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XCEL Life and Health Insurance Test Review Questions and Answers Graded A+
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XCEL Life and Health Insurance Test Review
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XCEL Life and Health Insurance TestReview
Period Certain - answer Which annuity payout option allows the policy owner to choose
a pre-determined number of benefit payments?
Life only annuity - answer Which annuity payout option has no additional payouts
regardless of when the annuitant dies
Errors and Omissions - answer a professional liability for which producers can be sued
for mistakes of putting a policy into effect
irrevocable beneficiary - answer requires the beneficiary's signature for any change to
the beneficiary
representations - answer statements made by an insurance applicant on an application
a specified amount of money - answer life insurance policies guarantee the beneficiary
what upon the death of the insured
Endodontics - answercommon exclusion on a dental policy
Home health care - answerWhich type of long-term care benefit would be most
appropriate for a stroke victim who requires speech therapy administered at her home?
March 23, 2010 - answerAccording to the Affordable Care Act, any plan in existence
prior to which date is considered a grandfathered plan?
Social Security Disability Income (SSDI) - answerWhich of the following is NOT a type
of Medicare Advantage Plan?
Preferred Provider Organization plan (PPO) - answerCoordination of Benefits regulation
applies to all of the following plans EXCEPT
30 days - answerBoth long-term care insurance and Medicare Supplement policies may
be returned by the insured for a full refund within
Hospital Indemnity - answerWhich type of coverage pays an amount per day for
hospitalization directly to the insured regardless of the insured's other health insurance?
Limited Policies - answerLow frequency diseases can be exclusively covered by what
kind of health insurance policies?
,Work-related - answerWhat type of injury would NOT be covered under a health
insurance policy?
It would be considered taxable income to the employee - answerWithout a Section 125
Plan in place, what would happen to an employee's payroll contribution to an HSA?
a policy that is paid up after only one payment - answerA single premium cash value
policy can be described as
Must have Medicare coverage - answerHow does one become eligible for Part D:
Prescription Drug coverage?
root canal - answerAn example of endodontic treatment is a
US Attorney General - answerUnder US Code 1033, crimes by or affecting persons
engaged in the business of insurance which affect interstate commerce are prosecuted
by the
Mortality costs - answerWhat would be an expense factor in an insurance program?
Insurer - answerWhich of the following signatures is not required on an individual
insurance application?
outpatient medical services - answerAll of the following are defined as supplemental
health insuring corporation (HIC) services EXCEPT
upper limit of the total lifetime benefits the insurance company will pay -
answer"Maximum benefits" refers to the
the beneficiary - answerSignatures for an insurance application MUST be obtained by
the producer from all of the following sources EXCEPT
Coverage is eliminated - answerWhat happens to the coverage under a children's term
rider when that child reaches a certain specified age?
increase the premiums on an individual basis - answerWhich of the following actions
may an insurance company NOT do in a health policy that contains a guaranteed
renewable premium benefit?
issue a cease and desist order against the agent - answerWhen the superintendent
believes an agent is causing substantial and material harm, the superintendent has the
authority to
, A good health statement - answerUpon policy delivery, which of the following must a
producer have an applicant sign if no initial premium was collected with the life
insurance application?
Hedge against inflation - answerIndex whole life insurance contains a securities
component that acts as a(n)
It provides benefits for nonoccupational illnesses and injuries - answerWhich of the
following statements regarding Group Disability Income insurance is TRUE?
Employee must be able to make unlimited contributions - answerWhich of the following
is NOT a federal requirement of a qualified plan?
Own occupation clause - answerWhich clause defines total disability as being unable to
perform the major duties of the insured's regular occupation?
not tax deductible - answerHow are premiums paid by the insured for personally owned
disability income insurance treated for tax purposes?
lifetime protection - answerA limited payment whole life policy provides
when contribution or participation rules have been violated - answerWhen can a group
health policy renewal be denied according to the Health Insurance Portability and
Accountability Act (HIPAA)?
100 days - answerMedicare Part A does not pay for medical benefits provided for
treatment in a skilled nursing facility beyond
blood test for HIV - answerAn insurer has a right to screen applicants for HIV in which of
the following ways?
100% of the billed amount - answerA closed network plan offers a a primary physician
copay of $25. If a subscriber chooses a primary care physician outside of the network,
the subscriber will likely pay
provides a greater choice of providers - answerWhen comparing an HIC to a PPO, the
PPO
an individual the means to replace wages - answerLoss of income insurance provides
guaranteed renewable policy - answerA health insurance policy that allows an insurer to
change the policyowner's premiums, but NOT cancel the policy is called a(n)
grace period - answerAn insurer will accept a premium from the insured and continue
the coverage in full force as though it was NOT late during which time period?
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