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Xcel Solutions IN Life Insurance Final Exam Questions with Solutions 2024
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Xcel Solutions IN Life Insurance Final Exam
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Xcel Solutions IN Life Insurance FinalExam
P is a producer who is licensed in Indiana, but a resident of Michigan. In Indiana, P is
considered to be a ( n ) __________ producer . - answer nonresident.
Why would the Insurance Commissioner issue a temporary license? - answer To allow
the personal representative of a deceased producer to provide service to existing
policyowners
Which provision is NOT a requirement in a group life policy ? - answer Accidental
A ( n ) _________ beneficiary may be changed by the policyowner WITHOUT the
consent of the beneficiary . - answer Revocable
Which of the following provides funding for the Indiana Life and Health Insurance
Guaranty Association ? - answer Member company assessments
What is the name of the law that requires insurers to disclose information gathering
practices and where the information was obtained? - answer Fair Credit Reporting Act
Any changes made on an insurance application requires the initials of whom ? -
answerApplicant
An individual working part - time has an annual income of $ 25,000 . If this individual
has an IRA , what isthe maximum deductible IRA contribution allowable ? - answer$
6,000
With whom may a producer share commissions with ? - answerAnyone the producer
deems appropriate
To be eligible for Social Security disability benefits , an employee must be unable to
perform : - answerany occupation
A Universal Life policy is sometimes referred to as an unbundled Life Policy because
the owner can see the interest earned , cost of insurance , and the - answerexpense
charges
Which statement is TRUE in regards to a policy loan ? - answerPast - due interest on a
policy loan is added to the total debt
, As a condition for a loan , a bank requires the borrower to purchase credit insurance
from a specific company What is the bank guilty of ? - answerCoercion
Why must an insurance applicant answer all questions on the application ? -
answerStatements and representations are considered guarantees
T , age 70 , withdraws cash from a profit - sharing plan and purchases a Straight Life
Annuity . What will this transaction provide ? - answerIncome that cannot be outlived by
the owner
Term Life Policies that have the ability to be converted to permanent coverage may do
so during a specific time period . This conversion period - answervaries according to the
contract
Which of these is NOT considered to be an element of an insurance contract ? -
answernegotiating
A newly licensed producer must complete 24 hours of continuing education every ___
years . - answer2
A ( n ) _________ insurance company is one formed in a country other than the United
States . - answeralien
K's whole life insurance policy lapsed two months ago due to nonpayment . She would
now like to reinstate the policy . All of these statements are correct about the policy's
reinstatement EXCEPT - answerK must provide evidence of insurability
An existing life insurance policy is being replaced by a new one . A notice of
replacement must be provided by the _______ to be signed by the applicant . -
answerproducer
Which of the following requires insurers to disclose when an applicant's consumer or
credit history is being investigated : - answer1970 - Fair Credit Reporting Act
K is the insured and P is the sole beneficiary on a life insurance policy . Both are
involved in a fatal accident where K dies before P. Under the Common Disaster
provision , which of these statements is true ? - answerProceeds will be payable to K's
estate if P dies within a specified time
A policyowner is allowed to pay premiums more than once a year under which provision
? - answerMode of Premium
Which of the following is an example of false advertising ? - answerAn insurance
company publishing misleading information about its policy's provisions
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