XCEL LIFE INSURANCE FINAL EXAM 2024 XCEL SOLUTIONS LIFE INSURANCE EXAM QUESTIONS AND CORRECT DETAILED ANSWERS GRADED A + when contribution or participation rules have been violated - When can a group health policy renewal be denied according to the Health Insurance Portability and Accou ntability Act (HIPAA)? 100 days - Medicare Part A does not pay for medical benefits provided for treatment in a skilled nursing facility beyond blood test for HIV - An insurer has a right to screen applicants for HIV in which of the following ways? 100% of the billed amount - A closed network plan offers a a primary physician copay of $25. If a subscriber chooses a primary care physician outside of the network, the subscriber will likely pay provides a greater choice of providers - When comparing an HIC to a PPO, the PPO an individual the means to replace wages - Loss of income insurance provides guaranteed renewable policy - A health insurance policy that allows an insurer to change the policyowner's premiums, but NOT cancel the policy is called a(n) grace period - An insurer will accept a premium from the insured and continue the coverage in full force as though it was NOT late during which time period? fraud - A deliberate lie by an insured to the insurer to obtain a lower premium is an example of because dividends are considered to be a return of premium - Why are dividends from a mutual insurer not subject to taxation? revoke an absolute assignment - A life insurance policyowner does NOT have the right to allows the secondary payor to reduce their benefit payment so that no more than 100% of the claim is paid - Which of the following does Coordination of Benefits allow? 10 days - With the majority of companies, within how many days does the free -look provi sion allow the insured the right to return the life insurance policy for full premium? Accumulation at interest - Of the following dividend options, which of these is taxable? be the same and the premium cannot exceed 102% - Under the Consolidated Omnibu s Budget Reconciliation Act (COBRA), a terminated employee's benefits must "To the children born of my union with Ned Jackson" - An example of naming a beneficiary by class would be funded by federal, state and local taxes - Which of these statements abo ut Medicaid is CORRECT? avoid overpayment of claims - The purpose of the Coordination of Benefits provision in group accident and health plans is to an insurer can require a blood test for HIV - Which of the following statements is TRUE about an insurer' s right to screen applicants for HIV? must have an appointed guardian - To receive proceeds from a death benefit, a minor After first premium is paid, the face amount may be available to the beneficiary - How does life insurance create an immediate estat e? Child term rider - Jonas is a whole life insurance policyowner and would like to add coverage for his two children. Which of the following products would allow him to accomplish this? Gains - When a qualified plan starts making payments to its recipie nt, which portion of the distributions is taxable? 0 months - If a Medicare Supplement policy replaces another that had been in effect for at least 6 months, the replacing policy may impose which of the following time exclusions for pre -existing condition s? Straight life - Which of these will have the highest monthly payout upon annuitization? 30 calendar days - After a request has been received for verification from a viatical settlement provider, an insurance company authorized to do business shall respond within Period Certain - Which annuity payout option allows the policy owner to choose a pre -
determined number of benefit payments? Life only annuity - Which annuity payout option has no additional payouts regardless of when the annuitant dies Errors and Omissions - a professional liability for which producers can be sued for mistakes of putting a policy into effect irrevocable beneficiary - requires the beneficiary's signature for any change to the beneficiary representations - statements made by an insurance applicant on an application a specified amount of money - life insurance policies guarantee the beneficiary what upon the death of the insured Endodontics - common exclusion on a dental policy Home healt h care - Which type of long -term care benefit would be most appropriate for a stroke victim who requires speech therapy administered at her home? March 23, 2010 - According to the Affordable Care Act, any plan in existence prior to which date is considere d a grandfathered plan? Social Security Disability Income (SSDI) - Which of the following is NOT a type of Medicare Advantage Plan? Preferred Provider Organization plan (PPO) - Coordination of Benefits regulation applies to all of the following plans EXC EPT 30 days - Both long -term care insurance and Medicare Supplement policies may be returned by the insured for a full refund within Hospital Indemnity - Which type of coverage pays an amount per day for hospitalization directly to the insured regardless of the insured's other health insurance? Limited Policies - Low frequency diseases can be exclusively covered by what kind of health insurance policies? Work -related - What type of injury would NOT be covered under a health insurance policy? It would b e considered taxable income to the employee - Without a Section 125 Plan in place, what would happen to an employee's payroll contribution to an HSA? a policy that is paid up after only one payment - A single premium cash value policy can be described as Must have Medicare coverage - How does one become eligible for Part D: Prescription Drug coverage?
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller chareiezekiel. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $28.49. You're not tied to anything after your purchase.
