XCEL LIFE INSURANCE EXAM 2026 FINAL
PAPER DELIVERING FULLY SOLVED
CONTENT
◉Company Z has a Cross Purchase Buy-Sell Agreement in place
among its three founding partners. If the agreement is funded with
individual life insurance, what would it require?. Answer: Each
partner must own a policy on the other partners
◉If a dispute arises over an insurance contract, the agent who sold
the policy is considered to represent the. Answer: Company
◉K pays on a $20,000 20-Year Endowment policy for 10 years and
dies from an automobile accident. How much will the insurance
company pay the beneficiary?. Answer: $20,000 death benefit. If the
insured dies before the endowments maturity. The policy face value
death benefits is paid in a lump sum to any beneficial.
◉J is 35-years old and looking to purchase a whole life insurance
policy. Which of the following types of policies will provide the most
rapid growth of cash value?. Answer: 20-pay life. The shorter the pay
period. The faster the cash value growth.
,◉On an Accidental Death and Dismemberment (AD&D) insurance
policy, who is qualified to change the beneficiary designation?.
Answer: Policyowner
◉How long is the free-look period for accident and health policies
sold in North Carolina?. Answer: 10 days from the date of receiving
the policy to return it for a full refund for any reason
◉Which of the following claims are typically excluded from Medical
expense policies?. Answer: Intentionally self-inflicted injuries
◉An applicant may NOT be refused insurance coverage due to.
Answer: Race
◉J has an Accidental Death and Dismemberment policy with a
principal sum of $50,000. While trimming the hedges, J cuts off one
of his fingers. What is the MAXIMUM J will receive from his policy?.
Answer: $25,000 maximum sum payable would be the capital sum of
$25, 000. Capital sum is the amount paid for accidental
dismemberment or loss of use. Principal sum is the amount paid for
accidental death.
◉The Life and Health Insurance Guaranty Association is funded by
authorized insurers in this State. One of the roles of the organization
is to.. Answer: Assist in the prevention of insurance insolvencies
,◉Which of the following policy provisions prohibits an insurance
company from incorporating external documents into an insurance
policy:. Answer: Entire contract
◉XYZ Insurance company would like to begin conducting business
in NC. Before XYZ can issue or deliver a Health policy, the form,
classification of risks, and premium rates MUST be filed with the.
Answer: Commissioner of Insurance
◉Any changes made on an insurance application requires the
initials of whom?. Answer: Applicant
◉Which of the following statements is correct regarding an
employer/employee group health plan?. Answer: The employer
receives a master policy and the employees receive certificates
◉Periodic health claim payments MUST be made at least. Answer:
Monthly
◉The purpose of the ________ period clause is to avoid an
unintentional lapse of a life insurance policy.. Answer: Grace
◉K is the insured and P is the sole beneficiary on a life insurance
policy. Both are involved in a fatal accident where K dies before P.
, Under the Common Disaster provision, which of these statements is
true?. Answer: Proceeds will be payable to K's estate if P dies with a
specified time. Under the Common Disaster provision, proceeds will
be payable to K's estate if P dies
◉If the Commissioner of Insurance is no longer able to complete the
term of office, who is REQUIRED to fill this vacancy.. Answer:
Governor
◉A life insurance company cannot declare a policy lapsed or
forfeited within one year after default in premium payment, unless it
has mailed a notice indicating the amount of premium due. This
requirement only applies to policies with an:. Answer: Annual
premium
◉T applied for a Disability Income policy and has a history of back
injuries. The insurer issued the policy with a statement that excludes
coverage for back injuries. This statement is called a(n). Answer:
Impairment rider
◉Who does an insurance broker in North Carolina represent?.
Answer: Insured
◉Under the USA Patriot Act, insurers are required to report receipt
of cash payments in excess of. Answer: $10,000 or greater
PAPER DELIVERING FULLY SOLVED
CONTENT
◉Company Z has a Cross Purchase Buy-Sell Agreement in place
among its three founding partners. If the agreement is funded with
individual life insurance, what would it require?. Answer: Each
partner must own a policy on the other partners
◉If a dispute arises over an insurance contract, the agent who sold
the policy is considered to represent the. Answer: Company
◉K pays on a $20,000 20-Year Endowment policy for 10 years and
dies from an automobile accident. How much will the insurance
company pay the beneficiary?. Answer: $20,000 death benefit. If the
insured dies before the endowments maturity. The policy face value
death benefits is paid in a lump sum to any beneficial.
◉J is 35-years old and looking to purchase a whole life insurance
policy. Which of the following types of policies will provide the most
rapid growth of cash value?. Answer: 20-pay life. The shorter the pay
period. The faster the cash value growth.
,◉On an Accidental Death and Dismemberment (AD&D) insurance
policy, who is qualified to change the beneficiary designation?.
Answer: Policyowner
◉How long is the free-look period for accident and health policies
sold in North Carolina?. Answer: 10 days from the date of receiving
the policy to return it for a full refund for any reason
◉Which of the following claims are typically excluded from Medical
expense policies?. Answer: Intentionally self-inflicted injuries
◉An applicant may NOT be refused insurance coverage due to.
Answer: Race
◉J has an Accidental Death and Dismemberment policy with a
principal sum of $50,000. While trimming the hedges, J cuts off one
of his fingers. What is the MAXIMUM J will receive from his policy?.
Answer: $25,000 maximum sum payable would be the capital sum of
$25, 000. Capital sum is the amount paid for accidental
dismemberment or loss of use. Principal sum is the amount paid for
accidental death.
◉The Life and Health Insurance Guaranty Association is funded by
authorized insurers in this State. One of the roles of the organization
is to.. Answer: Assist in the prevention of insurance insolvencies
,◉Which of the following policy provisions prohibits an insurance
company from incorporating external documents into an insurance
policy:. Answer: Entire contract
◉XYZ Insurance company would like to begin conducting business
in NC. Before XYZ can issue or deliver a Health policy, the form,
classification of risks, and premium rates MUST be filed with the.
Answer: Commissioner of Insurance
◉Any changes made on an insurance application requires the
initials of whom?. Answer: Applicant
◉Which of the following statements is correct regarding an
employer/employee group health plan?. Answer: The employer
receives a master policy and the employees receive certificates
◉Periodic health claim payments MUST be made at least. Answer:
Monthly
◉The purpose of the ________ period clause is to avoid an
unintentional lapse of a life insurance policy.. Answer: Grace
◉K is the insured and P is the sole beneficiary on a life insurance
policy. Both are involved in a fatal accident where K dies before P.
, Under the Common Disaster provision, which of these statements is
true?. Answer: Proceeds will be payable to K's estate if P dies with a
specified time. Under the Common Disaster provision, proceeds will
be payable to K's estate if P dies
◉If the Commissioner of Insurance is no longer able to complete the
term of office, who is REQUIRED to fill this vacancy.. Answer:
Governor
◉A life insurance company cannot declare a policy lapsed or
forfeited within one year after default in premium payment, unless it
has mailed a notice indicating the amount of premium due. This
requirement only applies to policies with an:. Answer: Annual
premium
◉T applied for a Disability Income policy and has a history of back
injuries. The insurer issued the policy with a statement that excludes
coverage for back injuries. This statement is called a(n). Answer:
Impairment rider
◉Who does an insurance broker in North Carolina represent?.
Answer: Insured
◉Under the USA Patriot Act, insurers are required to report receipt
of cash payments in excess of. Answer: $10,000 or greater
