XCEL NC LIFE INSURANCE FINAL EXAM STUDY GUIDE
QUESTIONS WITH CORRECT ANSWERS 2025/2026
What otype oof oinsurance ooffers opermanent olife ocoverage owith opremiums othat oare opayable ofor
olife?
- oCORRECT oANSWER o-Whole oLife
In oNorth oCarolina, owhich oof othe ofollowing oMUST obe odelivered oto oa opolicy oowner oupon
othe osale oof oan oindividual olife oinsurance opolicy? o- oCORRECT oANSWER o-A oPolicy
oSummary oand oBuyer's oGuide
A operson owho ois oinsured owithin oa ogroup ocontract owill obe ogiven oa: o- oCORRECT oANSWER o-
Certificate
A oprimary obeneficiary ohas odied obefore othe oinsured oin oa olife oinsurance opolicy. oA
ocontingent obeneficiary ois oalso onamed oon othe opolicy. oWhich oof othe ofollowing owill ooccur
owhen othe oinsured odies? o- oCORRECT oANSWER o-Proceeds owill ogo oto othe ocontingent
obeneficiary
When oan oindividual ois oplanning oto oprotect ohis ofamily owith olife oinsurance, oone omethod
oof odoing oso ois ocalled oneed oanalysis. oWhat oexactly odoes oneed oanalysis oinvolve? o-
oCORRECT oANSWER o- oEstablishes othe oneeds oof othe oindividual oand ohis odependents
Which oof othe ofollowing ofeatures oof oa oGroup oTerm oLife opolicy oenables oan oindividual
oto oleave othe ogroup oand ocontinue ohis/her oinsurance owithout oproviding oevidence oof
oinsurability? o- oCORRECT oANSWER o-Conversion oprivilege
,When ocan oa olender orequire osomeone oto opurchase oinsurance ofrom othem oas opart oof othe
ocondition oto oapprove otheir oloan? o- oCORRECT oANSWER o-Never
What otype oof olife oinsurance oare ocredit opolicies oissued oas? o- oCORRECT oANSWER o-Term
, When oan oexisting olife oinsurance opolicy ois obeing oreissued owith oa oreduction oin ocash ovalue,
othe oagent omust osign othe? o- oCORRECT oANSWER o-Notice oRegarding oReplacement oof oLife
oInsurance oor oAnnuity
Which ois otrue oconcerning oa oVariable oUniversal oLife opolicy? o- oCORRECT oANSWER o-
Policyowner ocontrols owhere othe oinvestment owill ogo oand oselects othe oamount oof othe
opremium opayment
Whole olife oinsurance opolicies oare ocontractually oguaranteed oto oprovide oeach oof othe
ofollowing, oEXCEPT: o- oCORRECT oANSWER o-partial owithdrawal ofeatures obeyond oa
osurrender ocharge operiod
From owhat oauthority oderives othe orequirement othat oan oinsurance oapplication ocontains oa
disclosure ostating othat oan oinvestigative oconsumer oreport omay obe oobtained oon oan oapplicant?
o- oCORRECT oANSWER o-Fair oCredit oReporting oAct
A oqualified oprofit-sharing oplan ois odesigned oto: o- oCORRECT oANSWER o-allow oemployees oto
oparticipate oin othe oprofits oof othe ocompany
K obuys oa opolicy owhere othe opremium ostays ofixed ofor othe ofirst o5 oyears. oThe opremium
othen oincreases oin oyear o6 oand ostays olevel othereafter, oall othe owhile othe odeath obenefit
oremains othe osame. oWhat okind oof opolicy ois othis? o- oCORRECT oANSWER o-Modified oWhole
oLife
Which oof othese owould obe oconsidered oa oLimited-Pay oLife opolicy? o- oCORRECT oANSWER o-Life
oPaid-Up oat oAge o70
Z ois oan oagent owho oviolated othe oInsurance oInformation oand oPrivacy oProtection oAct.
oZ owas othen oissued oand oserved oa ostatement oof ocharges oand onotice oof ohearing oby
othe oCommissioner oof oInsurance. oZ's ohearing odate omust obe oat oleast o days
oafter oservice oof ocharges. o- oCORRECT
ANSWER o-10
QUESTIONS WITH CORRECT ANSWERS 2025/2026
What otype oof oinsurance ooffers opermanent olife ocoverage owith opremiums othat oare opayable ofor
olife?
