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XCEL Solutions Life Insurance Final Exam Questions and Answers 2024 $13.99   Add to cart

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XCEL Solutions Life Insurance Final Exam Questions and Answers 2024

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XCEL Solutions Life Insurance Final Exam

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  • November 5, 2024
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XCEL Solutions Life Insurance Final
Exam

When is the face amount of a Whole Life policy paid? - answer When the insured dies
or at the policy's maturity date, whichever happens first

An IRA owner can start making withdrawals and NOT be subjected to a tax penalty
beginning at what age? - answer59 1/2

In an insurance contract, the insurer is the only party who makes a legally enforceable
promise. What kind of contract is this? - answer Unilateral

Colorado's replacement rules apply to all of the following types of insurance EXCEPT -
answer Single premium whole life

What type of life policy covers two people and pays upon the death of the last insured? -
answer Survivorship

C is a key employee at ABC Incorporated. If a Key Employee life policy is purchased on
her life, which of these statements would be true? - answerABC is the policy owner, C is
the insured, and ABC is the beneficiary

A policyowner is able to choose the frequency of premium payments through what
policy feature? - answerPremium Mode

Which of the following are Equity Indexed annuities typically invested in? - answerS&P
500

An insurer that terminates a producer's appointment must inform the Commissioner
within how many days? - answer30

When does a Guaranteed Insurability Rider allow the insured to buy additional
coverage? - answerAt future dates specified in the contract with no evidence of
insurability required

Which of these types of policies may NOT have the Automatic Premium Loan provision
attached to it? - answerDecreasing Term

When recommending the purchase or exchange of an annuity, a producer must
determine the suitability of the purchase by performing all of the following EXCEPT -
answerDetermining the marital status of the applicant

, A producer license may be suspended or revoked if the producer is found to be
engaging in - answerMisrepresentation

Which of these is an element of a Single Premium annuity? - answerLump-sum
payment

The commissioner may issue an emergency cease and desist order without a hearing
for all of the following circumstances EXCEPT - answerWriting controlled business

The combination of Whole Life and _____ Term Insurance is referred to as a Family
Income Policy - answerDecreasing

Who is NOT required to sign a life insurance application? - answerBeneficiary

Which type of life policy contains a monthly mortality charge as well as self-directed
investment choices? - answerVariable Universal Life

Typically a life insurance death benefit is paid by a lump-sum payment. A(n)
__________ option is a method of distributing a Life Insurance policy's death benefit
OTHER than by a lump sum payment. - answerSettlement

A(n) ______ beneficiary may be changed by the policyowner WITHOUT the consent of
the beneficiary - answerRevocable

Which of the following is an example of a misrepresentation? - answerDescribing a
universal life policy as a security

Before a life insurance policy is issued, which of these components of the contract is
required? - answerA signed application by the prospect

J is 35-years old and looking to purchase a whole life insurance policy. Which of the
following types of policies will provide the most rapid growth of cash value? - answer20-
pay Life

Any changes made on an insurance application requires the initials of whom? -
answerApplicant

Paying insurance premiums on a more frequent basis will cause the policy to have -
answerHigher premiums

T purchased a $100,000 single premium, Straight Life annuity 5 years ago. He has
received monthly payments since the inception of the annuity. If T dies, the insurance
company - answerDoes NOT have to make any further payments

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