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XCEL LIFE INSUARANCE EXAM / LATEST CALIFORNIA LIFE INSUARANCE EXAM ACTUAL EXAM QUESTIONS AND WELL ELABORATED ANSWERS (100% CORRECT VERIFIED ANSWERS) NEWEST EXAM 2024 |GUARANTEED PASS. (BRAND NEW!!)$17.99
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XCEL LIFE INSUARANCE EXAM / LATEST CALIFORNIA LIFE INSUARANCE EXAM ACTUAL EXAM QUESTIONS AND WELL ELABORATED ANSWERS (100% CORRECT VERIFIED ANSWERS) NEWEST EXAM 2024 |GUARANTEED PASS. (BRAND NEW!!)
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Course
XCEL LIFE INSUARANCE
Institution
XCEL LIFE INSUARANCE
Book
Life and Health Insurance License Exam Cram
XCEL LIFE INSUARANCE EXAM / LATEST CALIFORNIA LIFE INSUARANCE EXAM ACTUAL EXAM QUESTIONS AND WELL ELABORATED ANSWERS (100% CORRECT VERIFIED ANSWERS) NEWEST EXAM 2024 |GUARANTEED PASS. (BRAND NEW!!)
XCEL LIFE INSUARANCE EXAM / LATEST CALIFORNIA
LIFE INSUARANCE EXAM ACTUAL EXAM QUESTIONS
AND WELL ELABORATED ANSWERS (100% CORRECT
VERIFIED ANSWERS) NEWEST EXAM 2024 |
GUARANTEED PASS. (BRAND NEW!!)
Major Medical Policy - ANSWER: Has a deductible and coinsurance with a lifetime
limit on health insurance.
Incontestable Period - ANSWER: After 2 years a policy become incontestable. At this
point, the company can't contest a claim even if it discovers misrepresentation or
concealment on the application.
Joint Policy - ANSWER: What is written on one contract for two people and is payable
on the first death?
15 year mortgage - ANSWER: best with 15 year decreasing term
Owner Rights - ANSWER: The access rights granted to the owner of a file or other
resource
Suitability Form - ANSWER: Ensures that the customer is best suited for the policy
they are purchasing. ( Prevents the sale of unnecessary insurance)
Annuities - ANSWER: are ways of providing a stream of income for a guaranteed
period of time. ( protect against the risk of living too long.)
Simple Annuity - ANSWER: Started with a large sum of money that will paid out in
installments over a period of time or until the money is gone.
Annuity Monthly - ANSWER: Received monthly and is based on factors such as:
Principle amount, rate of interest the annuity earns, and length of payout period.
Contract Owners - ANSWER: The individual who purchases the annuity pays the
premiums and has rights of ownership.
Annuitant - ANSWER: The income benefits distributed at regular intervals during the
liquidation phase of an annuity contract are normally payable to the annuitant.
Beneficiary - ANSWER: The person receives survivor benefits upon the annuitant's
death.
Accumulation Period - ANSWER: The pay-in period where the contract owner makes
the purchase payments. ( Normally may continue after the purchase payments
cease.)
,Another Name for Annuity Period - ANSWER: a.k.a Liquidation period, Annuitization
period, or pay- out- period.
Annuity Period - ANSWER: This is the time when the money that has accrued during
the accumulation period is paid-out in the form of payments to the annuitant.
Single Payment - ANSWER: lump sum
Periodic Payments - ANSWER: Installments paid over a period of time
Immediate Annuity - ANSWER: purchased with a single lump sum, and will start
providing income payments within the first year, but usually starting 30 days from
the purchase date. ( It's purpose is to provide for liquidation of principle sum.)
SPIA - Single Premium Immediate Annuity - ANSWER: Liability Insurance Settlements,
lottery winnings, and other large sums.
Deferred Annuities - ANSWER: will start providing income payments AFTER the first
year
SPDA (Single Premium Deferred Annuity) - ANSWER: Paid deferred annuities with a
single lump sum payment.
FPDA Flexible premium deferred Annuity - ANSWER: Pays out a fixed amount for life
starting at a future date.
What happens when a deferred annuity is cancelled during the early contract years?
- ANSWER: The insurer normally will assess a back-end load known as a surrender
charge.
" Bailout" Feature - ANSWER: Sometimes found in single premium deferred annuity
contracts, waives surrender charges when the interest rate falls below a stated level.
Straight Life Income Payout Option - ANSWER: pays the annuitant a guaranteed
income for the annuitant's
lifetime. When the annuitant dies, no further payments are made to anyone. This
offers protection against exhaustion of savings due to longevity.
Fixed Amount Option - ANSWER: The annuitant receives a fixed payment until the
contract value is exhausted, regardless of when that will be. If the annuitant dies
before the contract is depleted, the beneficiary receives the reminder.
, Cash Refund Payout Option - ANSWER: Pays a guaranteed income to the annuitant
for life. If the annuitant dies before all the money is gone, a lump-sum cash payment
of the remaining funds are paid out to the annuitant's beneficiary.
Installment Refund Payout Option - ANSWER: Pays a guaranteed income to the
annuitant for life. If the annuitant dies before the money is gone, the beneficiary will
continue to receive the same monthly installment payments.
Life With Period Certain Payout Option - ANSWER: pay the annuitant guaranteed
payments for the life of the annuitant or for a specific period of time for the
beneficiary. Will continue even if the annuitant dies.
Joint and Full Survivor Payout Option - ANSWER: Pays out the annuity to two or more
people until the last annuitant dies.
Joint and Two-Thirds Survivor - ANSWER: Survivor will have payments reduced to
two-thirds of the original payment.
Joint and one-half survivor - ANSWER: Survivor will have payments reduced to one-
half of the original payment.
Period Certain Payout Option - ANSWER: Pays guaranteed income payments for a
certain period of time, such as 10 or 20 years, whether or not the annuitant is living.
Fixed Annuity - ANSWER: Provides a guaranteed rate of return. Fixed annuities credit
interest at a rate no lower than the contract guaranteed rate.
Variable Annuity - ANSWER: Does not provide a guaranteed rate of return, because
of the investment risk. The cash value
is based on the results of these investment funds. A statement must be provided to
the owner of the annuity at a minimum of once per year. Variable annuities can be
classified as either immediate or deferred. Insurers that deal with variable annuities
are subject to dual regulation by the SEC and the state's Office of Insurance
Regulation.
Accumulation Units - ANSWER: in a variable annuity, the value of the accumulation
units varies depending on the value of the stock investment that is a part of variable
annuity.
Annuity Units - ANSWER: At the time the variable annuity benefits are to be paid out
to the annuitant, the accumulation units in the participant's individual account are
converted into annuity units. ( month to month depending on the investments
results.)
Equity Indexed Annuity - ANSWER: Offers the potential for a higher return than a
standard fixed annuity. ( sometimes tied to the stand and poor's 500 or composite
stock price index.)
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