Xcel chapter 3 test - Study guides, Class notes & Summaries

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...

XCEL Chapter 3 Test Questions with Correct Answers (1) 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...

XCEL Chapter 3 2024 UPDATE TEST PRACTICE MOST TESTED TEST PRACTICE COMPREHENSIVE QUESTIONS AND VERIFIED CORRECT ANSWERS GRADE A+ GET IT RIGHT

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 app...

Chapter 3 (215) XCEL Final Exam Prediction Questions & Answers. Which type of policy is considered to be overfunded, as stated by IRS guidelines? - CORRECT ANSWER The correct answer is "Modified Endowment Contract". A policy that is overfunded to where it does not meet the 7-pay test is considered a Modified Endowment Contract. A(n) _______ _______ Life policy combines investment choices with a form of Term coverage - CORRECT ANSWER The correct answer is "Variable Universal". Variable Un...

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...

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...

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 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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