XCEL Final Exam California Life Insurance Exam Questions & Answers |
Latest Already Graded A+
STUDY GUIDE EXAM
Medicare Part B has an initial enrollment period. How many months after an individual's 65th birthday
month does this enrollment period end? - (answer)3 months
Which of the following is NOT true regarding a family policy that covers children?
- Term insurance is used for the children's rider
- Adopted children can be covered
- Conversion of a child's coverage to permanent insurance requires evidence of insurability
- Additional children can be added at no cost - (answer)Conversion of a child's coverage to permanent
insurance requires evidence of insurability
Jerry is an insured who understands his age on his life insurance application, paying $12 per $1,000 of
insurance instead of $15 per $1,000. If he dies, how will the adjusted death benefit be calculated? -
(answer)12/15th of the policy's face amount
Moral hazard is described as the - (answer)Increased chance of a loss because of the insured's dishonest
tendencies
What prevents a life insurance policy from being rescinded by the insurer after being in force for two
years? - (answer)Incontestability clause
Which of the following is NOT a requirement of a contract?
- Parties involved must be competent
- Offer and acceptance must be involved
- Contract must have a legal purpose
- Equal consideration is required between the involved parties - (answer)Equal consideration is required
between the involved parties
,XCEL Final Exam California Life Insurance Exam Questions & Answers |
Latest Already Graded A+
STUDY GUIDE EXAM
Which of the following is NOT considered to be a definition of the term "loss"?
- The amount an insurance company must pay because of an insurable event
- An insurable event that takes place which results in a payment made by the insurance company
- Probability that an event will occur
- Unintentional decrease in the value of an asset due to a peril - (answer)Probability that an event will
occur
What is required after a life agent sells an insurance policy to an applicant without being appointed by
the insurer? - (answer)Notice of appointment must be submitted to the commissioner
Which of the following services are health maintenance organizations (HMO's) NOT required to provide?
- Preventative services
- Hospitalization
- Prescription drugs
- Emergency services - (answer)Prescription drugs
A person who asserts a right of recovery under an insurance policy is called - (answer)claimant
When an insurance company requests an attending physician's report, the request must be
accompanied by a - (answer)copy of the signed authorization
Which of the following actions is NOT allowed by Health Insurance Counseling and Advocacy Program
(HiCAP) counselors?
, XCEL Final Exam California Life Insurance Exam Questions & Answers |
Latest Already Graded A+
STUDY GUIDE EXAM
- Medical record keeping assistance
- Charge a fee
- Assist in understanding Medicare Supplements
Assist in policy evaluation - (answer)Charge a fee
What must an applicant do in order to authorize the release of an attending physician report? -
(answer)Sign a consent form
Failure to report background changes within 30 days as required under section 1729.2 of the California
insurance code could subject a license or applicant to - (answer)Denial, suspension, and/or fine
Which statement is true regarding policy dividends?
- Dividends are always taxable
- A dividend option is selected by the insured at the time of policy purchase
- Nonparticipating policies issue dividends
- Dividends are always guaranteed - (answer)A dividend option is selected by the insured at the time of
policy purchase
Which of the following is NOT typically covered under vision care insurance?
- Examinations
- Eye surgery
- Contacts
- Eyeglasses - (answer)Eye surgery
Restoring an insured to the same condition as before a loss is known as - (answer)Principle of indemnity
Latest Already Graded A+
STUDY GUIDE EXAM
Medicare Part B has an initial enrollment period. How many months after an individual's 65th birthday
month does this enrollment period end? - (answer)3 months
Which of the following is NOT true regarding a family policy that covers children?
- Term insurance is used for the children's rider
- Adopted children can be covered
- Conversion of a child's coverage to permanent insurance requires evidence of insurability
- Additional children can be added at no cost - (answer)Conversion of a child's coverage to permanent
insurance requires evidence of insurability
Jerry is an insured who understands his age on his life insurance application, paying $12 per $1,000 of
insurance instead of $15 per $1,000. If he dies, how will the adjusted death benefit be calculated? -
(answer)12/15th of the policy's face amount
Moral hazard is described as the - (answer)Increased chance of a loss because of the insured's dishonest
tendencies
What prevents a life insurance policy from being rescinded by the insurer after being in force for two
years? - (answer)Incontestability clause
Which of the following is NOT a requirement of a contract?
- Parties involved must be competent
- Offer and acceptance must be involved
- Contract must have a legal purpose
- Equal consideration is required between the involved parties - (answer)Equal consideration is required
between the involved parties
,XCEL Final Exam California Life Insurance Exam Questions & Answers |
Latest Already Graded A+
STUDY GUIDE EXAM
Which of the following is NOT considered to be a definition of the term "loss"?
- The amount an insurance company must pay because of an insurable event
- An insurable event that takes place which results in a payment made by the insurance company
- Probability that an event will occur
- Unintentional decrease in the value of an asset due to a peril - (answer)Probability that an event will
occur
What is required after a life agent sells an insurance policy to an applicant without being appointed by
the insurer? - (answer)Notice of appointment must be submitted to the commissioner
Which of the following services are health maintenance organizations (HMO's) NOT required to provide?
- Preventative services
- Hospitalization
- Prescription drugs
- Emergency services - (answer)Prescription drugs
A person who asserts a right of recovery under an insurance policy is called - (answer)claimant
When an insurance company requests an attending physician's report, the request must be
accompanied by a - (answer)copy of the signed authorization
Which of the following actions is NOT allowed by Health Insurance Counseling and Advocacy Program
(HiCAP) counselors?
, XCEL Final Exam California Life Insurance Exam Questions & Answers |
Latest Already Graded A+
STUDY GUIDE EXAM
- Medical record keeping assistance
- Charge a fee
- Assist in understanding Medicare Supplements
Assist in policy evaluation - (answer)Charge a fee
What must an applicant do in order to authorize the release of an attending physician report? -
(answer)Sign a consent form
Failure to report background changes within 30 days as required under section 1729.2 of the California
insurance code could subject a license or applicant to - (answer)Denial, suspension, and/or fine
Which statement is true regarding policy dividends?
- Dividends are always taxable
- A dividend option is selected by the insured at the time of policy purchase
- Nonparticipating policies issue dividends
- Dividends are always guaranteed - (answer)A dividend option is selected by the insured at the time of
policy purchase
Which of the following is NOT typically covered under vision care insurance?
- Examinations
- Eye surgery
- Contacts
- Eyeglasses - (answer)Eye surgery
Restoring an insured to the same condition as before a loss is known as - (answer)Principle of indemnity
