Xcel chapter 5 - Study guides, Class notes & Summaries

XCEL Chapter 2 - Nature of Insurance Already Graded A+ 1. How do insurers predict the increase of individual risks? ️ Law of large numbers 2. Which of the following is considered to be an event or condition that increases the probability of an insured's loss? ️ Hazard 3. An example of risk sharing would be: ️ Doctors pooling their money to cover malpractice exposures 4. All of the following are examples of pure risk EXCEPT? ️ Losing money at a casino 5. What ...

Xcel Practice Chapter Exam 2024 Questions and Answers with complete solution A whole life insurance policyownet foes not wish to continue making premium payments. Which of the following enables the policyowner to call the policy for more than its cash value? - Answer ️️ -Life-Settlement Contract P owns a 25,000 Life policy that pays the face amount to him if he lives to age 70, or to his beneficiary if he dies before age 70. What kind of policy does P own? - Answer ️️ -Endowment a...

Xcel Practice Chapter Exam 2024 Questions and Answers with complete solution A whole life insurance policyownet foes not wish to continue making premium payments. Which of the following enables the policyowner to call the policy for more than its cash value? - Answer ️️ -Life-Settlement Contract P owns a 25,000 Life policy that pays the face amount to him if he lives to age 70, or to his beneficiary if he dies before age 70. What kind of policy does P own? - Answer ️️ -Endowment a...

XCEL Chapter 11 - Laws and Rules Graded A+ ________ is the authority given to a producer to sell, solicit, or negotiate insurance on behalf of the insurer. ️Appointment A Buyer's Guide and Policy Summary ️must be delivered with or prior to policy delivery A Buyer's Guide MUST ️have it's content approved by the commissioner A domestic insurance company in Maryland MUST ️be formed under Maryland insurance laws A licensee must notify the Commissioner of an address change within __...

Xcel Practice Chapter Exam Complete Solutions A whole life insurance policyowner does not wish to continue making premium payments. Which of the following allows the policyowner to sell the policy for more than its cash value? ️ Life-Settlement Contract. P owns a $25,000 life policy that pays the face amount to him if he lives to age 70, or to his beneficiary if he dies before age 70. What type of policy does P own? ️ Endowment at Age 70. Which type of life policy includes ...

XCEL Chapter 11 Chapter Exam 1. Maria the insurance producer completes a sale by collecting the required signatures on the application and obtaining the initial premium. Afterwards, she deposited the check into a personal checking account. Maria committed what crime? ️ Fraud 2. Making a statement that is false and maliciously critical of the financial condition of the insurer is known as: ️ Defamation 3. Which of the following statements is true about an insurer's right ...

XCEL Chapter 10 Exam Questions Correctly Answered. Which of the following is NOT a federal requirement of a qualified plan? A. Must benefit a broad cross-section of employees B. Employee must be able to make unlimited contributions C. Vesting schedule must be defined D. Employer establishes the plan - CORRECT ANSWER Employee must be able to make unlimited contributions Which of the following employers is required to follow ERISA regulations? A. A local government with 150 employees ...

XCEL Chapter 10 Exam Questions with Answers (1) Which of the following is NOT a federal requirement of a qualified plan? A. Must benefit a broad cross-section of employees B. Employee must be able to make unlimited contributions C. Vesting schedule must be defined D. Employer establishes the plan - Answer-Employee must be able to make unlimited contributions Which of the following employers is required to follow ERISA regulations? A. A local government with 150 employees B. A church ...

Xcel Practice Chapter Exam Questions and Answers with complete solution A whole life insurance policyownet foes not wish to continue making premium payments. Which of the following enables the policyowner to call the policy for more than its cash value? Answers>> Life-Settlement Contract P owns a 25,000 Life policy that pays the face amount to him if he lives to age 70, or to his beneficiary if he dies before age 70. What kind of policy does P own? Answers>> Endowment a...

XCEL Chapter 7 Questions and Answers 2023 The California Insurance Code defines "policy" as a(n) written contract The cost of services charged by the Health Insurance Counseling Advocacy Program (HiCap) is no cost Which of the following is NOT covered by the Family and Medical Leave Act (FMLA)? Traveling overseas with a spouse Which of the following acts is NOT a Federal offense committed by an insurance agent? Misrepresentation on an insurance application Whic...