XCEL LIFE INSURANCE FINAL EXAM LATEST 2024 XCEL
SOLUTIONS LIFE INSURANCE EXAM 250 QUESTIONS
AND CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) ALREADY GRADED A+
RATED
Elizabeth is the beneficiary of a life insurance policy. She's receiving the death benefit and payments of $10,000 per month until the principal and interest has been paid out. Which option was chosen? - ANSWER ✔fixed amount which of the following is an example of the insured's consideration? - ANSWER ✔a paid premium in the state of Michigan, a licensed producer - ANSWER ✔represents the insurer which of these would NOT considered a presumptive disability? - ANSWER ✔loss of a leg or arm
CORRECT: loss of vision and speech, loss of hearing, loss of leg and arm
in Michigan, a small employer is comprised of - ANSWER ✔2 to 50 employees which of the following would be considered a possible application and contract policy holder for group health benefits? - ANSWER ✔employer
an employer would be a possible application and contract policyholder of a single Master contract or Master policy for group health benefits.Tim has a health insurance with a deductible of $500 and an 80/20 coinsurance. How much will she pay if she incurs a loss of
$1,500? - ANSWER ✔$700
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in this situation, the insured will pay $500 deductible plus $200 coinsurance = $700.
$1500-$500=$1000
$1000×20%=$200
$500+$200=$700
which of the following is a requirement for ANY change in an insurance application? - ANSWER ✔change must be initialed by the applicant what does the Consolidated Omnibus Budget Reconciliation act COBRA of 1985 allow an employee to do? - ANSWER ✔in the event of an employment termination, group health insurance can be kept at the employee pays the when a decreasing term policies purchased, it contains a decreasing death benefit and - ANSWER ✔level premiums major medical expense Plants provide coverage for each of the following EXCEPT - ANSWER ✔work-related injuries
CORRECT: medically necessary surgery, diagnostic tests, blood in urine lab screens a form of medical health insurance covering the treatment and care of gum disease is called - ANSWER ✔Dental expense insurance in what form do disability income policies typically pay benefits? - ANSWER ✔periodic income which of these techniques will remove the risk of losing money in the stock market by never purchasing stocks? - ANSWER ✔risk avoidance health insurance involves two parents, accident and _______ - ANSWER ✔sickness continuous 24-hour care provided by licensed medical professionals under the direct supervision of a physician is called - ANSWER ✔skilled nursing care in what part of an insurance policy are policy benefits found? - ANSWER ✔declarations
essentially, the insurance declaration page is like a quick guide to the insurance policy, providing all the basic information the policyholder needs to know. 2 / 4
what type of policy would only provide coverage for specific types of illnesses (cancer, stroke, Etc)? - ANSWER ✔dread disease insurance Shawn, Mike, and Dave are brothers who have a $100,000 "first to die" joint life policy covering all three of their lives. If Mike dies first, the policy proceeds - ANSWER ✔will no longer provide Insurance protection which of the following is NOT a common exclusion for medical expense policy? - ANSWER ✔physical therapy
CORRECT: Act of War, on the job injury, self inflicted injury
The Limited period of time given to all members to sign up for a group health plan is called the - ANSWER ✔enrollment period Amy has a group medical policy through him player with a $500 deductible and the 90% coinsurance provision. She encourages $1,500 in covered Health Care Services. How much will her group insurance carrier pay? - ANSWER ✔$900
in this situation, the group insurance carrier will pay 90% of the covered loss after the deductible has been applied.Kurt is an active-duty service man who was recently killed in an accident while home on leave. Which military service exclusion cause would pay upon his death? - ANSWER ✔Results
the results Claus States the insurer is excused from paying the amount only the death as a result of War.the unfair trade practice of using threat or Force to restrict fair trade in the transaction of insurance is called - ANSWER ✔intimidation Preferred Risk policies with reduced premiums are issued by insurance companies because the insured has - ANSWER ✔better than average mortality or morbidity experience in a long term care policy, activities of daily living (ADL's) can be each of the following EXCEPT - ANSWER ✔talking
CORRECT: Dressing, transferring, feeding oneself
a producer who knowingly submits a FALSE statement in support of a claim.may be found guilty of - ANSWER ✔fraud who were Keogh plans designed to provide pension benefits for? - ANSWER ✔the self-employed 3 / 4
A policyholder's unmarried child is incapable of self support due to physical disability. the child is provided medical care coverage under the parent's policy - ANSWER ✔until policy term with proof of incapacity
written proof of disability and dependcy is required to prove a mental or physical handicap for a dependent child.All of the following are characteristics of a Group Life Insurance Plan EXCEPT - ANSWER ✔individual underwriting
CORRECT: group underwriting, master contract, probationary period
All of the following statements correctly describe the purpose of Social Security EXCEPT - ANSWER ✔it provides a source of income for a meaningful standard of living during retirement
CORRECT: It provides havoc protection against financial problems accompanying death, disability and retirement, it augments a sound personal insurance plan, it provides a time in survivor benefits to a worker and the workers family the authority granted to a licensed producer is provided via the - ANSWER ✔law of agency
according to the law of agency, the producer/agent represents the principal/insurer and is guaranteed actual, implied and apparent authority to act on behalf of the insurer. the law of agency makes the principal responsible for these acts of the agent.All of the following riders can increase the death benefit amount EXCEPT - ANSWER ✔waiver of premium
CORRECT: Cost of living, accidental deathrider, guaranteed insurability
an insurer must furnished to a claimant forms for filing proof of loss within _____ days upon receiving a notice of claim. -
ANSWER ✔15
which of these is not subject to income taxation under a modified endowment contract (MEC)? - ANSWER ✔death benefit
CORRECT: loan against the cash value, policy withdrawal, policy dividend
which type of life insurance policy pays the face amount at the end of the specified period if the insured is still alive? -
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