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XCEL SOLUTIONS LIFE INSURANCE
FINAL EXAM QUESTIONS WITH
SOLUTIONS
When is the face amount of a Whole Life policy paid? - correct-answer - When the
insured dies or at the policy's maturity date, whichever happens first
An IRA owner can start making withdrawals and NOT be subjected to a tax
penalty beginning at what age? - correct-answer - 59 1/2
In an insurance contract, the insurer is the only party who makes a legally
enforceable promise. What kind of contract is this? - correct-answer - Unilateral
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Colorado's replacement rules apply to all of the following types of insurance
EXCEPT - correct-answer - Single premium whole life
What type of life policy covers two people and pays upon the death of the last
insured? - correct-answer - Survivorship
C is a key employee at ABC Incorporated. If a Key Employee life policy is
purchased on her life, which of these statements would be true? - correct-answer
- ABC is the policy owner, C is the insured, and ABC is the beneficiary
A policyowner is able to choose the frequency of premium payments through
what policy feature? - correct-answer - Premium Mode
Which of the following are Equity Indexed annuities typically invested in? -
correct-answer - S&P 500
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An insurer that terminates a producer's appointment must inform the
Commissioner within how many days? - correct-answer - 30
When does a Guaranteed Insurability Rider allow the insured to buy additional
coverage? - correct-answer - At future dates specified in the contract with no
evidence of insurability required
Which of these types of policies may NOT have the Automatic Premium Loan
provision attached to it? - correct-answer - Decreasing Term
When recommending the purchase or exchange of an annuity, a producer must
determine the suitability of the purchase by performing all of the following
EXCEPT - correct-answer - Determining the marital status of the applicant
XCEL SOLUTIONS LIFE INSURANCE
FINAL EXAM QUESTIONS WITH
SOLUTIONS
When is the face amount of a Whole Life policy paid? - correct-answer - When the
insured dies or at the policy's maturity date, whichever happens first
An IRA owner can start making withdrawals and NOT be subjected to a tax
penalty beginning at what age? - correct-answer - 59 1/2
In an insurance contract, the insurer is the only party who makes a legally
enforceable promise. What kind of contract is this? - correct-answer - Unilateral
,2|Page
Colorado's replacement rules apply to all of the following types of insurance
EXCEPT - correct-answer - Single premium whole life
What type of life policy covers two people and pays upon the death of the last
insured? - correct-answer - Survivorship
C is a key employee at ABC Incorporated. If a Key Employee life policy is
purchased on her life, which of these statements would be true? - correct-answer
- ABC is the policy owner, C is the insured, and ABC is the beneficiary
A policyowner is able to choose the frequency of premium payments through
what policy feature? - correct-answer - Premium Mode
Which of the following are Equity Indexed annuities typically invested in? -
correct-answer - S&P 500
, 3|Page
An insurer that terminates a producer's appointment must inform the
Commissioner within how many days? - correct-answer - 30
When does a Guaranteed Insurability Rider allow the insured to buy additional
coverage? - correct-answer - At future dates specified in the contract with no
evidence of insurability required
Which of these types of policies may NOT have the Automatic Premium Loan
provision attached to it? - correct-answer - Decreasing Term
When recommending the purchase or exchange of an annuity, a producer must
determine the suitability of the purchase by performing all of the following
EXCEPT - correct-answer - Determining the marital status of the applicant
