XCEL SOLUTIONS - FINAL EXAM
A Business Overhead Expense policy would cover which of the following if a business owner
becomes disabled? - Utilities and office rent
A comprehensive major medical health insurance policy contains an Eligible Expenses provision
which identifies the types of health care services that are covered. All of the following health
care services are typically covered, EXCEPT for: - experimental and investigative services
A credit life insurance policy covers the life of the - debtor
A disability elimination period is best described as a: - time deductible
A domestic insurance company in Nevada MUST - be incorporated and formed in Nevada
A Family Income Policy is a combination of Whole Life and - Decreasing Term insurance
A group life insurance policy can be converted to an individual whole life policy under which
circumstance? - employment termination
A health insurance policyholder has ___ days to return the policy and receive a full refund - 10
A hearing must be held before a producer's license can be suspended or revoked. Prior to this
hearing, the Commissioner is required to give - written notice to the producer
A Limited-Pay Life policy - premium payments limited to a specified number of years
A Long-Term Care policy sold in Nevada MUST be - guaranteed renewable
A Medicare Supplement policy may be cancelled for which of the following reasons? - The
premiums has not been paid by the insured
A Medicare Supplement policyholder has ___ days to return the policy and receive a full
premium refund. - 30
A non-disabled individual is first eligible for a Medicare Supplement policy at age - 65
, A noncontributory group term life plan is characterized by: - The entire cost of the plan is paid
for by the employer
A person who is insured within a group contract will be given a - certificate
A policyowner is allowed to pay premiums more than once a year under which provision - mode
of premium
A prepaid application for individual Disability Income insurance was recently submitted to an
insurer. When the insurer received the Medical Information Bureau (MIB) report, the report
showed that the applicant had suffered a stroke 18 months ago, something that was not
disclosed on the application. Which of the following actions would the insurance company NOT
take? - Send a notice to the MIB that the applicant was declined
A primary beneficiary has died before the insured in a life insurance policy. A contingent
beneficiary is also named in the policy. Which of the following will occur when the insured dies?
- Proceeds will go to the contingent beeficiary
A producer is attempting to replace an existing life insurance policy with a new one. What must
this producer submit as part of the application? - A signed statement by the applicant regarding
the replacement
A young, married teacher has two children and owns a Whole Life policy. If the teacher wants
an increase Death Benefit to protect against inflation, the teacher should select which of the
following dividend options? - Paid-Up additional insurance
A(n) ___ is a person or company that underwrites insurance risk and issues an insurance
contract - insurer
A(n) ____ is a consideration or payment for insurance coverage - premium
According to Nevada law, when must an agent deliver the Outline of Coverage to a Medicare
Supplement applicant? - At the time application
According to the Affordable Care Act (ACA), a dependent child's eligibility status is determined
by - age
A Business Overhead Expense policy would cover which of the following if a business owner
becomes disabled? - Utilities and office rent
A comprehensive major medical health insurance policy contains an Eligible Expenses provision
which identifies the types of health care services that are covered. All of the following health
care services are typically covered, EXCEPT for: - experimental and investigative services
A credit life insurance policy covers the life of the - debtor
A disability elimination period is best described as a: - time deductible
A domestic insurance company in Nevada MUST - be incorporated and formed in Nevada
A Family Income Policy is a combination of Whole Life and - Decreasing Term insurance
A group life insurance policy can be converted to an individual whole life policy under which
circumstance? - employment termination
A health insurance policyholder has ___ days to return the policy and receive a full refund - 10
A hearing must be held before a producer's license can be suspended or revoked. Prior to this
hearing, the Commissioner is required to give - written notice to the producer
A Limited-Pay Life policy - premium payments limited to a specified number of years
A Long-Term Care policy sold in Nevada MUST be - guaranteed renewable
A Medicare Supplement policy may be cancelled for which of the following reasons? - The
premiums has not been paid by the insured
A Medicare Supplement policyholder has ___ days to return the policy and receive a full
premium refund. - 30
A non-disabled individual is first eligible for a Medicare Supplement policy at age - 65
, A noncontributory group term life plan is characterized by: - The entire cost of the plan is paid
for by the employer
A person who is insured within a group contract will be given a - certificate
A policyowner is allowed to pay premiums more than once a year under which provision - mode
of premium
A prepaid application for individual Disability Income insurance was recently submitted to an
insurer. When the insurer received the Medical Information Bureau (MIB) report, the report
showed that the applicant had suffered a stroke 18 months ago, something that was not
disclosed on the application. Which of the following actions would the insurance company NOT
take? - Send a notice to the MIB that the applicant was declined
A primary beneficiary has died before the insured in a life insurance policy. A contingent
beneficiary is also named in the policy. Which of the following will occur when the insured dies?
- Proceeds will go to the contingent beeficiary
A producer is attempting to replace an existing life insurance policy with a new one. What must
this producer submit as part of the application? - A signed statement by the applicant regarding
the replacement
A young, married teacher has two children and owns a Whole Life policy. If the teacher wants
an increase Death Benefit to protect against inflation, the teacher should select which of the
following dividend options? - Paid-Up additional insurance
A(n) ___ is a person or company that underwrites insurance risk and issues an insurance
contract - insurer
A(n) ____ is a consideration or payment for insurance coverage - premium
According to Nevada law, when must an agent deliver the Outline of Coverage to a Medicare
Supplement applicant? - At the time application
According to the Affordable Care Act (ACA), a dependent child's eligibility status is determined
by - age
