XCEL SOLUTIONS - FINAL EXAM QUESTIONS WITH COMPLETE
SOLUTIONS GRADED A+
A Business Overhead Expense policy would cover which of the following if a business
owner becomes disabled? - Correct AnswersUtilities 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: - Correct
Answersexperimental and investigative services
A credit life insurance policy covers the life of the - Correct Answersdebtor
A disability elimination period is best described as a: - Correct Answerstime deductible
A domestic insurance company in Nevada MUST - Correct Answersbe incorporated and
formed in Nevada
A Family Income Policy is a combination of Whole Life and - Correct AnswersDecreasing
Term insurance
A group life insurance policy can be converted to an individual whole life policy under which
circumstance? - Correct Answersemployment termination
A health insurance policyholder has ___ days to return the policy and receive a full refund -
Correct Answers10
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 - Correct Answerswritten notice to the
producer
,A Limited-Pay Life policy - Correct Answerspremium payments limited to a specified
number of years
A Long-Term Care policy sold in Nevada MUST be - Correct Answersguaranteed
renewable
A Medicare Supplement policy may be cancelled for which of the following reasons? -
Correct AnswersThe premiums has not been paid by the insured
A Medicare Supplement policyholder has ___ days to return the policy and receive a full
premium refund. - Correct Answers30
A non-disabled individual is first eligible for a Medicare Supplement policy at age - Correct
Answers65
A noncontributory group term life plan is characterized by: - Correct AnswersThe entire
cost of the plan is paid for by the employer
A person who is insured within a group contract will be given a - Correct Answerscertificate
A policyowner is allowed to pay premiums more than once a year under which provision -
Correct Answersmode 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? - Correct AnswersSend 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? - Correct AnswersProceeds 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? - Correct AnswersA 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? - Correct AnswersPaid-Up additional insurance
A(n) ___ is a person or company that underwrites insurance risk and issues an insurance
contract - Correct Answersinsurer
A(n) ____ is a consideration or payment for insurance coverage - Correct
Answerspremium
According to Nevada law, when must an agent deliver the Outline of Coverage to a
Medicare Supplement applicant? - Correct AnswersAt the time application
According to the Affordable Care Act (ACA), a dependent child's eligibility status is
determined by - Correct Answersage
After selling an individual life insurance policy, a Nevada producer MUST deliver to the
policy owner a(n) - Correct Answerspolicy summary an buyer's guide
Agent J takes an application and initial premium from an applicant and sends the
application and premium check to the insurance company. The insurance company
returns the check back to J because the check is made out to J instead of the insurance
company. What action should J take? - Correct AnswersReturn to the customer, collect a
new check made out to the insurance company, and send out the new check to the
insurance company
All of the following statements regarding group health insurance is true, EXCEPT: - Correct
AnswersAn individual policy is given to each member.
All of these are a prerequisite for becoming a licensed resident producer in Nevada
EXCEPT - Correct AnswersGraduate from high school
SOLUTIONS GRADED A+
A Business Overhead Expense policy would cover which of the following if a business
owner becomes disabled? - Correct AnswersUtilities 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: - Correct
Answersexperimental and investigative services
A credit life insurance policy covers the life of the - Correct Answersdebtor
A disability elimination period is best described as a: - Correct Answerstime deductible
A domestic insurance company in Nevada MUST - Correct Answersbe incorporated and
formed in Nevada
A Family Income Policy is a combination of Whole Life and - Correct AnswersDecreasing
Term insurance
A group life insurance policy can be converted to an individual whole life policy under which
circumstance? - Correct Answersemployment termination
A health insurance policyholder has ___ days to return the policy and receive a full refund -
Correct Answers10
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 - Correct Answerswritten notice to the
producer
,A Limited-Pay Life policy - Correct Answerspremium payments limited to a specified
number of years
A Long-Term Care policy sold in Nevada MUST be - Correct Answersguaranteed
renewable
A Medicare Supplement policy may be cancelled for which of the following reasons? -
Correct AnswersThe premiums has not been paid by the insured
A Medicare Supplement policyholder has ___ days to return the policy and receive a full
premium refund. - Correct Answers30
A non-disabled individual is first eligible for a Medicare Supplement policy at age - Correct
Answers65
A noncontributory group term life plan is characterized by: - Correct AnswersThe entire
cost of the plan is paid for by the employer
A person who is insured within a group contract will be given a - Correct Answerscertificate
A policyowner is allowed to pay premiums more than once a year under which provision -
Correct Answersmode 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? - Correct AnswersSend 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? - Correct AnswersProceeds 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? - Correct AnswersA 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? - Correct AnswersPaid-Up additional insurance
A(n) ___ is a person or company that underwrites insurance risk and issues an insurance
contract - Correct Answersinsurer
A(n) ____ is a consideration or payment for insurance coverage - Correct
Answerspremium
According to Nevada law, when must an agent deliver the Outline of Coverage to a
Medicare Supplement applicant? - Correct AnswersAt the time application
According to the Affordable Care Act (ACA), a dependent child's eligibility status is
determined by - Correct Answersage
After selling an individual life insurance policy, a Nevada producer MUST deliver to the
policy owner a(n) - Correct Answerspolicy summary an buyer's guide
Agent J takes an application and initial premium from an applicant and sends the
application and premium check to the insurance company. The insurance company
returns the check back to J because the check is made out to J instead of the insurance
company. What action should J take? - Correct AnswersReturn to the customer, collect a
new check made out to the insurance company, and send out the new check to the
insurance company
All of the following statements regarding group health insurance is true, EXCEPT: - Correct
AnswersAn individual policy is given to each member.
All of these are a prerequisite for becoming a licensed resident producer in Nevada
EXCEPT - Correct AnswersGraduate from high school
