XCEL FL TEST STUDY GUIDE WITH QUESTIONS AND CORRECT ANSWERS/ ALREADY PASSED

XCEL FL TEST STUDY GUIDE WITH QUESTIONS AND CORRECT ANSWERS/ ALREADY PASSED Which of the following types of health coverage frequently uses a deductible? Major Medical policy What kind of Accidental Death and Dismemberment (AD&D) insurance beneficiary requires his/her consent when a change of beneficiary is made? Irrevocable beneficiary If a 10-Year Term Life policy contains a Renewability provision, the policy will renew without evidence of insurability Under Florida law, a variable annuity policyowner must be notified of accumulated value of the contract once a year Within how many days after policy delivery can a Medicare Supplement policy be returned for a 100% premium refund? 30 During the course of an insurance transaction, if an agent makes a false or incomplete statement, he/she could be found guilty of misrepresentation Accidental Death coverage is provided to commercial airline passengers in which of the following types of policies? Blanket Accident policy An IRA owner can start making withdrawals and NOT be subjected to a tax penalty beginning at what age? 59 1/2 According to the Mandatory Uniform Policy Provisions, what is the maximum amount of time after the premium due date during which the policy remains in force even though the premium has not been paid? 31 days A licensed agent must be appointed by an insurance company to solicit insurance in Florida. The agent's license will terminate if a certain period of time elapses without being appointed. How long is this period of time? 48 months A Life insurance policyowner would like to take out a policy loan against the cash value in his Whole Life policy. The interest rate applied to this loan may vary over time. This is referred to as a(n) _______ rate loan. Variable Which of these provisions require proof of insurability after a policy has lapsed? Reinstatement What is the purpose of the Insurance Guaranty Fund Association? Protects policyowners against insolvent insurance companies Which of the following is considered an accurate statement of an unfair trade practice? Twisting involves an agent using misrepresentation to convince a policyowner to cancel their current policy so that they can purchases a new life insurance policy with another company