Xcel Solutions Life Insurance Final Exam
Questions and Verified Answers
When is the face amount of a Whole Life policy paid?
When the insured dies or at the policy's maturity date, whichever happens first
An IRA owner can start making withdrawals and NOT be subjected to a tax
penalty beginning at what age?
59 1/2
In an insurance contract, the insurer is the only party who makes a legally
enforceable promise. What kind of contract is this?
Unilateral
Colorado's replacement rules apply to all of the following types of insurance
EXCEPT
Single premium whole life
What type of life policy covers two people and pays upon the death of the last
insured?
,Survivorship
C is a key employee at ABC Incorporated. If a Key Employee life policy is
purchased on her life, which of these statements would be true?
ABC is the policy owner, C is the insured, and ABC is the beneficiary
A policyowner is able to choose the frequency of premium payments through
what policy feature?
Premium Mode
Which of the following are Equity Indexed annuities typically invested in?
S&P 500
An insurer that terminates a producer's appointment must inform the
Commissioner within how many days?
30
When does a Guaranteed Insurability Rider allow the insured to buy additional
coverage?
At future dates specified in the contract with no evidence of insurability required
Which of these types of policies may NOT have the Automatic Premium Loan
provision attached to it?
Decreasing Term
, When recommending the purchase or exchange of an annuity, a producer must
determine the suitability of the purchase by performing all of the following
EXCEPT
Determining the marital status of the applicant
A producer license may be suspended or revoked if the producer is found to be
engaging in
Misrepresentation
Which of these is an element of a Single Premium annuity?
Lump-sum payment
The commissioner may issue an emergency cease and desist order without a
hearing for all of the following circumstances EXCEPT
Writing controlled business
The combination of Whole Life and _____ Term Insurance is referred to as a
Family Income Policy
Decreasing
Who is NOT required to sign a life insurance application?
Beneficiary
Questions and Verified Answers
When is the face amount of a Whole Life policy paid?
When the insured dies or at the policy's maturity date, whichever happens first
An IRA owner can start making withdrawals and NOT be subjected to a tax
penalty beginning at what age?
59 1/2
In an insurance contract, the insurer is the only party who makes a legally
enforceable promise. What kind of contract is this?
Unilateral
Colorado's replacement rules apply to all of the following types of insurance
EXCEPT
Single premium whole life
What type of life policy covers two people and pays upon the death of the last
insured?
,Survivorship
C is a key employee at ABC Incorporated. If a Key Employee life policy is
purchased on her life, which of these statements would be true?
ABC is the policy owner, C is the insured, and ABC is the beneficiary
A policyowner is able to choose the frequency of premium payments through
what policy feature?
Premium Mode
Which of the following are Equity Indexed annuities typically invested in?
S&P 500
An insurer that terminates a producer's appointment must inform the
Commissioner within how many days?
30
When does a Guaranteed Insurability Rider allow the insured to buy additional
coverage?
At future dates specified in the contract with no evidence of insurability required
Which of these types of policies may NOT have the Automatic Premium Loan
provision attached to it?
Decreasing Term
, When recommending the purchase or exchange of an annuity, a producer must
determine the suitability of the purchase by performing all of the following
EXCEPT
Determining the marital status of the applicant
A producer license may be suspended or revoked if the producer is found to be
engaging in
Misrepresentation
Which of these is an element of a Single Premium annuity?
Lump-sum payment
The commissioner may issue an emergency cease and desist order without a
hearing for all of the following circumstances EXCEPT
Writing controlled business
The combination of Whole Life and _____ Term Insurance is referred to as a
Family Income Policy
Decreasing
Who is NOT required to sign a life insurance application?
Beneficiary
