Xcel Solutions IN Life Insurance Final Exam with Verified Answers
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Course
Xcel IN Life Insurance
Institution
Xcel IN Life Insurance
Xcel Solutions IN Life Insurance Final Exam with Verified Answers
1. P is a producer who is licensed in Indiana , but a
resident of Michigan . In Indiana , P is considered to
be a ( n ) producer .
2. Why would the Insurance Commissioner issue a tem-
porary license ?
3. Which provision is NOT ...
Xcel Solutions IN Life Insurance Final Exam with Verified Answers
1. P is a producer who is licensed in Indiana , but a nonresident .
resident of Michigan . In Indiana , P is considered to
be a ( n ) producer .
2. Why would the Insurance Commissioner issue a tem- To allow the per-
porary license ? sonal representa-
tive of a deceased
producer to pro-
vide service to ex-
isting policyown-
ers
3. Which provision is NOT a requirement in a group life Accidental
policy ?
4. A ( n ) beneficiary may be changed by the Revocable
policyowner WITHOUT the consent of the beneficiary
.
5. Which of the following provides funding for the Indi- Member company
ana Life and Health Insurance Guaranty Association assessments
?
6. What is the name of the law that requires insurers to Fair Credit Report-
disclose information gathering practices and where ing Act
the information was obtained ?
7. Any changes made on an insurance application re- Applicant
quires the initials of whom ?
8. An individual working part - time has an annual in- $ 6,000
come of $ 25,000 . If this individual has an IRA , what
isthe maximum deductible IRA contribution allowable
?
9. With whom may a producer share commissions with Anyone the pro-
? ducer deems ap-
propriate
10. any occupation
, Xcel Solutions IN Life Insurance Final Exam with Verified Answers
To be eligible for Social Security disability benefits ,
an employee must be unable to perform :
11. A Universal Life policy is sometimes referred to as an expense charges
unbundled Life Policy because the owner can see the
interest earned , cost of insurance , and the
12. Which statement is TRUE in regards to a policy loan ? Past - due interest
on a policy loan is
added to the total
debt
13. As a condition for a loan , a bank requires the borrower Coercion
to purchase credit insurance from a specific company
What is the bank guilty of ?
14. Why must an insurance applicant answer all ques- Statements and
tions on the application ? representations
are considered
guarantees
15. T , age 70 , withdraws cash from a profit - sharing plan Income that can-
and purchases a Straight Life Annuity . What will this not be outlived by
transaction provide ? the owner
16. Term Life Policies that have the ability to be converted varies according
to permanent coverage may do so during a specific to the contract
time period . This conversion period
17. Which of these is NOT considered to be an element of negotiating
an insurance contract ?
18. A newly licensed producer must complete 24 hours of 2
continuing education every years .
19. A ( n ) insurance company is one formed alien
in a country other than the United States .
20. K's whole life insurance policy lapsed two months ago
due to nonpayment . She would now like to reinstate
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