Xcel chapter 3 - Study guides, Class notes & Summaries
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XCEL Chapter 2 - Nature of Insurance Already Graded A+
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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 ...
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XCEL Chapter 7 Review Practice Test.
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XCEL Chapter 7 Review Practice Test. 
 
 
When does a life insurance policy typically become effective? 
A. When the policy is issued 
B. When initial premium is collected and policy is issued 
C. When the application is completed and signed 
D. When the completed application is signed and initial premium is collected - CORRECT ANSWER When initial premium is collected and policy is issued 
 
What is the purpose of the Medical Information Bureau (MIB)? 
 A. To accept or decline insurance applican...
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XCEL Chapter 3 Test Questions with Correct Answers
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XCEL Chapter 3 Test Questions with Correct Answers 
 
Which contract element is insurable interest a component of? 
A.	Competent parties 
B.	Offer and acceptance 
C.	Consideration 
D.	Legal purpose - Answer-Legal purpose 
 
In an insurance contract, the element that shows each party is giving something of value is called? 
A.	offer 
B.	acceptance 
C.	consideration 
D.	purpose - Answer-Consideration 
What makes an insurance policy a unilateral contract? 
A.	Only the insured pays the premium 
B.	O...
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Excel Chapter 3
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XCEL Chapter 11 Chapter Exam
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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 ...
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XCEL Testing Chapter 4: Life Insurance - Provisions, Options, and Riders 2023
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XCEL Testing Chapter 4: Life Insurance - Provisions, Options, and Riders 2023 
 
Entire Contract - ANSWER-States the insurance policy itself, any riders and endorsements/amendments and the application comprise the entire contract between all parties. Insurance cannot make changes to a policy. The entire contract provision is found at the beginning of every insurance policy issued. Only an authorized officer of the insurer is permitted to make changes to the contract. We cannot send you additiona...
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XCEL CHAPTER 1 EXAM REVIEW | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+
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XCEL CHAPTER 1 EXAM REVIEW | 
QUESTIONS & ANSWERS (VERIFIED) | 
LATEST UPDATE | GRADED A+ 
Stock insurer 
Correct Answer: A non-participating company is also called 
Insurance policy 
Correct Answer: Contract that involves one party which indemnifies another when a loss 
arises from an unknown event 
Mutual 
Correct Answer: A type of insurer that is owned by its policy owners is called 
Because dividends are considered to be a return of premium 
Correct Answer: Why are dividends from a mutua...
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XCEL Chapter 7 Test Questions with Correct Answers (1)
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XCEL Chapter 7 Test Questions with Correct Answers (1) 
 
When does a life insurance policy typically become effective? A. When the policy is issued 
B. When initial premium is collected and policy is issued C. When the application is completed and signed 
D. When the completed application is signed and initial premium is collected - Answer- When initial premium is collected and policy is issued 
 
What is the purpose of the Medical Information Bureau (MIB)? 
 A. To accept or decline insurance a...
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safe advanced scrum master exam questions and answers with 100% Correct Answers UPDATED 2022
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safe advanced scrum master exam questions and answers, 
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safe advanced scrum mas...
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XCEL Chapter 7 Test Questions with Correct Answers
- Exam (elaborations) • 3 pages • 2024
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XCEL Chapter 7 Test Questions with Correct Answers 
When does a life insurance policy typically become effective? A. When the policy is issued 
B. When initial premium is collected and policy is issued C. When the application is completed and signed 
D. When the completed application is signed and initial premium is collected - Answer- When initial premium is collected and policy is issued 
 
What is the purpose of the Medical Information Bureau (MIB)? 
 A. To accept or decline insurance applica...
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