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XCEL Chapter 4 Exam Review (1) Questions and Answers 100% Accurate $15.49   Add to cart

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XCEL Chapter 4 Exam Review (1) Questions and Answers 100% Accurate

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XCEL Chapter 4 Exam Review (1)

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  • November 5, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
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XCEL Chapter 4 Exam Review (1)

Decreasing term policies – answer EX. mortgages. Policy amount decreases as the
outstanding mortgage balance decreases each year

Term policies - answer Renewable, convertible, or renewable AND convertible

Nonforfeiture values - answer Cash value

The MEC tends to be an investment vehicle - answer Pré-death distributions from a
modified endowment contract (MEC) receive different tax treatment than other life
insurance policies because

Pre-death distributions will become taxable - answer Under a Modified Endowment
Contract, what are the likely tax consequences?

Universal life - answer Type of life insurance combines a savings element along with a
flexible premium option

Survivorship life policy - answer Pays on the death of the last person

Single premium cash value policy - answerA policy that is paid up after only one
payment

Will no longer provide insurance protection - answerShawn, Mike, and Dave are
brothers who have a $100,000 "first to die" joint life policy covering all three of their
lives. If Mike dies first, the policy proceeds

Non-medical - answerWhich of the following is a life insurance policy that does NOT
require a physical exam?

A nonforfeiture option can be used to increase the death benefit - answerAll of these are
valid options for an Adjustable Life Policy EXCEPT

Pre-death distributions are typically taxable - answerWhich of these describes the result
of a modified endowment contract that failed to meet the seven-pay test?

Require a higher premium payable at each renewal - answerIn a renewable term life
insurance policy, the contract will usually

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