XCEL Exam Simulator FL questions with correct answers

S recently received a $500,000 lump sum retirement buyout from her employer. She would like to buy an annuity that will immediately furnish her with a guaranteed income for life. What type of annuity is best suited for her situation? CORRECT ANS Single Premium. Immediate Annuities are purchased with a single lump sum payment and will start providing income payments within the first year, but usually starting 30 days from the purchase date. What type of group plan involves employees sharing the cost? CORRECT ANS contributory plan. Which of these circumstances is a Business Disability Buy-Sell policy designed to help in the sale of a business? CORRECT ANS Business owner becoming disabled. A business Disability Buy-Sell policy is signed to assist in the sale of a business when one of the owners becomes disabled. On August 6, D submitted an application for a $50,000 Life Insurance policy and did not pay the initial premium. On August 18, D went to his doctor complaining of chest pains and some tests were given by the doctor. The life policy was delivered by the producer on August 20 and D explains what had recently taken place with the doctor. What action should the producer then take? CORRECT ANS Collect initial premium along with a signed health statement. in this situation, the producer should deliver the policy and obtain the premium payment along with a signed health statement. On a life insurance policy, who is qualified to change the beneficiary designation? CORRECT ANS Policyowner. However, consent may be needed by the current beneficiary if designated as irrevocable.