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XCEL Georgia Life, Accident, & Sickness Exam Simulator
Correct Complete Questions And Correct Complete Answers
A+ Grade ||Just Out!!!
A Term Life rider offers the insured:
A) Additional life coverage
B) Cash Value
C) Long-term care coverage
D) Disability protection - ANSWER-A) Additional life coverage
A Term Life rider offers the insured additional life coverage.
Which of the following policy features allows an insured to
defer current health charges to the following year's deductible
instead of the current year's deductible?
A) Deferral provision
B) Carryover provision
C) Stop Loss provision
D) Corridor provision - ANSWER-B) Carryover provision
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The Carryover provision permits expenses incurred during the
last three months of the calendar year to be carrier over into
the new year if needed to satisfy the deductible for the next
year.
S would like to use dividends from her life insurance policy to
purchase paid-up additions. All of these would be factors that
determine how much coverage can be purchased, EXCEPT:
A) Type of life insurance
B) S's attained age
C) Dividend amount used toward purchase
D) Beneficiary's age - ANSWER-D) Beneficiary's age
The age of the beneficiary is irrelevant in determining how
much paid-up additions can be purchased.
Which of the following is an example of a nonforfeiture option?
A) Conversion option
B) Reduced Paid-Up option
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C) Inflation option
D) Guaranteed Insurability option - ANSWER-B) Reduced Paid-
Up option
Reduced Paid-Up option is an example of a nonforfeiture
option.
Which document MUST accompany an application that initiates
the replacement of an existing life insurance policy?
A) A signed statement by the applicant regarding the
replacement
B) A signed replacement statement from the insurance
company being replaced
C) A detailed comparison of existing coverage and the proposed
coverage
D) A signed replacement statement from the replacing
insurance company - ANSWER-A) A signed statement by the
applicant regarding the replacement
Each agent who initiates an application for life insurance or
annuity for replacement of an existing policy shall submit a
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signed statement by the applicant regarding the replacement as
a part of the application.
Stranger-Owned Life Insurance (STOLI) is when a person
purchases life insurance only to sell to a(n):
A) Underwriter
B) Sole proprietor with insurable interest
C) Third-party with no insurable interest
D) Relative with insurable interest - ANSWER-C) Third-party with
no insurable interest
Stranger-Owned Life Insurance (STOLI) is when a person
purchases life insurance only to sell to a third-party with no
insurable interest, who would therefore be unable to legally
purchase the original policy. STOLI is a way to circumvent the
insurable interest requirement when purchasing a life insurance
policy. To legally purchase life insurance on someone else, the
purchaser must have an insurable interest in that person's life.
STOLI is prohibited in most states.
? - ANSWER-
XCEL Georgia Life, Accident, & Sickness Exam Simulator
Correct Complete Questions And Correct Complete Answers
A+ Grade ||Just Out!!!
A Term Life rider offers the insured:
A) Additional life coverage
B) Cash Value
C) Long-term care coverage
D) Disability protection - ANSWER-A) Additional life coverage
A Term Life rider offers the insured additional life coverage.
Which of the following policy features allows an insured to
defer current health charges to the following year's deductible
instead of the current year's deductible?
A) Deferral provision
B) Carryover provision
C) Stop Loss provision
D) Corridor provision - ANSWER-B) Carryover provision
,2|Page
The Carryover provision permits expenses incurred during the
last three months of the calendar year to be carrier over into
the new year if needed to satisfy the deductible for the next
year.
S would like to use dividends from her life insurance policy to
purchase paid-up additions. All of these would be factors that
determine how much coverage can be purchased, EXCEPT:
A) Type of life insurance
B) S's attained age
C) Dividend amount used toward purchase
D) Beneficiary's age - ANSWER-D) Beneficiary's age
The age of the beneficiary is irrelevant in determining how
much paid-up additions can be purchased.
Which of the following is an example of a nonforfeiture option?
A) Conversion option
B) Reduced Paid-Up option
,3|Page
C) Inflation option
D) Guaranteed Insurability option - ANSWER-B) Reduced Paid-
Up option
Reduced Paid-Up option is an example of a nonforfeiture
option.
Which document MUST accompany an application that initiates
the replacement of an existing life insurance policy?
A) A signed statement by the applicant regarding the
replacement
B) A signed replacement statement from the insurance
company being replaced
C) A detailed comparison of existing coverage and the proposed
coverage
D) A signed replacement statement from the replacing
insurance company - ANSWER-A) A signed statement by the
applicant regarding the replacement
Each agent who initiates an application for life insurance or
annuity for replacement of an existing policy shall submit a
, 4|Page
signed statement by the applicant regarding the replacement as
a part of the application.
Stranger-Owned Life Insurance (STOLI) is when a person
purchases life insurance only to sell to a(n):
A) Underwriter
B) Sole proprietor with insurable interest
C) Third-party with no insurable interest
D) Relative with insurable interest - ANSWER-C) Third-party with
no insurable interest
Stranger-Owned Life Insurance (STOLI) is when a person
purchases life insurance only to sell to a third-party with no
insurable interest, who would therefore be unable to legally
purchase the original policy. STOLI is a way to circumvent the
insurable interest requirement when purchasing a life insurance
policy. To legally purchase life insurance on someone else, the
purchaser must have an insurable interest in that person's life.
STOLI is prohibited in most states.
? - ANSWER-
