1|Page
XCEL Virginia Life insurance Exam
Simulator Includes Accurate And Verified
Questions Tailored For Life, Health,
Property, And Casualty Insurance Licensing
Exams Across Various States. It Mirrors The
Actual Testing Experience With Modules On
Insurance
Replacement regulation is designed to protect - . .
ANSWER ✔ ✔Policyowners from mirepresentation and
loss of benefits
All Health Benefit Plans issued after January 1, 2014 must
provide - . . ANSWER ✔ ✔Preventative health services
Which of these will have the highest monthly payout upon
annuitization - . . ANSWER ✔ ✔Straight life
Which of the following is included in the entire contract
according ti the entire contract provison? - . . ANSWER ✔
✔Clauses
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Which of the following is considered to be an alternative to
a life settlement? - . . ANSWER ✔ ✔Accelered death
benefit rider
With a scheduled dental policy, how are covered expense
paid? - . . ANSWER ✔ ✔Benefits are limited to a specific
maximum dollar amount per procedure
Coordination of benefits regulation applies to all of the
following plans EXCEPT - . . ANSWER ✔ ✔Preferred
provider Organization plan
Which approach predicts a person's earning potential and
determines how much of that amount would be devoted to
dependents? - . . ANSWER ✔ ✔Human life value
approach
Which of the following policies does NOT build cash
value? - . . ANSWER ✔ ✔Term
Which of these is a method of determining the level of
funds required for ongoing support in the event of the
breadwinner's death? - . . ANSWER ✔ ✔Human life value
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The free look period provided in a life insurance policy is
usually - . . ANSWER ✔ ✔10 days
What does "SHOP" stand in SHOP Exchange? - . .
ANSWER ✔ ✔Small Business Health Options Program
An employer is issued a group medical insurance policy.
This single contract is known as a(n) - . . ANSWER ✔
✔master policy
Which of the following is NOT covered under Workers'
Compensation? - . . ANSWER ✔ ✔Pain and suffering
Which of the following provides Medicare supplement
policies? - . . ANSWER ✔ ✔Private insurance companies
A life settlement intermediary is a(n) - . . ANSWER ✔
✔association which maintains a facility that displays offers
and counteroffers for purchasers or sellers of life
settlement contracts
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An annuitant dies during the distribution period. What
kind of annunity will return to a beneficiary the difference
between the annunity value and the income payment
already made? - . . ANSWER ✔ ✔Refund annuity
The is responsible for determining the appropriateness of
a Medicare Supplement policy for an applicant. - . .
ANSWER ✔ ✔Agent
The purpose of the Coordination of Benefits provision in
group accident and health plans is to - . . ANSWER ✔
✔avoid overpayment of claims
Medicaid is intended for - . . ANSWER ✔ ✔poverty
stricken people
A provision that allows a policyowner to temporarily give
up ownership rights to secure a loan is called a(n) - . .
ANSWER ✔ ✔collateral assignment
A disability policy where the premiums are due monthly
require a grace period of - . . ANSWER ✔ ✔10 days
XCEL Virginia Life insurance Exam
Simulator Includes Accurate And Verified
Questions Tailored For Life, Health,
Property, And Casualty Insurance Licensing
Exams Across Various States. It Mirrors The
Actual Testing Experience With Modules On
Insurance
Replacement regulation is designed to protect - . .
ANSWER ✔ ✔Policyowners from mirepresentation and
loss of benefits
All Health Benefit Plans issued after January 1, 2014 must
provide - . . ANSWER ✔ ✔Preventative health services
Which of these will have the highest monthly payout upon
annuitization - . . ANSWER ✔ ✔Straight life
Which of the following is included in the entire contract
according ti the entire contract provison? - . . ANSWER ✔
✔Clauses
,2|Page
Which of the following is considered to be an alternative to
a life settlement? - . . ANSWER ✔ ✔Accelered death
benefit rider
With a scheduled dental policy, how are covered expense
paid? - . . ANSWER ✔ ✔Benefits are limited to a specific
maximum dollar amount per procedure
Coordination of benefits regulation applies to all of the
following plans EXCEPT - . . ANSWER ✔ ✔Preferred
provider Organization plan
Which approach predicts a person's earning potential and
determines how much of that amount would be devoted to
dependents? - . . ANSWER ✔ ✔Human life value
approach
Which of the following policies does NOT build cash
value? - . . ANSWER ✔ ✔Term
Which of these is a method of determining the level of
funds required for ongoing support in the event of the
breadwinner's death? - . . ANSWER ✔ ✔Human life value
,3|Page
The free look period provided in a life insurance policy is
usually - . . ANSWER ✔ ✔10 days
What does "SHOP" stand in SHOP Exchange? - . .
ANSWER ✔ ✔Small Business Health Options Program
An employer is issued a group medical insurance policy.
This single contract is known as a(n) - . . ANSWER ✔
✔master policy
Which of the following is NOT covered under Workers'
Compensation? - . . ANSWER ✔ ✔Pain and suffering
Which of the following provides Medicare supplement
policies? - . . ANSWER ✔ ✔Private insurance companies
A life settlement intermediary is a(n) - . . ANSWER ✔
✔association which maintains a facility that displays offers
and counteroffers for purchasers or sellers of life
settlement contracts
, 4|Page
An annuitant dies during the distribution period. What
kind of annunity will return to a beneficiary the difference
between the annunity value and the income payment
already made? - . . ANSWER ✔ ✔Refund annuity
The is responsible for determining the appropriateness of
a Medicare Supplement policy for an applicant. - . .
ANSWER ✔ ✔Agent
The purpose of the Coordination of Benefits provision in
group accident and health plans is to - . . ANSWER ✔
✔avoid overpayment of claims
Medicaid is intended for - . . ANSWER ✔ ✔poverty
stricken people
A provision that allows a policyowner to temporarily give
up ownership rights to secure a loan is called a(n) - . .
ANSWER ✔ ✔collateral assignment
A disability policy where the premiums are due monthly
require a grace period of - . . ANSWER ✔ ✔10 days
