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XCEL SOLUTIONS - FINAL EXAM QUESTIONS AND ANSWERS WITH SOLUTIONS 2024
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XCEL SOLUTIONS - FINAL EXAM QUESTIONS AND ANSWERS WITH SOLUTIONS 2024
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XCEL SOLUTIONS - FINAL EXAMQUESTIONS AND ANSWERS WITH
SOLUTIONS 2024
in Louisiana, legal action can be taken for up to ___ year(s) against an insurer for failure to pay health
insurance claims after proof of loss was submitted. - ANSWER 1
When does an immediate annuity begin making payments? - ANSWER After the first premium has been
paid
Which of the following statements is TRUE about Medicaid? - ANSWER It is funded by federal, state, and
local taxes
The deeds and actions of a producer indicate what kind of authority? - ANSWER apparent
Which dividend option would an insurer invest the policy owner's money and add any interest earnings
as the dividends accrue? - ANSWER Accumulation at Interest Option
Which type of life insurance policy pays the face amount at the end of the specified period if the insured
is still alive? - ANSWER Endowment policy
Sharon the producer intentionally submitted a false statement in support of a claim. This is considered a
form of - ANSWER fraud
What is the purpose of the Louisiana Life and Health Insurance Guaranty Association? - ANSWER Ensures
that claims filed against insolvent insurance companies will be paid
What kind of life insurance policy covers two or more people with the death benefit payable upon the
last persons death? - ANSWER Last Survivor Life insurance
A producer who sells most of his/her insurance policies to family members is said to be engaging in -
ANSWER controlled business
, Which of these is a requirement for obtaining a resident insurance producer license in this state? -
ANSWER Pass the appropriate examination
An insurer has a stop-loss limit of 5,000, a deductible of $500, and an 80/20 coinsurance. The insured
incurs $25,000 of covered losses. How much will the insured have to pay? - ANSWER $5,000
Health insurance involves two perils, accident and _____. - ANSWER sickness
An insurance producer decides to conduct business under an assumed name. The Commissioner MUST
be notified of this change. - ANSWER Prior to using the assumed name
The free-look provision gives the policy owner - ANSWER the right to return the policy for a full refund
within a specified number of days
Under the Health Insurance Portability and Accountability Act (HIPAA), the employee's new Group
Health Plan will verify Creditable Coverage so that the - ANSWER employee's waiting period for coverage
of a preexisting condition can be reduced under the new employer's health plan
Which of the following would evidence ownership in a participating health insurance contract? -
ANSWER Policy ownership
Bill requires some nursing care and supervision but NOT full-time care. Which of these nursing home
options would best serve him? - ANSWER assisted living
Susan is insured through her Group Health Insurance plan and changed her coverage to an individual
plan with the same insurer after her employment was terminated. This change is called a(n) - ANSWER
conversion
A nonresident producer from a state outside of Louisiana may become licensed in Louisiana IF a(n) -
ANSWER Reciprocal arrangement exists with the state of domicile
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