- oCORRECT oANSWER o-Whole oLife
In oNorth oCarolina, owhich oof othe ofollowing oMUST obe odelivered oto oa opolicy oowner oupon
othe osale oof oan oindividual olife oinsurance opolicy? o- oCORRECT oANSWER o-A oPolicy
oSummary oand oBuyer's oGuide
A operson owho ois oinsured owithin oa ogroup ocontract owill obe ogiven oa: o- oCORRECT oANSWER o-
Certificate
A oprimary obeneficiary ohas odied obefore othe oinsured oin oa olife oinsurance opolicy. oA
ocontingent obeneficiary ois oalso onamed oon othe opolicy. oWhich oof othe ofollowing owill ooccur
owhen othe oinsured odies? o- oCORRECT oANSWER o-Proceeds owill ogo oto othe ocontingent
obeneficiary
When oan oindividual ois oplanning oto oprotect ohis ofamily owith olife oinsurance, oone omethod
oof odoing oso ois ocalled oneed oanalysis. oWhat oexactly odoes oneed oanalysis oinvolve? o-
oCORRECT oANSWER o- oEstablishes othe oneeds oof othe oindividual oand ohis odependents
Which oof othe ofollowing ofeatures oof oa oGroup oTerm oLife opolicy oenables oan oindividual
oto oleave othe ogroup oand ocontinue ohis/her oinsurance owithout oproviding oevidence oof
oinsurability? o- oCORRECT oANSWER o-Conversion oprivilege
,When ocan oa olender orequire osomeone oto opurchase oinsurance ofrom othem oas opart oof othe
ocondition oto oapprove otheir oloan? o- oCORRECT oANSWER o-Never
What otype oof olife oinsurance oare ocredit opolicies oissued oas? o- oCORRECT oANSWER o-Term
, When oan oexisting olife oinsurance opolicy ois obeing oreissued owith oa oreduction oin ocash ovalue,
othe oagent omust osign othe? o- oCORRECT oANSWER o-Notice oRegarding oReplacement oof oLife
oInsurance oor oAnnuity
Which ois otrue oconcerning oa oVariable oUniversal oLife opolicy? o- oCORRECT oANSWER o-
Policyowner ocontrols owhere othe oinvestment owill ogo oand oselects othe oamount oof othe
opremium opayment
Whole olife oinsurance opolicies oare ocontractually oguaranteed oto oprovide oeach oof othe
ofollowing, oEXCEPT: o- oCORRECT oANSWER o-partial owithdrawal ofeatures obeyond oa
osurrender ocharge operiod
From owhat oauthority oderives othe orequirement othat oan oinsurance oapplication ocontains oa
disclosure ostating othat oan oinvestigative oconsumer oreport omay obe oobtained oon oan oapplicant?
o- oCORRECT oANSWER o-Fair oCredit oReporting oAct
A oqualified oprofit-sharing oplan ois odesigned oto: o- oCORRECT oANSWER o-allow oemployees oto
oparticipate oin othe oprofits oof othe ocompany
K obuys oa opolicy owhere othe opremium ostays ofixed ofor othe ofirst o5 oyears. oThe opremium
othen oincreases oin oyear o6 oand ostays olevel othereafter, oall othe owhile othe odeath obenefit
oremains othe osame. oWhat okind oof opolicy ois othis? o- oCORRECT oANSWER o-Modified oWhole
oLife
Which oof othese owould obe oconsidered oa oLimited-Pay oLife opolicy? o- oCORRECT oANSWER o-Life
oPaid-Up oat oAge o70
Z ois oan oagent owho oviolated othe oInsurance oInformation oand oPrivacy oProtection oAct.
oZ owas othen oissued oand oserved oa ostatement oof ocharges oand onotice oof ohearing oby
othe oCommissioner oof oInsurance. oZ's ohearing odate omust obe oat oleast o days
oafter oservice oof ocharges. o- oCORRECT
ANSWER o-10
