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XCEL Chapter 4 Life Insurance Policies - Provisions, Options and Riders Exam $10.49   Add to cart

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XCEL Chapter 4 Life Insurance Policies - Provisions, Options and Riders Exam

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XCEL Chapter 4 Life Insurance Policies - Provisions, Options and Riders Exam

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  • November 6, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • XCEL
  • XCEL
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millyphilip
XCEL Chapter 4: Life Insurance Policies
- Provisions, Options and Riders Exam

Which statement regarding whole life insurance is accurate? - Answers -Insurance
coverage can continue for life

When a ten year renewable term life insurance policy issued at age 45 is renewed, the
premium rate will be the current rate for - Answers -Ten year term insurance for a
person aged 55

When would evidence of insurability be required for a person already covered with a
variable universal life policy? - Answers -When the death benefit is increased

Assets that back the non-guaranteed values of variable life insurance products are held
in which account? - Answers -Separate account set up by the insurer

Which of these statements accurately portrays an adjustable life insurance policy? -
Answers -Policy can alternate between forms of term and whole life insurance

John received a one-time distribution of $50,000 from his modified endowment contract
(MEC). Prior to that, the contact's cash value was $150,000, the contract investment
amount was $100,000, and the death benefit was $500,000. What percentage of the
$50,000 distribution was taxable as ordinary income? - Answers -100%

How long does protection normally extend to under a limited pay whole life policy? -
Answers -Until age 100

When can a life insurance policy be issued WITHOUT the insured's consent? - Answers
-When a parent purchases a policy on the life of a minor child

Which of the following is a TRUE statement regarding universal life insurance? -
Answers -Policy indicates how much of each premium is used toward company
expenses

All of these are considered feature of whole life insurance EXCEPT - Answers -Initial
premium is lower than for an equivalent amount of term insurance

Which type of life insurance policy is best suited for paying off the outstanding balance
of a 30-year mortgage in the event of the insured's death? - Answers -30-year
decreasing term

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