Xcell Testing Solutions (Life & Health) Final 150 Question Practice Exam Questions and Answers 100% Pass

Xcell Testing Solutions (Life & Health) Final 150 Question Practice Exam Questions and Answers 100% Pass When can a policy owner change a revocable beneficiary? - Correct Answer ️️ - Anytime M purchased an Accidental Death and Dismemberment (AD&D) policy and named his son as beneficiary. M has the right to change the beneficiary designation at anytime. What type of beneficiary is his son? - Correct Answer ️️ -Revocable How would a contingent beneficiary receive the policy proceeds in an Accidental Death and Dismemberment (AD&D) policy? - Correct Answer ️️ -If the primary beneficiary dies before the insured What is the underlying concept regarding level premiums? - Correct Answer ️️ -The early years are charged less than what is needed A policy owner is able to choose the frequency of premium payments through what policy feature? - Correct Answer ️️ -Premium Mode Any changes made on an insurance application requires the initials of whom? - Correct Answer ️️ -Applicant All of these are considered sources of underwriting information about an applicant EXCEPT - Correct Answer ️️ -Rating Services Q applied for life insurance and submitted the initial premium on January 1. The policy was issued February 1, but it was not delivered by the agent until February 7. Q is dissatisfied and returns the policy February 13. How will the insurer handle this situation? - Correct Answer ️️ -Policy was returned within the free-look period, premium will be fully refunded M completes an application for life insurance but does not pay the initial premium. All of these actions must occur before M's policy goes into effect EXCEPT - Correct Answer ️️ -free-look period has expired What action should a producer take if the initial premium is NOT submitted with the application? - Correct Answer ️️ -Forward the application to the insurer without the initial premium Which of the following is an important underwriting principle of group life insurance? - Correct Answer ️️ -Everyone must be covered in the group Which requirement must be met for an association to be eligible for a group life plan? - Correct Answer ️️ -Group was formed for a purpose other than acquiring insurance When an employee is terminated, which statement about a group term life conversion is true? - Correct Answer ️️ -Policy proceeds will be paid if the employee dies during the conversion period Under a trustee group life policy, who would be eligible for a certificate of coverage? - Correct Answer ️️ -Corporation N, age 50, recently bought an annuity that will pay a guaranteed $2,000/month at age 70 for life. What type of annuity did N purchase? - Correct Answer ️️ -Fixed Deferred 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 Answer ️️ - Single Premium Which of these is an element of a Single Premium annuity? - Correct Answer ️️ - Lump-sum payment Which of these statements concerning an Individual Straight Life annuity is accurate? - Correct Answer ️️ -Payments are made to an annuitant for life An individual who purchases a Life annuity is given protection against - Correct Answer ️️ -the risk of living longer than expected An immediate annuity consists of a - Correct Answer ️️ -single premium All of these are considered to be a benefit under Social Security EXCEPT for - Correct Answer ️️ -unemployment Which product would best serve a retired individual looking to invest a lump-sum of money through an insurance company? - Correct Answer ️️ -Annuity Which statement regarding third-party ownership of a life insurance policy is true? - Correct Answer ️️ -It is used extensively in estate-planning as well as business circumstances Company Z has a Cross Purchase Buy-Sell Agreement in place among its three founding partners. If the agreement is funded with individual life insurance, what would it require? - Correct Answer ️️ -Each partner must own a policy on the other partners Who elects the governing body of a mutual insurance company? - Correct Answer ️️ - policyholders 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 S would like to use dividends from her life insurance policy to purc