Xcel Solutions IN Life Insurance Final Exam Questions With 100% Correct Answers.

P is a producer who is licensed in Indiana , but a resident of Michigan . In Indiana , P is considered to be a ( n ) __________ producer . - nonresident . Why would the Insurance Commissioner issue a temporary license ? - To allow the personal representative of a deceased producer to provide service to existing policyowners Which provision is NOT a requirement in a group life policy ? - Accidental A ( n ) _________ beneficiary may be changed by the policyowner WITHOUT the consent of the beneficiary . - Revocable Which of the following provides funding for the Indiana Life and Health Insurance Guaranty Association ? - Member company assessments What is the name of the law that requires insurers to disclose information gathering practices and where the information was obtained ? - Fair Credit Reporting Act Any changes made on an insurance application requires the initials of whom ? -Applicant An individual working part - time has an annual income of $ 25,000 . If this individual has an IRA , what isthe maximum deductible IRA contribution allowable ? - $ 6,000 With whom may a producer share commissions with ? - Anyone the producer deems appropriate To be eligible for Social Security disability benefits , an employee must be unable to perform : - any occupationA Universal Life policy is sometimes referred to as an unbundled Life Policy because the owner can see the interest earned , cost of insurance , and the - expense charges Which statement is TRUE in regards to a policy loan ? - Past - due interest on a policy loan is added to the total debt As a condition for a loan , a bank requires the borrower to purchase credit insurance from a specific company What is the bank guilty of ? - Coercion Why must an insurance applicant answer all questions on the application ? - Statements and representations are considered guarantees T , age 70 , withdraws cash from a profit - sharing plan and purchases a Straight Life Annuity . What will this transaction provide ? - Income that cannot be outlived by the owner Term Life Policies that have the ability to be converted to permanent coverage may do so during a specific time period . This conversion period - varies according to the contract