XCEL Solutions Practice Exam Questions with 100% Correct
Answers Latest Graded A+
Question:
Which of the following protects a policyowner from a misrepresentation caused by an innocent
mistake? Reinstatement clause Entire Contract clause Incontestable clause Nonforfeiture clause
Answer:
Incontestable Clause
Question:
What is the name of the provision which states a copy of the application must be attached to the
policy when issued? Policy Summary Buyer's Guide Entire Contract Entire Policy
Answer:
Entire Contract
Disability Income plans which require that the insurer can NEVER change or alter premium rates
are usually considered...
Guaranteed Renewable
Optionally Renewable
Conditionally Renewable
Question:
Noncancellable
Answer:
Noncancellable
Question:
Which annuity payout option allows the policyowner to choose a pre-determined number of benefit
payments? Period Certain Straight Life Installment Refund Amount Certain
Answer:
Period Certain
,Question:
An employer is issued a group medical insurance policy. This single contract is known as a(n)
Entire Contract Master Policy Certificate of Coverage Employer Contract
Answer:
Master Policy
Question:
With a scheduled dental policy, how are covered expenses paid? A coinsurance is normally applied
to benefits paid A deductible must be met by insured before benefits are paid Benefits are limited to
a specific max dollar amount per procedure Covered expenses are fully reimbursed to the insured
Answer:
Benefits are limited to a specific maximum dollar amount per procedure
Question:
Which of these is NOT a legal reason for an HIC to release a subscriber's confidential health
information? Court order Lawsuit between the subscriber and HIC Public interest Subscriber's
consent
Answer:
Public Interest
Question:
An agent's license has been suspended for non-renewal. The agent may apply for reinstatement
Within 3 months of the license renewal date Within 6 months of the license renewal date Within 12
months of the license renewal date Within 18 months of the license renewal date
Answer:
Within 12 months of the license renewal date
Replacement can be BEST described as:
Exchanging a new policy for one already in force
Converting term insurance to a permanent policy
Question:
An illegal transaction performed by an agent An existing policy being renewed by an applicant on
the renewal date
,Answer:
Exchanging a new policy for one already in force
Mortality is calculated by using a large risk pool of:
Hobbies and time
People and time
Family history and geographical area
Question:
Insurance companies and agents
Answer:
People and time
Medicaid is intended for:
People with kidney failure
People aged 65 and older
Unemployed people
Question:
Poverty stricken people
Answer:
Poverty Stricken People
Question:
A long-term care policy typically provides all of the following levels of care EXCEPT Skilled care
Intermediate care Acute care Custodial care
Answer:
Acute Care
Purchasing a life insurance policy in order to avoid the forced sale of assets upon death is called:
Estate funding
Capital withholding
, Capital gains
Question:
Estate conservation
Answer:
Estate Conservation
Of the following dividend options, which of these is taxable
Reduction of premium
One year term
Paid-up additions
Question:
Accumulation at interest
Answer:
Accumulation at interest
Question:
What guarantees that the statements supplied by an insurance applicant are true? Assurance
Promise Representation Warranty
Answer:
Warranty
Question:
Which of the following would be considered a possible applicant and contract policyholder for
group health benefits? Human resource department Employer Insured employee Insurance
company
Answer:
Employer
All of the following are considered appropriate uses of life insurance for business purposes
EXCEPT:
Attracting quality employees by offering a group life plan
Answers Latest Graded A+
Question:
Which of the following protects a policyowner from a misrepresentation caused by an innocent
mistake? Reinstatement clause Entire Contract clause Incontestable clause Nonforfeiture clause
Answer:
Incontestable Clause
Question:
What is the name of the provision which states a copy of the application must be attached to the
policy when issued? Policy Summary Buyer's Guide Entire Contract Entire Policy
Answer:
Entire Contract
Disability Income plans which require that the insurer can NEVER change or alter premium rates
are usually considered...
Guaranteed Renewable
Optionally Renewable
Conditionally Renewable
Question:
Noncancellable
Answer:
Noncancellable
Question:
Which annuity payout option allows the policyowner to choose a pre-determined number of benefit
payments? Period Certain Straight Life Installment Refund Amount Certain
Answer:
Period Certain
,Question:
An employer is issued a group medical insurance policy. This single contract is known as a(n)
Entire Contract Master Policy Certificate of Coverage Employer Contract
Answer:
Master Policy
Question:
With a scheduled dental policy, how are covered expenses paid? A coinsurance is normally applied
to benefits paid A deductible must be met by insured before benefits are paid Benefits are limited to
a specific max dollar amount per procedure Covered expenses are fully reimbursed to the insured
Answer:
Benefits are limited to a specific maximum dollar amount per procedure
Question:
Which of these is NOT a legal reason for an HIC to release a subscriber's confidential health
information? Court order Lawsuit between the subscriber and HIC Public interest Subscriber's
consent
Answer:
Public Interest
Question:
An agent's license has been suspended for non-renewal. The agent may apply for reinstatement
Within 3 months of the license renewal date Within 6 months of the license renewal date Within 12
months of the license renewal date Within 18 months of the license renewal date
Answer:
Within 12 months of the license renewal date
Replacement can be BEST described as:
Exchanging a new policy for one already in force
Converting term insurance to a permanent policy
Question:
An illegal transaction performed by an agent An existing policy being renewed by an applicant on
the renewal date
,Answer:
Exchanging a new policy for one already in force
Mortality is calculated by using a large risk pool of:
Hobbies and time
People and time
Family history and geographical area
Question:
Insurance companies and agents
Answer:
People and time
Medicaid is intended for:
People with kidney failure
People aged 65 and older
Unemployed people
Question:
Poverty stricken people
Answer:
Poverty Stricken People
Question:
A long-term care policy typically provides all of the following levels of care EXCEPT Skilled care
Intermediate care Acute care Custodial care
Answer:
Acute Care
Purchasing a life insurance policy in order to avoid the forced sale of assets upon death is called:
Estate funding
Capital withholding
, Capital gains
Question:
Estate conservation
Answer:
Estate Conservation
Of the following dividend options, which of these is taxable
Reduction of premium
One year term
Paid-up additions
Question:
Accumulation at interest
Answer:
Accumulation at interest
Question:
What guarantees that the statements supplied by an insurance applicant are true? Assurance
Promise Representation Warranty
Answer:
Warranty
Question:
Which of the following would be considered a possible applicant and contract policyholder for
group health benefits? Human resource department Employer Insured employee Insurance
company
Answer:
Employer
All of the following are considered appropriate uses of life insurance for business purposes
EXCEPT:
Attracting quality employees by offering a group life plan
