XCEL SOLUTIONS MAIN EXAMINATION SET QUESTIONS
AND ANSWERS SURE A+
✔✔Life Insurance - ✔✔insurance against loss due to the death of a particular person
(the insured) upon whose death the insurance company agrees to pay a stated sum or
income to the beneficiary. In its purist form, life insurance states, "we will pay this
amount when this person dies."
✔✔Term Life Insurance - ✔✔protection for a set number of years; expiring without value
if the insured survives the stated period, which may be one or more years. Term life is
designed to provide temporary protection in case a person dies during a set period of
time.
✔✔Whole Life - ✔✔permanent level insurance protection for a person's "whole of life,"
from policy issue to the death of the insured. Characterized by level premiums, level
benefits, and cash values.
✔✔Group Life - ✔✔a type of insurance contract setting forth the amount of initial and
renewal premiums and frequency of future payments.
✔✔Consideration - ✔✔the part of an insurance contract setting forth the amount of
initial and renewal premiums and frequency of future payments. Consideration is often
said to include the initial premium and completed application for insurance. In other
words, the applicant is saying, "please CONSIDER me for insurance, here is my initial
premium, my completed application, and how much/how often I agree to pay in the
future. Please CONSIDER me."
✔✔The Insuring Agreement (Insuring Clause, Insurance Provision) - ✔✔the portion of
the insurance policy in which the insurer promises to make payment to or on behalf of
the insured. It states the scope and limits of coverage. The insuring agreement is
actually contained in a coverage form from which a policy is constructed. In other words,
it is the insurance company saying, "We ensure to INSURE you under these conditions
for this amount."`
✔✔Health Insurance - ✔✔a general way of describing insurance against loss through
sickness or accidental bodily injury. It is also called accident and health, accident and
sickness, sickness and accident, or disability insurance. It is important to remember the
general term "health insurance" applies to many different types of insurance, not just the
medical insurance that pays for doctor and hospital visits.
✔✔Disability (income) Insurance - ✔✔a form of insurance that insurers the beneficiary's
earned income against the risk that a disability creates a barrier for a worker to
complete the core functions of their work. Although disability insurance is designed to
protect one's income, there are typically rules and regulations in place limiting the
AND ANSWERS SURE A+
✔✔Life Insurance - ✔✔insurance against loss due to the death of a particular person
(the insured) upon whose death the insurance company agrees to pay a stated sum or
income to the beneficiary. In its purist form, life insurance states, "we will pay this
amount when this person dies."
✔✔Term Life Insurance - ✔✔protection for a set number of years; expiring without value
if the insured survives the stated period, which may be one or more years. Term life is
designed to provide temporary protection in case a person dies during a set period of
time.
✔✔Whole Life - ✔✔permanent level insurance protection for a person's "whole of life,"
from policy issue to the death of the insured. Characterized by level premiums, level
benefits, and cash values.
✔✔Group Life - ✔✔a type of insurance contract setting forth the amount of initial and
renewal premiums and frequency of future payments.
✔✔Consideration - ✔✔the part of an insurance contract setting forth the amount of
initial and renewal premiums and frequency of future payments. Consideration is often
said to include the initial premium and completed application for insurance. In other
words, the applicant is saying, "please CONSIDER me for insurance, here is my initial
premium, my completed application, and how much/how often I agree to pay in the
future. Please CONSIDER me."
✔✔The Insuring Agreement (Insuring Clause, Insurance Provision) - ✔✔the portion of
the insurance policy in which the insurer promises to make payment to or on behalf of
the insured. It states the scope and limits of coverage. The insuring agreement is
actually contained in a coverage form from which a policy is constructed. In other words,
it is the insurance company saying, "We ensure to INSURE you under these conditions
for this amount."`
✔✔Health Insurance - ✔✔a general way of describing insurance against loss through
sickness or accidental bodily injury. It is also called accident and health, accident and
sickness, sickness and accident, or disability insurance. It is important to remember the
general term "health insurance" applies to many different types of insurance, not just the
medical insurance that pays for doctor and hospital visits.
✔✔Disability (income) Insurance - ✔✔a form of insurance that insurers the beneficiary's
earned income against the risk that a disability creates a barrier for a worker to
complete the core functions of their work. Although disability insurance is designed to
protect one's income, there are typically rules and regulations in place limiting the
