XCEL Virginia-LIFE & HEALTH EXAM SIMULATOR
2025/2026 BANK COMPLETE STUDY GUIDE
ACCURATE REAL EXAM QUESTIONS TESTING
VERSIONS AND A STUDY GUIDE | EXPERT
VERIFIED FOR GUARANTEED PASS
Which of the following relationships demonstrates
insurable interest in the absence of economic interest? -
....ANSWER...Marriage partners
How much is normally paid to a policy owner in a life
(viatical) settlement? - ....ANSWER...Less than the death
benefit
a large corporation pension plan purchased an
accumulation annuity contract where all of the
participating employees received certificates of
participation. What is this contract called? -
....ANSWER...Group deferred annuity
which of these must be disclosed in a universal life policy -
....ANSWER...the surrender charges of a universal
life policy must be disclosed
1
,which of these is not considered to be a cost connected
with an individuals death - ....ANSWER...business
expenses
which of the following actions may result in an agents
license being suspended - ....ANSWER...rebating a
portion of the commission to the insured
Misrepresenting pertinent policy provisions relating to
coverage after a loss is
A concealment in insurance application
An unfair claims settlement
practice
An unfair discrimination between individuals
A violation of the principle of adhesion -
....ANSWER...unfair claims settlement practice
a life insurance beneficiary died after receiving only six
payments under the policy's life income settlement option.
What happens with the remaining balance of the death
proceeds - ....ANSWER...kept by the insurance
company
2
,what must be given to a life insurance applicant when the
agent receives an application and the initial premium? -
....ANSWER...Conditional receipt
What is the face amount of a $50,000 graded death benefit
life insurance policy when the policy is issued?
$0
$50,000
Under $50,000 initially, but decreases annually over time
Under $50,000 initially, but increases annually until fully
insured - ....ANSWER...under 50,000 initially but
increases over time
what happens to the purchasing power of benefit
payments from a fixed life annuity when the cost of living
goes up - ....ANSWER...decreases
3
, a life insurance policyowner sells her policy to a third
party in a viatical settlement. Under this transaction, the
policyowner - ....ANSWER...receives an amount less than
the policys death benefit
The free-look period for life insurance policy is usually
days - ....ANSWER...10
what is another name for a Keogh plan -
....ANSWER...HR 10 plan
when testing for HIV virginia law requires a consent form
- ....ANSWER...that disclose who may recieve a copy of the
results
which of the following statements about universal life
insurance is not true - ....ANSWER...universal life
insurance normally has a minimum guaranteed cash value
for duration of the policy
Sylvia purchased an annuity for $100,000 from the
proceeds of an inheritance. No further payments are
permitted and the income stream begins in 15 years. This
4
2025/2026 BANK COMPLETE STUDY GUIDE
ACCURATE REAL EXAM QUESTIONS TESTING
VERSIONS AND A STUDY GUIDE | EXPERT
VERIFIED FOR GUARANTEED PASS
Which of the following relationships demonstrates
insurable interest in the absence of economic interest? -
....ANSWER...Marriage partners
How much is normally paid to a policy owner in a life
(viatical) settlement? - ....ANSWER...Less than the death
benefit
a large corporation pension plan purchased an
accumulation annuity contract where all of the
participating employees received certificates of
participation. What is this contract called? -
....ANSWER...Group deferred annuity
which of these must be disclosed in a universal life policy -
....ANSWER...the surrender charges of a universal
life policy must be disclosed
1
,which of these is not considered to be a cost connected
with an individuals death - ....ANSWER...business
expenses
which of the following actions may result in an agents
license being suspended - ....ANSWER...rebating a
portion of the commission to the insured
Misrepresenting pertinent policy provisions relating to
coverage after a loss is
A concealment in insurance application
An unfair claims settlement
practice
An unfair discrimination between individuals
A violation of the principle of adhesion -
....ANSWER...unfair claims settlement practice
a life insurance beneficiary died after receiving only six
payments under the policy's life income settlement option.
What happens with the remaining balance of the death
proceeds - ....ANSWER...kept by the insurance
company
2
,what must be given to a life insurance applicant when the
agent receives an application and the initial premium? -
....ANSWER...Conditional receipt
What is the face amount of a $50,000 graded death benefit
life insurance policy when the policy is issued?
$0
$50,000
Under $50,000 initially, but decreases annually over time
Under $50,000 initially, but increases annually until fully
insured - ....ANSWER...under 50,000 initially but
increases over time
what happens to the purchasing power of benefit
payments from a fixed life annuity when the cost of living
goes up - ....ANSWER...decreases
3
, a life insurance policyowner sells her policy to a third
party in a viatical settlement. Under this transaction, the
policyowner - ....ANSWER...receives an amount less than
the policys death benefit
The free-look period for life insurance policy is usually
days - ....ANSWER...10
what is another name for a Keogh plan -
....ANSWER...HR 10 plan
when testing for HIV virginia law requires a consent form
- ....ANSWER...that disclose who may recieve a copy of the
results
which of the following statements about universal life
insurance is not true - ....ANSWER...universal life
insurance normally has a minimum guaranteed cash value
for duration of the policy
Sylvia purchased an annuity for $100,000 from the
proceeds of an inheritance. No further payments are
permitted and the income stream begins in 15 years. This
4
