceeds are income tax free in the year they are received. 
A(n) _____ insurance company is one formed in a country other than ...
What is normally the consequence for NOT obtaining preadmission certification prior to 
receiving inpatient medical care? 
Correct Answer: A reduction in benefits 
A group-owned insurance company that is formed to assume and spread the liability 
risks of its members is known as a 
Correct Answer:...
Preview 2 out of 9 pages
Add to cartWhat is normally the consequence for NOT obtaining preadmission certification prior to 
receiving inpatient medical care? 
Correct Answer: A reduction in benefits 
A group-owned insurance company that is formed to assume and spread the liability 
risks of its members is known as a 
Correct Answer:...
What is normally the consequence for NOT obtaining preadmission certification prior to 
receiving inpatient medical care? 
Correct Answer: A reduction in benefits 
A group-owned insurance company that is formed to assume and spread the liability 
risks of its members is known as a 
Correct Answer:...
Preview 2 out of 9 pages
Add to cartWhat is normally the consequence for NOT obtaining preadmission certification prior to 
receiving inpatient medical care? 
Correct Answer: A reduction in benefits 
A group-owned insurance company that is formed to assume and spread the liability 
risks of its members is known as a 
Correct Answer:...
Who is Covered 
Correct Answer: Extends coverage to virtually every American who is employed or 
self-employed, with few exceptions 
How Benefits are Determined 
Correct Answer: - A person must be insured under the Social Security program for 
survivors, disability, or retirement benefits to pay 
...
Preview 1 out of 4 pages
Add to cartWho is Covered 
Correct Answer: Extends coverage to virtually every American who is employed or 
self-employed, with few exceptions 
How Benefits are Determined 
Correct Answer: - A person must be insured under the Social Security program for 
survivors, disability, or retirement benefits to pay 
...
Who is Covered 
Correct Answer: Extends coverage to virtually every American who is employed or 
self-employed, with few exceptions 
How Benefits are Determined 
Correct Answer: - A person must be insured under the Social Security program for 
survivors, disability, or retirement benefits to pay 
...
Preview 1 out of 4 pages
Add to cartWho is Covered 
Correct Answer: Extends coverage to virtually every American who is employed or 
self-employed, with few exceptions 
How Benefits are Determined 
Correct Answer: - A person must be insured under the Social Security program for 
survivors, disability, or retirement benefits to pay 
...
Reserve 
Correct Answer: funds held by the company to help future claims. minimum reserves are 
usually set by the state Department of Insurance. 
Multi-line insurer 
Correct Answer: an insurance company or independent agent that provides a one-stop 
shop for businesses or individuals seeking cove...
Preview 2 out of 7 pages
Add to cartReserve 
Correct Answer: funds held by the company to help future claims. minimum reserves are 
usually set by the state Department of Insurance. 
Multi-line insurer 
Correct Answer: an insurance company or independent agent that provides a one-stop 
shop for businesses or individuals seeking cove...
A nonprofit incorporated society that does not have capital stock and operates for the 
sole benefits of its members is known as: 
Correct Answer: A fraternal benefit society 
Who elects the governing body of a mutual insurance company? 
Correct Answer: Policyholder 
Which of these discribe a parti...
Preview 1 out of 3 pages
Add to cartA nonprofit incorporated society that does not have capital stock and operates for the 
sole benefits of its members is known as: 
Correct Answer: A fraternal benefit society 
Who elects the governing body of a mutual insurance company? 
Correct Answer: Policyholder 
Which of these discribe a parti...
An earned premium resulting from the cancellation of a policy is calculated on: 
Correct Answer: On a pro rata basis, based on the previous year's rate 
M owns a parking garage & has coverage that states: "We will cover losses regardless if 
you are legally liable for the loss." This no-fault id...
Preview 3 out of 21 pages
Add to cartAn earned premium resulting from the cancellation of a policy is calculated on: 
Correct Answer: On a pro rata basis, based on the previous year's rate 
M owns a parking garage & has coverage that states: "We will cover losses regardless if 
you are legally liable for the loss." This no-fault id...
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