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Xcell Testing Solutions (Life & Health) Final 150 Question Practice Exam Solved 100% Correct!!.
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Xcell Testing Solutions (Life & Health)Final 150 Question Practice Exam
Solved 100% Correct!!
When can a policy owner change a revocable beneficiary? - Answer 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
anytime. What type of beneficiary is his son? - Answer Revocable
How would a contingent beneficiary receive the policy proceeds in an Accidental
Death and Dismemberment (AD&D) policy? - Answer If the primary beneficiary dies
before the insured
What is the underlying concept regarding level premiums? - Answer The early years
are charged less than what is needed
A policy owner is able to choose the frequency of premium payments through what
policy feature? - Answer Premium Mode
Any changes made on an insurance application requires the initials of whom? -
Answer Applicant
All of these are considered sources of underwriting information about an applicant
EXCEPT - Answer Rating Services
Q applied for life insurance and submitted the initial premium on January 1. The
policy was issued February 1, but it was not delivered by the agent until February 7.
Q is dissatisfied and returns the policy February 13. How will the insurer handle this
situation? - Answer Policy was returned within the free-look period, premium will be
fully refunded
M completes an application for life insurance but does not pay the initial premium. All
of these actions must occur before M's policy goes into effect EXCEPT - Answer
free-look period has expired
What action should a producer take if the initial premium is NOT submitted with the
application? - Answer Forward the application to the insurer without the initial
premium
Which of the following is an important underwriting principle of group life insurance? -
Answer Everyone must be covered in the group
Which requirement must be met for an association to be eligible for a group life plan?
- Answer Group was formed for a purpose other than acquiring insurance
When an employee is terminated, which statement about a group term life
conversion is true? - Answer Policy proceeds will be paid if the employee dies during
the conversion period
, Xcell Testing Solutions (Life & Health)
Final 150 Question Practice Exam
Solved 100% Correct!!
Under a trustee group life policy, who would be eligible for a certificate of coverage?
- Answer Corporation
N, age 50, recently bought an annuity that will pay a guaranteed $2,000/month at
age 70 for life. What type of annuity did N purchase? - Answer Fixed Deferred
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? - Answer Single
Premium
Which of these is an element of a Single Premium annuity? - Answer Lump-sum
payment
Which of these statements concerning an Individual Straight Life annuity is
accurate? - Answer Payments are made to an annuitant for life
An individual who purchases a Life annuity is given protection against - Answer the
risk of living longer than expected
An immediate annuity consists of a - Answer single premium
All of these are considered to be a benefit under Social Security EXCEPT for -
Answer unemployment
Which product would best serve a retired individual looking to invest a lump-sum of
money through an insurance company? - Answer Annuity
Which statement regarding third-party ownership of a life insurance policy is true? -
Answer It is used extensively in estate-planning as well as business circumstances
Company Z has a Cross Purchase Buy-Sell Agreement in place among its three
founding partners. If the agreement is funded with individual life insurance, what
would it require? - Answer Each partner must own a policy on the other partners
Who elects the governing body of a mutual insurance company? - Answer
policyholders
When does a Guaranteed Insurability Rider allow the insured to buy additional
coverage? - Answer at future dates specified in the contract with no evidence of
insurability required
S would like to use dividends from her life insurance policy to purchase paid-up
additions. All of these would be factors that determine how much coverage can be
purchased EXCEPT - Answer beneficiary's age
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