XCEL TESTING SOLUTIONS CORE EXAM SET 2026/2027
QUESTIONS AND SOLUTIONS RATED A+
✔✔An error was made on Mary's life insurance application. Which of the following areas
do errors commonly occur on applications and for which the incontestable clause does
NOT apply? - ✔✔- Martial status
- Age
- Address
- Income
Age
✔✔How do interest earnings accumulate in a deferred annuity? - ✔✔- On a tax credit
basis
- on a tax-deferred basis
- on a tax-free basis
- on a taxable basis
on a tax-deferred basis
✔✔A tax-free Section 1035 Exchange of a life insurance policy to a different policy is
permitted if it occurs - ✔✔- in the same as the original transaction
- within a 12-month period
- from insurer to insurer and no cash is received by the policyowner
- from agent to agent as long as the agents are licensed in the same line.
from insurer to insurer and no cash is received by the policyowner
✔✔A producer must notify the Commissioner within___days of a felony conviction. -
✔✔- 30
- 45
- 60
- 90
30
✔✔A life insurance policy that contains a guaranteed interest rate with the chance to
earn a rate that is higher than the guaranteed rate is called: - ✔✔- whole life
- group life
- credit life
- universal life
universal life
✔✔All of the following are elements of an insurance policy EXCEPT - ✔✔- definitions
, - other insurance
- claim forms
- conditions
claim forms
✔✔An annuitant is guaranteed to NOT outlive their benefits with a(n) - ✔✔- survivorship
clause
- guaranteed lifetime withdrawal benefit
- period certain provision
- guaranteed minimum accumulation benefit
guaranteed lifetime withdrawal benefit
✔✔During the accumulation period, who can surrender an annuity? - ✔✔- Payor
- Annuitant
- Beneficiary
- Policyowner
Policyowner
✔✔In which of the following relationships would there NOT be an insurable interest? -
✔✔- Parent to child
- Business partner to business partner
- Brother to sister
- Business owner to business customer
Business owner to business customer
✔✔Which type of multiple protection policy pays on death of the last person? - ✔✔-
Joint life policy
- Survivorship life policy
- Dual Life policy
- Mutiple life policy
Survivorship life policy
✔✔Which type of beneficiary should be named if the insured wants to give explicit
directions on how the policy proceeds should be paid? - ✔✔- Individual
- Group
- Class
- Estate
Individual
QUESTIONS AND SOLUTIONS RATED A+
✔✔An error was made on Mary's life insurance application. Which of the following areas
do errors commonly occur on applications and for which the incontestable clause does
NOT apply? - ✔✔- Martial status
- Age
- Address
- Income
Age
✔✔How do interest earnings accumulate in a deferred annuity? - ✔✔- On a tax credit
basis
- on a tax-deferred basis
- on a tax-free basis
- on a taxable basis
on a tax-deferred basis
✔✔A tax-free Section 1035 Exchange of a life insurance policy to a different policy is
permitted if it occurs - ✔✔- in the same as the original transaction
- within a 12-month period
- from insurer to insurer and no cash is received by the policyowner
- from agent to agent as long as the agents are licensed in the same line.
from insurer to insurer and no cash is received by the policyowner
✔✔A producer must notify the Commissioner within___days of a felony conviction. -
✔✔- 30
- 45
- 60
- 90
30
✔✔A life insurance policy that contains a guaranteed interest rate with the chance to
earn a rate that is higher than the guaranteed rate is called: - ✔✔- whole life
- group life
- credit life
- universal life
universal life
✔✔All of the following are elements of an insurance policy EXCEPT - ✔✔- definitions
, - other insurance
- claim forms
- conditions
claim forms
✔✔An annuitant is guaranteed to NOT outlive their benefits with a(n) - ✔✔- survivorship
clause
- guaranteed lifetime withdrawal benefit
- period certain provision
- guaranteed minimum accumulation benefit
guaranteed lifetime withdrawal benefit
✔✔During the accumulation period, who can surrender an annuity? - ✔✔- Payor
- Annuitant
- Beneficiary
- Policyowner
Policyowner
✔✔In which of the following relationships would there NOT be an insurable interest? -
✔✔- Parent to child
- Business partner to business partner
- Brother to sister
- Business owner to business customer
Business owner to business customer
✔✔Which type of multiple protection policy pays on death of the last person? - ✔✔-
Joint life policy
- Survivorship life policy
- Dual Life policy
- Mutiple life policy
Survivorship life policy
✔✔Which type of beneficiary should be named if the insured wants to give explicit
directions on how the policy proceeds should be paid? - ✔✔- Individual
- Group
- Class
- Estate
Individual
