XCEL Solutions practice Simulator Exam Questions with 100%
Correct Answers Latest Graded A+
Question:
All proceeds are income tax free in the year they are received.
Answer:
Which of the following statements is CORRECT regarding the tax treatment of a lump-sum
payment paid to a life insurance policy's primary beneficiary?
Question:
Alien
Answer:
A(n) insurance company is one formed in a country other than the United States.
Question:
Expires at the end of the policy period.
Answer:
Term insurance has which of the following characteristics?
Question:
Fair Credit Reporting Act
Answer:
Which Federal law allows an insurer to obtain an inspection report on a potential insured?
Question:
Claim will be denied.
Answer:
N is covered by a Term Life policy and does not make the required premium payment which was
due August 1. N dies September 15. What action will the insurer take?
Question:
$0
, Answer:
T and S are named co-primary beneficiaries on a $500,000 Accidental Death and Dismemberment
policy insuring their father. Their mother was named contingent beneficiary. Five years later, S dies
of natural causes and the father is killed in a scuba accident shortly afterwards. How much of the
death benefit will the mother receive?
Question:
Aleatory
Answer:
All of the following are consider to be typical characteristics describing the nature of an insurance
contract, EXCEPT:
Question:
Level
Answer:
K is looking to purchase Renewable Term insurance. Which of these types of Term insurance may
be renewable?
Question:
Waiver of Premium
Answer:
A life insurance policy which ensures that the premium will be paid if the insured becomes disabled
has what kind of rider attached?
Question:
P will still receive declared dividends.
Answer:
P is the insured on a participating life policy. Which statement is true if P's premiums are waived
due to a disability?
Question:
The insurance company
Answer:
A policy of adhesion can only be modified by whom?
Correct Answers Latest Graded A+
Question:
All proceeds are income tax free in the year they are received.
Answer:
Which of the following statements is CORRECT regarding the tax treatment of a lump-sum
payment paid to a life insurance policy's primary beneficiary?
Question:
Alien
Answer:
A(n) insurance company is one formed in a country other than the United States.
Question:
Expires at the end of the policy period.
Answer:
Term insurance has which of the following characteristics?
Question:
Fair Credit Reporting Act
Answer:
Which Federal law allows an insurer to obtain an inspection report on a potential insured?
Question:
Claim will be denied.
Answer:
N is covered by a Term Life policy and does not make the required premium payment which was
due August 1. N dies September 15. What action will the insurer take?
Question:
$0
, Answer:
T and S are named co-primary beneficiaries on a $500,000 Accidental Death and Dismemberment
policy insuring their father. Their mother was named contingent beneficiary. Five years later, S dies
of natural causes and the father is killed in a scuba accident shortly afterwards. How much of the
death benefit will the mother receive?
Question:
Aleatory
Answer:
All of the following are consider to be typical characteristics describing the nature of an insurance
contract, EXCEPT:
Question:
Level
Answer:
K is looking to purchase Renewable Term insurance. Which of these types of Term insurance may
be renewable?
Question:
Waiver of Premium
Answer:
A life insurance policy which ensures that the premium will be paid if the insured becomes disabled
has what kind of rider attached?
Question:
P will still receive declared dividends.
Answer:
P is the insured on a participating life policy. Which statement is true if P's premiums are waived
due to a disability?
Question:
The insurance company
Answer:
A policy of adhesion can only be modified by whom?
