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Xcel Testing Solutions (Life & Health) Final 150 Question Practice Exam Questions and Answers Latest Updated 2024
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Xcel Testing Solutions (Life & Health) Final 150 Question Practice Exam
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Xcel Testing Solutions (Life & Health)Final 150 Question Practice Exam
When can a policy owner change a revocable beneficiary? - answer Anytime
M purchased an Accidental Death and Dismemberment (AD&D) policy and named his
son as beneficiary. M has the right to change the beneficiary designation at anytime.
What type of beneficiary is his son? - answer Revocable
How would a contingent beneficiary receive the policy proceeds in an Accidental Death
and Dismemberment (AD&D) policy? - answer If the primary beneficiary dies before the
insured
What is the underlying concept regarding level premiums? - answer The early years are
charged less than what is needed
A policy owner is able to choose the frequency of premium payments through what
policy feature? - answer Premium Mode
Any changes made on an insurance application requires the initials of whom? -
answerApplicant
All of these are considered sources of underwriting information about an applicant
EXCEPT - answerRating Services
Q applied for life insurance and submitted the initial premium on January 1. The policy
was issued February 1, but it was not delivered by the agent until February 7. Q is
dissatisfied and returns the policy February 13. How will the insurer handle this
situation? - answerPolicy was returned within the free-look period, premium will be fully
refunded
M completes an application for life insurance but does not pay the initial premium. All of
these actions must occur before M's policy goes into effect EXCEPT - answerfree-look
period has expired
What action should a producer take if the initial premium is NOT submitted with the
application? - answerForward the application to the insurer without the initial premium
Which of the following is an important underwriting principle of group life insurance? -
answerEveryone must be covered in the group
, Which requirement must be met for an association to be eligible for a group life plan? -
answerGroup was formed for a purpose other than acquiring insurance
When an employee is terminated, which statement about a group term life conversion is
true? - answerPolicy proceeds will be paid if the employee dies during the conversion
period
Under a trustee group life policy, who would be eligible for a certificate of coverage? -
answerCorporation
N, age 50, recently bought an annuity that will pay a guaranteed $2,000/month at age
70 for life. What type of annuity did N purchase? - answerFixed Deferred
S recently received a $500,000 lump sum retirement buyout from her employer. She
would like to buy an annuity that will immediately furnish her with a guaranteed income
for life. What type of annuity is best suited for her situation? - answerSingle Premium
Which of these is an element of a Single Premium annuity? - answerLump-sum
payment
Which of these statements concerning an Individual Straight Life annuity is accurate? -
answerPayments are made to an annuitant for life
An individual who purchases a Life annuity is given protection against - answerthe risk
of living longer than expected
An immediate annuity consists of a - answersingle premium
All of these are considered to be a benefit under Social Security EXCEPT for -
answerunemployment
Which product would best serve a retired individual looking to invest a lump-sum of
money through an insurance company? - answerAnnuity
Which statement regarding third-party ownership of a life insurance policy is true? -
answerIt is used extensively in estate-planning as well as business circumstances
Company Z has a Cross Purchase Buy-Sell Agreement in place among its three
founding partners. If the agreement is funded with individual life insurance, what would it
require? - answerEach partner must own a policy on the other partners
Who elects the governing body of a mutual insurance company? - answerpolicyholders
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
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