Xcel Solutions IN Life Insurance
Final Exam Questions and Answers
100% Pass
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
EMILY CHARLENE © 2025, ALL RIGHTS RESERVED 1
, 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 occupation
A 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
EMILY CHARLENE © 2025, ALL RIGHTS RESERVED 2
Final Exam Questions and Answers
100% Pass
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
EMILY CHARLENE © 2025, ALL RIGHTS RESERVED 1
, 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 occupation
A 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
EMILY CHARLENE © 2025, ALL RIGHTS RESERVED 2
