Exam (elaborations)
NV XCEL Exam with correct Answers
- Course
- Institution
NV XCEL Exam with correct Answers
[Show more]
Content preview
NV XCEL Exam with correct AnswersAn incomplete life insurance app submitted to an insurer will result in which of these
actions? - Answers -App will be returned to the writing agent
Which of the following is an ex of defamation?
(A) Circulating brochures falsely denouncing financial condition of an insurer
(B) Making statements that encourage purchase of term life insurance over whole life
(C) Issuing pamphlets containing false info about term life
(D) Publishing a newsletter that makes reference to reputable brokers in area - Answers
-Circulating brochures falsely denouncing financial condition of an insurer
Which statement about a whole life policy is correct?
(A) Bene may be changed only w/consent of premium payor
(B) Premiums are flexible
(C) Cash value may be borrowed against
(D) Death benefit can usually be adjusted - Answers -Cash value may be borrowed
against
Who signs a "Notice Regarding Replacement" form when an application is taken for a
new life insurance policy that replaces an existing one?
(A) Beneficiary
(B) Applicant only
(C) Producer only
(D) Producer and applicant - Answers -Producer and applicant
Under federal tax laws, what is the tax treatment for an employer providing $50,000 of a
contributory group Term Life plan to all its eligible employees?
(A) Portion of death proceeds are taxable to bene
(B) Portion of premiums paid for by employer may be a tax deduction
(C) Portion of death proceeds are taxable to estate
(D) Portion of premiums paid for by employee may be a tax deduction - Answers -
Portion of premiums paid by employer may be a tax deduction (In a contributory plan for
its share of premium costs)
Q would like to purchase $100,000 of permanent protection on his wife and $50,000 of
Term coverage on himself under the same policy. What kind of policy should Q
purchase?
(A) Joint policy
(B) Joint survivor policy
(C) Whole life policy with a guaranteed insurab9ility option
,(D) Whole life policy with other insured rider - Answers -Whole life policy with other
insured rider
All of the following are examples of insurance advertisement EXCEPT
(A) A newspaper notice announcing free insurance advice
(B) An employer newsletter announcing the availability of coverage for employees
(C) A direct mail brochure announcing specific insurance plans
(D) A tv spot announcing an insurance company's new product - Answers -An employer
newsletter announcing the availability of coverage for employees
Which of these provisions is NOT required in life insurance policies?
(A) Grace period
(B) Free look
(C) Entire contract
(D) Extended term - Answers -Extended term
Which of the following annuities pay benefits based on units rather than specific dollar
amounts?
(A) Flexible annuity
(B) Single premium annuity
(C) Variable annuity
(D) Deferred annuity - Answers -Variable annuity
NV's 10-day free-look period for life insurance policies begins at the
(A) date of delivery
(B) date of application
(C) date of approval
(D) date of physical exam - Answers -date of delivery
Which of following is a req to attain a nonres producer license?
(A) Pass special exam for nonres producers
(B) Be licensed as producer in producer's state of domicile
(C) Own real estate in NV
(D) Maintain a specific sales quota in res state - Answers -Be licensed as producer in
producer's state of domicile
NV Life & Health insurance guaranty association
(A) Assists in underwriting large policies
(B) is funded by producers through their commissions
(C) is financed by US treasury
(D) is funded by insurance companies through assessments - Answers -Is funded by
insurance companies through assessments
An individual who has a contract w/an insurance company to represent it is called a
(A) producer
(B) director
, (C) administrator
(D) representative - Answers -Producer
Which action will a life insurance company most likely take if an insured dies & it is
discovered that insured's age was misstated on the app? - Answers -Pay an amount
premiums would have purchased at insured's actual age
In a qualified retirement plan, the yearly contributions to an employee's account
(A) are restricted to maximum levels set by IRS
(B) are not tax-deductible
(C) are restricted to minimum levels set by IRS
(D) must be matched dollar-for-dollar by the employer - Answers -are restricted to
maximum levels set by IRS
What is a warranty? - Answers -Statement guaranteed to be true
Which of these are NOT an example of a Nonforfeiture option?
(A) Life income
(B) Extended Term
(C) Cash Surrender
(D) Reduced Paid-up - Answers -Life income
Which of these is NOT considered to be a right given to a policyowner?
(A) Modify a provision in insurance contract
(B) Assignment of ownership
(C) Surrendering policy's cash value
(D) Change beneficiary, if revocable - Answers -Modify a provision in insurance contract
K is looking to purchase Renewable Term insurance. Which of these types of Term
insurance may be renewable?
(A) Adjustable
(B) Level
(C) Decreasing
(D) Increasing - Answers -Level (Pays same benefit amount if death occurs at any point
during term)
Credit life insurance is - Answers -Issued on a debtor to cover outstanding balances on
installment loans
What determines the full amount of Social Security retirement benefits a qualified
individual is entitled to receive?
(A) Number of dependents
(B) Primary Insurance Amount
(C) State of residence
(D) Total taxes paid into FICA - Answers -Primary insurance amount (PIA)
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 millyphilip. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75323 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now