XCEL INSURANCE LICENSE EXAM ACTUAL
EXAM | ALL QUESTIONS AND CORRECT
ANSWERS | LATEST VERSION | ALREADY
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
Question 2
A new agent must complete at least _____ hours of continuing education
within 24 months of initial license? ------CORRECT ANSWER---------------24
hours
Question 3
L takes out a life insurance policy and dies 10 years later. During the claim
process, the insurer discovers that L has understated range on the
application. Under the misstatement of age provision the insurer will? ------
CORRECT ANSWER---------------Adjust the death benefits to a reduced
amount
Question 4
An example of false advertising would be? ------CORRECT ANSWER--------
-------And insurer exaggerating in dividends in a magazine advertisement
Question 5
,With whom an agent legally share commissions? ------CORRECT
ANSWER---------------Another agent with the same line of insurance
Question 6
Insurance agent as a fiduciary responsibility to all of the following
EXCEPT? ------CORRECT ANSWER---------------Other agents
Question 7
Which of these is not an example of doing insurance business? ------
CORRECT ANSWER---------------Selling shares of stock
Question 8
taking receipt of premiums and holding them for the insurance company is
an example of? ------CORRECT ANSWER---------------Fiduciary
responsibility
Question 9
How does an indexed annuity differ from a fixed annuity? ------CORRECT
ANSWER---------------Indexed annuity owners receive crediting interest time
to the fluctuation of the linked index
Question 10
which of the following policies combines investment choices with a form of
Term coverage? ------CORRECT ANSWER---------------Variable universal
life
Question 11
, How long does an insurance company appointment remain in force? ------
CORRECT ANSWER---------------Until terminated
Question 12
in Texas an individual life insurance policy is REQUIRED to have a grace
period of? ------CORRECT ANSWER---------------31 days
Question 13
Which statement is TRUE regarding a variable whole life policy? ------
CORRECT ANSWER---------------A minimum guaranteed death benefit is
provided
Question 14
in an insurance contract the insurer is the only party who makes a ------
CORRECT ANSWER---------------Unilateral
Question 15
which of these is NOT considered to be an element of an insurance
contract? ------CORRECT ANSWER---------------Negotiating
Question 16
What does a 401(k) plan generally provide its participants? ------CORRECT
ANSWER---------------Salary-deferral contributions
Question 17
All these statements concerning Settlement Options are true, EXCEPT? ----
--CORRECT ANSWER---------------Only the beneficiary may select
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