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pg. 1 IOWA Excel Solutions Exam Latest 2025 Actual Exam| Complete 150 Real Exam Questions and Correct Detailed Answers (Verified Answers) Graded A+ (Brand New!!)
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?-403(b) plan -deferred premium -single premium -period certain – Correct Answer - single premium
X is insured with a disability income policy that provides coverage until age 65. This policy allows the insurer to change the premium rate for the overall risk class assigned. Which of these renewability features does this policy contain?-Guaranteed Assignable -Guaranteed renewable -optionally cancellable -noncancelable – Correct Answer - -Guaranteed renewable
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pg. 2 What kind of insurance policy supplies an income stream over a set period of time that starts when the insured dies?-Family Maintenance Policy -Family income Policy -Survivor Policy -Family survivor policy – Correct Answer - Family maintenance Policy
In order for coverage on a non-medical insurance application to take effect the same day, the producer must collect a signed application and?-A medical information report -the initial premium -forward it immediately to the insurer -attending physician statement – Correct Answer - the initial premium
A Medicare Supplement Policy can be cancelled by the insurer for?-excessive filling claims -nonpayment -poor health -smoking – Correct Answer - Nonpayment
How often must the commissioner examine each domestic insurance company?-Every Year -every 2 years 2 / 4
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pg. 3 every 3 years every 5 years – Correct Answer - every 5 years
Periodic health claim payments MUST be made at least?-monthly -weekly -daily -annually – Correct Answer - Monthly
When must a producer deliver a Notice Regarding Replacement of Life Insurance?-When the policy is issued -at the policy delivery -at the time of application -when the sales appointment is made – Correct Answer - At the time of application
K buys a policy where the premium stays fixed for the first 5 years. The premium then increases in year 6 and stays level thereafter, all the while the death benefit remains the same. What kind of policy is this?
- Variable Life
- adjustable Life
-graded premium whole life -modified whole life – Correct Answer - -modified whole life 3 / 4
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pg. 4 N is covered under an individual Disability policy with a 30-day Elimination period and a monthly benefit of $500. N is totally disabled for 3 1/2 months. N's total benefit received on this claim is?
-$2,000
-$1,750
-$1,500
-$1,250 – Correct Answer - $1,250
S is the policyowner of a Major Medical policy. The premiums are paid monthly and due on the 1st of each month. S fails to make September's payment and is hospitalized October 15th. When S files the claim for this hospitalization, the insurer will likely?-pay half the claim -pay the full claim -pay the claim minus the September and October premium payments -deny the claim – Correct Answer - Deny the claim
which settlement option pays a stated amount to an annuitant but no residual value to a beneficiary?-interest only -fixed period -fixed amount -life income – Correct Answer - Life income
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