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Summary XCEL Chapter 4 2024 UPDATE MOST TESTED TEST PRACTICE TEST PRACTICE COMPREHENSIVE QUESTIONS AND VERIFIED CORRECT ANSWERS GET IT RIGHT$12.99
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XCEL Chapter 4 2024 UPDATE
MOST TESTED TEST PRACTICE TEST PRACTICE
COMPREHENSIVE QUESTIONS AND VERIFIED
CORRECT ANSWERS GET IT RIGHT
A renewable Term Life insurance policy allows the policyowner
the right to renew the policy?
A. at anytime the policyowner chooses
B. as many times as the policyowner chooses
C. paying the same premium as before the renewal
D. without producing proof of insurability - (correct answer)
without producing proof of insurability
Donald is the primary insured of a life insurance policy and adds
a children's term rider. What is the advantage of adding this
rider?
A. Can be converted to permanent coverage without evidence
of insurability
B. Coverage can be different for each child
C. Premiums on this rider are not required until the limiting age
is reached
,D. Increases the policy's overall cash value - (correct answer)
Can be converted to permanent coverage without evidence of
insurability
Which type of life insurance is normally associated with a Payor
Benefit rider?
A. Juvenile insurance
B. Family income insurance
C. Spouse insurance
D. Term rider - (correct answer) Juvenile insurance
A life insurance policy that has premiums fully paid up within a
stated time period is called?
A. stated payment insurance
B. limited universal insurance
C. stated modified insurance
D. limited payment insurance - (correct answer) limited
payment insurance
Which of these describes the result of a modified endowment
contract that failed to meet the seven-pay test?
, A. Policy loans are disallowed
B. The premium payments will be tax deductible
C. Pre-death distributions are typically taxable
D. Withdrawals will be prohibited - (correct answer) Pre-
death distributions are typically taxable
How are survivorship life insurance policies helpful in estate
planning?
A. Provide funds to help fund retirement
B. Provide funds to help pay taxes
C. Provide funds for funeral expenses
D. Provide tax deductions for premium payments - (correct
answer) Provide funds to help pay taxes
A limited payment whole life policy provides?
A. protection for 20 years
B. lifetime protection
C. protection for more than one person
D. discounted premiums - (correct answer) lifetime
protection
A Renewable Term Life insurance policy can be renewed?
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