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Xcel Testing Solutions (Life & Health) Final 150 Question Practice Exam Questions and Answers Latest Updated 2024 $13.49   Add to cart

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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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  • November 5, 2024
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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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