EXCEL Practice Exam Questions With Correct Answers
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Course
EXCEL
Institution
EXCEL
EXCEL Practice Exam Questions With
Correct Answers
A licensed agent who lives in another state and transacts insurance in Ohio is called
a foreign agent
a special agent
a nonresident agent
an unauthorized agent - answera nonresident agent
Which of these factors is NOT taken into account when...
EXCEL Practice Exam Questions With
Correct Answers
A licensed agent who lives in another state and transacts insurance in Ohio is called
a foreign agent
a special agent
a nonresident agent
an unauthorized agent - answer✔✔a nonresident agent
Which of these factors is NOT taken into account when determining an applicant's life insurance
needs?
Social Security
automobile
savings
pension - answer✔✔automobile
In contrast to a guaranteed renewable policy, a noncancellable policy
may cancel the policy only at renewal
may raise premiums at policy renewal
may raise premiums at anytime
may never raise premiums - answer✔✔may never raise premiums
Underwriters can acquire information from all of the following sources EXCEPT
Medical Information Bureau (MIB)
consumer reports
attending physician's statements
Which of these is considered to be a Living Benefit option in a life insurance policy?
Reinstatement
Waiver of premium
Accelerated death benefit
Payor benefit - answer✔✔Accelerated death benefit
All of the following doctors provide primary care to health insuring corporation (HIC) members
EXCEPT
Internists
Surgeons
General practitioners
Pediatricians - answer✔✔Surgeons
What is the name of the provision which states that a copy of the application must be attached to
the policy when issued?
Policy Summary
Buyer's Guide
Entire Contract
Entire Policy - answer✔✔Entire Contract
The open enrollment period for Medicare Supplements begins at age
62
65
67
70 - answer✔✔65
To receive proceeds from a death benefit, a minor
must be related to the insured
can only be named as contingent beneficiary
must be at least 16 years old
must have an appointed guardian - answer✔✔must have an appointed guardian
Index whole life insurance contains a securities component that acts as a(n)
hedge against inflation
premium stabilizer
means to lowering taxes on earnings
incentive to purchase more coverage - answer✔✔hedge against inflation
Which settlement option involves having the proceeds remain with the insurer and earnings paid
on a monthly basis to the beneficiary?
interest only
dividends only
extended interest
fixed period - answer✔✔interest only
In Ohio, a life insurance policy can be backdated before the application date for up to
10 days
30 days
3 months
6 months - answer✔✔3 months
Ron has a life insurance policy with a face value of $100,000 and a cost of living rider. If the
consumer price index has gone up 4%, how much may Ron increase the face value of the policy?
$400
$800
$2,000
$4,000 - answer✔✔$4,000
Which of the following statements regarding an examination of an insurer's books and records by
the superintendent is true?
An insurer has a right to delay an examination by the superintendent for a period of not more
than 15 days after notification
The insurer must not impede an examination and is required to assist in the examination
procedures
Reports related to solicitors are not official records archived from insurance examinations
The superintendent only has the authority to examine domestic insurers - answer✔✔The insurer
must not impede an examination and is required to assist in the examination procedures
Which of these factors help determine an insured's life insurance premium?
insured's salary
marital status
place of residence
avocation (hobby) - answer✔✔avocation (hobby)
A field underwriter's main task is
assign a risk classification to the insured
report medical information to the Medical Information Bureau (MIB)
to ensure an applicant's medical information is accurate and complete
to approve or decline an applicant - answer✔✔to ensure an applicant's medical information is
accurate and complete
A long-term care policy typically provides all of the following levels of care EXCEPT
skilled care
intermediate care
acute care
custodial care - answer✔✔acute care
A life insurance policy which contains cash values that vary according to its investment
performance of stocks is called
Increasing Term Life
Modified Whole Life
Variable Whole Life
Adjustable Whole Life - answer✔✔Variable Whole Life
How soon can the benefit payments begin with a deferred annuity?
Anytime after date of purchase
Anytime within 12 months after date of purchase
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