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Insurance license practice XCEL solutions Exam -3 part 2 Life provisions
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Insurance license practice XCEL solutions Exam -3 part 2 Life provisions
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Insurance license practice XCELsolutions Exam #3 part 2 Life provisions
Question 1
In a life insurance policy which feature states that the policy will not cover certain risks?
- Answers -Exclusions
Question 2
P died five years after purchasing a life policy while investigating the claim the insured
discovered material misrepresentation made by P during the application process. Which
of the following actions will the insurer take? - Answers -Beneficiary will be paid the
death benefit
Question 3
Which life insurance rider typically appears on a juvenile life insurance policy? -
Answers -Payer benefit rider
Question 4
When an insurer issues a policy that refuses to cover certain risks, this is referred to as
a(n)? - Answers -Exclusions
Question 5
The Accelerated Death Benefit provision in a life insurance policy is also known as
a(n)? - Answers -Living Benefit
Question 6
The option that provides an additional death benefit for a limited amount of time at the
lowest possible cost is called a(n)? - Answers -Accidental death and Dismemberment
rider (AD&D)
Question 7
K pays on a $20,000 20 year endowment policy for 10 year and dies from an
automobile accident. How much will the insurance company pay the beneficiary? -
Answers -$20,000 death benefit
Question 8
Which of the following statement about accumulated interest earned on dividends from
an insurance policy is True? - Answers -It is taxed as ordinary income
Question 9
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