XCEL TESTING SOLUTIONS LIFE AND HEALTH
FINAL 150 QUESTION PRACTICE EXAM 2026
COMPLETE QUESTIONS AND VERIFIED
ANSWERS GRADED A+
◉ All of these are characteristics of an Adjustable Life policy,
EXCEPT: Answer: face amount can be adjusted using policy
dividends
◉ The most important factor to consider when determining whether
to convert term insurance at the insured's attained age or the
insured's original age is: Answer: the cost
◉ F needs life insurance that provides coverage for only a limited
amount of time with a death benefit that changes regularly
according to a schedule. What kind of policy is needed? Answer:
Decreasing term policy
◉ Under a Renewable Term policy, Answer: the renewal premium is
calculated on the basis of the insured's attained age
◉ A potential client, age 40, would like to purchase a Whole Life
policy that will accumulate cash value at a faster rate in the early
years of the policy. Which of these statements made by the producer
, would be correct? Answer: 20-Pay Life accumulates cash value faster
than Straight Life
◉ Which of these statements describe a Modified Endowment
Contract (MEC)? Answer: Falls below the minimum amount of
premium that can be paid into a policy and still have it recognized as
a life insurance contract
◉ What type of life insurance are credit policies issued as? Answer:
Term
◉ M purchases a $70,000 Life Insurance Policy with premium
payments of $550 a year for the first 5 years. At the beginning of the
sixth year, the premium will increase to $800 per year but will
remain level thereafter. The face amount will remain at $70,000
throughout the life of the policy. The type of policy that M has
purchased is: Answer: Modified Premiums Life
◉ A father who dies within 3 years after purchasing a life insurance
policy on his infant daughter can have the policy premiums waived
under which provision Answer: Payor provision
◉ What type of insurance offers permanent life coverage with
premiums that are payable for life? Answer: Whole Life
FINAL 150 QUESTION PRACTICE EXAM 2026
COMPLETE QUESTIONS AND VERIFIED
ANSWERS GRADED A+
◉ All of these are characteristics of an Adjustable Life policy,
EXCEPT: Answer: face amount can be adjusted using policy
dividends
◉ The most important factor to consider when determining whether
to convert term insurance at the insured's attained age or the
insured's original age is: Answer: the cost
◉ F needs life insurance that provides coverage for only a limited
amount of time with a death benefit that changes regularly
according to a schedule. What kind of policy is needed? Answer:
Decreasing term policy
◉ Under a Renewable Term policy, Answer: the renewal premium is
calculated on the basis of the insured's attained age
◉ A potential client, age 40, would like to purchase a Whole Life
policy that will accumulate cash value at a faster rate in the early
years of the policy. Which of these statements made by the producer
, would be correct? Answer: 20-Pay Life accumulates cash value faster
than Straight Life
◉ Which of these statements describe a Modified Endowment
Contract (MEC)? Answer: Falls below the minimum amount of
premium that can be paid into a policy and still have it recognized as
a life insurance contract
◉ What type of life insurance are credit policies issued as? Answer:
Term
◉ M purchases a $70,000 Life Insurance Policy with premium
payments of $550 a year for the first 5 years. At the beginning of the
sixth year, the premium will increase to $800 per year but will
remain level thereafter. The face amount will remain at $70,000
throughout the life of the policy. The type of policy that M has
purchased is: Answer: Modified Premiums Life
◉ A father who dies within 3 years after purchasing a life insurance
policy on his infant daughter can have the policy premiums waived
under which provision Answer: Payor provision
◉ What type of insurance offers permanent life coverage with
premiums that are payable for life? Answer: Whole Life
