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XCEL Solutions Life Insurance Final Exam Questions and Answers
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XCEL Solutions Life Insurance Final Exam Questions and Answers
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XCEL Solutions Life Insurance FinalExam Questions and Answers
When is the face amount of a Whole Life policy paid? - Answers -When the insured dies
or at the policy's maturity date, whichever happens first
An IRA owner can start making withdrawals and NOT be subjected to a tax penalty
beginning at what age? - Answers -59 1/2
In an insurance contract, the insurer is the only party who makes a legally enforceable
promise. What kind of contract is this? - Answers -Unilateral
Colorado's replacement rules apply to all of the following types of insurance EXCEPT -
Answers -Single premium whole life
What type of life policy covers two people and pays upon the death of the last insured? -
Answers -Survivorship
C is a key employee at ABC Incorporated. If a Key Employee life policy is purchased on
her life, which of these statements would be true? - Answers -ABC is the policy owner,
C is the insured, and ABC is the beneficiary
A policyowner is able to choose the frequency of premium payments through what
policy feature? - Answers -Premium Mode
Which of the following are Equity Indexed annuities typically invested in? - Answers -
S&P 500
An insurer that terminates a producer's appointment must inform the Commissioner
within how many days? - Answers -30
When does a Guaranteed Insurability Rider allow the insured to buy additional
coverage? - Answers -At future dates specified in the contract with no evidence of
insurability required
Which of these types of policies may NOT have the Automatic Premium Loan provision
attached to it? - Answers -Decreasing Term
When recommending the purchase or exchange of an annuity, a producer must
determine the suitability of the purchase by performing all of the following EXCEPT -
Answers -Determining the marital status of the applicant
, A producer license may be suspended or revoked if the producer is found to be
engaging in - Answers -Misrepresentation
Which of these is an element of a Single Premium annuity? - Answers -Lump-sum
payment
The commissioner may issue an emergency cease and desist order without a hearing
for all of the following circumstances EXCEPT - Answers -Writing controlled business
The combination of Whole Life and _____ Term Insurance is referred to as a Family
Income Policy - Answers -Decreasing
Who is NOT required to sign a life insurance application? - Answers -Beneficiary
Which type of life policy contains a monthly mortality charge as well as self-directed
investment choices? - Answers -Variable Universal Life
Typically a life insurance death benefit is paid by a lump-sum payment. A(n)
__________ option is a method of distributing a Life Insurance policy's death benefit
OTHER than by a lump sum payment. - Answers -Settlement
A(n) ______ beneficiary may be changed by the policyowner WITHOUT the consent of
the beneficiary - Answers -Revocable
Which of the following is an example of a misrepresentation? - Answers -Describing a
universal life policy as a security
Before a life insurance policy is issued, which of these components of the contract is
required? - Answers -A signed application by the prospect
J is 35-years old and looking to purchase a whole life insurance policy. Which of the
following types of policies will provide the most rapid growth of cash value? - Answers -
20-pay Life
Any changes made on an insurance application requires the initials of whom? - Answers
-Applicant
Paying insurance premiums on a more frequent basis will cause the policy to have -
Answers -Higher premiums
T purchased a $100,000 single premium, Straight Life annuity 5 years ago. He has
received monthly payments since the inception of the annuity. If T dies, the insurance
company - Answers -Does NOT have to make any further payments
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