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XCEL VIRGINIA LIFE INSURANCE EXAM SIMULATOR
LATEST 2025/ 2026 ACTUAL EXAM WITH COMPLETE
QUESTIONS AND CORRECT DETAILED ANSWERS
(100% VERIFIED ANSWERS) |ALREADY GRADED A+|
||LATEST EXAM!!!|| ||BRANDNEW!!!||
When compared to a fixed annuity, a variable annuity has what distinguishing feature? - Answer-Investment risk is assumed by the purchaser
The ________ is required to notify the Bureau of Insurance of a licensee's change of name or address. - Answer-Licensee
The ________ is required to notify the State Corporation Commission in the event of appointment termination. - Answer-Insurer
Employers often purchase life insurance on a key employee in order to - Answer-pay for finding and training a replacement if the employee dies prematurely.
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A trustee to trustee transfer of rollover funds in a qualified plan allows a participant to avoid - Answer-mandatory income tax withholding on the amount transferred.
An individual who purchases a modified life insurance policy expects - Answer-an improvement in future income
Which of these is not a true statement of the war exclusion
- Answer-it applies to civil insurrections
Which of these is not considered a Federal punishment for unfair and deceptive insurance practices? - Answer- Community Service
Which of the following is generally a form of a group credit life insurance? - Answer-Decreasing term insurance
If a group is considering applying for a group life policy, it MUST - Answer-have a minimum number of eligible persons
Which of these is not a reason to buy a term life policy? - Answer-To accumulate savings 2 / 4
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When a ten year renewable term life insurance policy issued at age 45 is renewed, the premium rate will be the current rate for - Answer-Ten year term insurance for a person aged 55
An example of misrepresentation is - Answer-Falsifying the terms, benefits, advantages, or conditions of an insurance policy
A(n) ________ insurance company conducts business in a state outside the one in which it is domiciled - Answer- alien
When an individual is planning to protect his family with life insurance, one method of doing so is called needs analysis. What exactly does needs analysis involve? - Answer-Identifies the needs of an individual and the individual's dependents
If replacement was involved in the sale of a life insurance policy, an agent must provide a replacement notice no later than the - Answer-application date 3 / 4
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A policyowner has a life insurance policy where she had listed her age on the application as 5 years younger than her actual age. If she dies and the insurer discovers the misstatement of age, how much will the insurance company pay? - Answer-Less than the face amount
Statements made by an insured on an accident and health insurance application are considered to be - Answer- representations
Which of these is not considered the responsibility of a producer during the underwriting process? - Answer- Selecting the final approval date
The interest credited to the cash values of personally owned non qualified annuities is considered - Answer-tax deferred
which of the following is not a valid reason for an insurer to contest a life insurance policy during the policy's first two years of existence? - Answer-Misstatement of age
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