100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Xcell Testing Solutions (Life & Health) Final 150 Question Practice Exam With Answers. $11.99   Add to cart

Exam (elaborations)

Xcell Testing Solutions (Life & Health) Final 150 Question Practice Exam With Answers.

 9 views  0 purchase
  • Course
  • Xcel
  • Institution
  • Xcel

Xcell Testing Solutions (Life & Health) Final 150 Question Practice Exam With Answers.

Preview 2 out of 13  pages

  • November 7, 2024
  • 13
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Xcel
  • Xcel
avatar-seller
Divinehub
Xcell Testing Solutions (Life & Health)
Final 150 Question Practice Exam With
Answers.
When can a policy owner change a revocable beneficiary? - ANSWER- Anytime

M purchased an Accidental Death and Dismemberment (AD&D) policy and named his
son as beneficiary. M has the right to change the beneficiary designation at anytime.
What type of beneficiary is his son? - ANSWER- Revocable

How would a contingent beneficiary receive the policy proceeds in an Accidental Death
and Dismemberment (AD&D) policy? - ANSWER- If the primary beneficiary dies before
the insured

What is the underlying concept regarding level premiums? - ANSWER- The early years
are charged less than what is needed

A policy owner is able to choose the frequency of premium payments through what
policy feature? - ANSWER- Premium Mode

Any changes made on an insurance application requires the initials of whom? -
ANSWER- Applicant

All of these are considered sources of underwriting information about an applicant
EXCEPT - ANSWER- Rating Services

Q applied for life insurance and submitted the initial premium on January 1. The policy
was issued February 1, but it was not delivered by the agent until February 7. Q is
dissatisfied and returns the policy February 13. How will the insurer handle this
situation? - ANSWER- Policy was returned within the free-look period, premium will be
fully refunded

M completes an application for life insurance but does not pay the initial premium. All of
these actions must occur before M's policy goes into effect EXCEPT - ANSWER- free-
look period has expired

What action should a producer take if the initial premium is NOT submitted with the
application? - ANSWER- Forward the application to the insurer without the initial
premium

Which of the following is an important underwriting principle of group life insurance? -
ANSWER- Everyone must be covered in the group

, Which requirement must be met for an association to be eligible for a group life plan? -
ANSWER- Group was formed for a purpose other than acquiring insurance

When an employee is terminated, which statement about a group term life conversion is
true? - ANSWER- Policy proceeds will be paid if the employee dies during the
conversion period

Under a trustee group life policy, who would be eligible for a certificate of coverage? -
ANSWER- Corporation

N, age 50, recently bought an annuity that will pay a guaranteed $2,000/month at age
70 for life. What type of annuity did N purchase? - ANSWER- Fixed Deferred

S recently received a $500,000 lump sum retirement buyout from her employer. She
would like to buy an annuity that will immediately furnish her with a guaranteed income
for life. What type of annuity is best suited for her situation? - ANSWER- Single
Premium

Which of these is an element of a Single Premium annuity? - ANSWER- Lump-sum
payment

Which of these statements concerning an Individual Straight Life annuity is accurate? -
ANSWER- Payments are made to an annuitant for life

An individual who purchases a Life annuity is given protection against - ANSWER- the
risk of living longer than expected

An immediate annuity consists of a - ANSWER- single premium

All of these are considered to be a benefit under Social Security EXCEPT for -
ANSWER- unemployment

Which product would best serve a retired individual looking to invest a lump-sum of
money through an insurance company? - ANSWER- Annuity

Which statement regarding third-party ownership of a life insurance policy is true? -
ANSWER- It is used extensively in estate-planning as well as business circumstances

Company Z has a Cross Purchase Buy-Sell Agreement in place among its three
founding partners. If the agreement is funded with individual life insurance, what would it
require? - ANSWER- Each partner must own a policy on the other partners

Who elects the governing body of a mutual insurance company? - ANSWER-
policyholders

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

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

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 Divinehub. 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)

77254 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$11.99
  • (0)
  Add to cart