Xcel solutions life insurance Exam with Verified Answers Graded A+
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Course
Xcel life insurance
Institution
Xcel Life Insurance
Xcel solutions life insurance Exam with Verified Answers Graded A+
1. What does the Group Life underwriting risk selection
process help protect insurance companies from?
2. All of the following are exempt from the 10% tax
penalty for early qualified plan withdrawals EXCEPT
3. Julie has a $100,...
Xcel solutions life insurance Exam with Verified Answers Graded A+
1. What does the Group Life underwriting risk selection Adverse selection
process help protect insurance companies from? is the tendency of
less favorable in-
surance risks to
seek or contin-
ue insurance to a
greater extent than
others.
2. All of the following are exempt from the 10% tax Withdrawing funds
penalty for early qualified plan withdrawals EXCEPT from a qualified
plan for the pur-
pose of purchas-
ing stocks or oth-
er securities would
trigger a 10% tax
penalty.
3. Julie has a $100,000 30-year mortgage on her new Decreasing term
home. What type of life insurance could she pur- insurance is nor-
chase that is designed to pay off the loan balance if mally used to pay
she dies within the 30-year period? off a mortgage bal-
ance in the event
of death of the in-
sured.
4. Sharon is the policyowner of a $50,000 life insurance An irrevocable ben-
policy. Her son, Mike, is the beneficiary. If Sharon eficiary designa-
MUST obtain Mike's signature in order to change the tion requires the
beneficiary, what kind of beneficiary designation is beneficiary's sig-
this? nature.
5. Matt is applying for life insurance and requests a Matt's beneficiary
double indemnity rider. A double indemnity benefit will be provided
will be payable to Matt's beneficiary if Matt with the double in-
demnity ride if Matt
dies instantly from
a car accident.
,6. Which type of policy combines the flexibility of a When the struc-
Universal Life Policy with investment choices? ture and flexibili-
ty of a universal
life policy are com-
bined with invest-
ment choices, the
result is a variable
universal life policy.
7. Which situation accurately describes a reduced Policy has a
paid-up nonforfeiture option? decreased face
amount. With a re-
duced paid-up non-
forfeiture option,
the policy will have
a decreased face
amount.
8. Interest on benefits of a life insurance policy shall 30. Interest on ben-
begin to accrue days from the date of receipt of efits of a life insur-
proof of death by the insurer. ance policy shall
begin to accrue 30
days from the date
of receipt of proof
of death by the in-
surer.
9. A life insurance claim which involves a per capita named living pri-
distribution of policy proceeds would be payable to mary beneficiaries.
the "Per capita" is a
method of life in-
surance distribu-
tion using total
number of individu-
als.
10. Which of the following describes a person who is An individual who
NOT acceptable by an insurer at standard rates be- is not acceptable
cause of health history, occupation or hobbies? by an insurer at
standard rates be-
, cause of health his-
tory, occupation or
hobbies is called
substandard risk.
11. All of these are standard exclusions found in a life Disability is not one
insurance policy EXCEPT of the standard ex-
clusions found in
life insurance poli-
cies.
12. Field underwriting performed by the producer in- Field underwriting
volved performed by the
producer involves
completing the ap-
plication and col-
lecting the initial
premium. Other du-
ties include, but are
not limited to pro-
viding disclosure
information to the
applicant and poli-
cy delivery.
13. What happens to the total amount of premium paid As the premium
for an insurance policy when the payment frequency payment frequency
increases? increases, the to-
tal amount of pre-
mium paid for an
insurance policy in-
creases.
14. Which type of life insurance is normally associated A Payor Benefit rid-
with Payor Benefit rider? er waived the pre-
mium ONLY in con-
nection with juve-
nile insurance.
15. Gains
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