XCEL USES OF LIFE INSURANCE
CERTIFICATION EVALUATION QUESTIONS
AND SOLUTIONS PREMIUM REVIEW
MATERIAL
●● Human Needs Approach
Answer: method for determining how insurance protection a person
should have by analyzing families business's needs and objectives
should the insured die, become disabled, or retire
-Calculates the amount immediately upon the death of the insured to pay
for the familys needs and expenses
-personal life insurance planning may involve a lump sum to provide for
such things as education, retirement, and charitable benefits
-most useful to determine HOW MUCH LIFE INSURANCE A CLIENT
should apply for
KNOW: planning which IDENTIFIES THE NEEDS OF AN
INDIVIDUAL AND THE INDIVIDUALS DEPENDENTS
●● needs analysis
, Answer: Determining a customer's needs by acquiring information,
processing and evaluating the information, then creating a plan of action
to address the needs.
Method of life insurance planning which identifies the needs of an
individual and the individuals dependents
Used in the needs approach
●● Needs based selling
Answer: Describes the ethical duty of a procedure to sell a product that
fits the needs of the prospect rather than the needs of the producer.
- Two principle involved in needs-based selling:
Fact-finding
Education
●● Fact-Finding
Answer: First step. An agent should understand what his client's goals
are (Long term, short term, retirement etc.) and be able to create a map
that will lead to the fulfillment of those goals. Treat all information with
the utmost confidence.
CERTIFICATION EVALUATION QUESTIONS
AND SOLUTIONS PREMIUM REVIEW
MATERIAL
●● Human Needs Approach
Answer: method for determining how insurance protection a person
should have by analyzing families business's needs and objectives
should the insured die, become disabled, or retire
-Calculates the amount immediately upon the death of the insured to pay
for the familys needs and expenses
-personal life insurance planning may involve a lump sum to provide for
such things as education, retirement, and charitable benefits
-most useful to determine HOW MUCH LIFE INSURANCE A CLIENT
should apply for
KNOW: planning which IDENTIFIES THE NEEDS OF AN
INDIVIDUAL AND THE INDIVIDUALS DEPENDENTS
●● needs analysis
, Answer: Determining a customer's needs by acquiring information,
processing and evaluating the information, then creating a plan of action
to address the needs.
Method of life insurance planning which identifies the needs of an
individual and the individuals dependents
Used in the needs approach
●● Needs based selling
Answer: Describes the ethical duty of a procedure to sell a product that
fits the needs of the prospect rather than the needs of the producer.
- Two principle involved in needs-based selling:
Fact-finding
Education
●● Fact-Finding
Answer: First step. An agent should understand what his client's goals
are (Long term, short term, retirement etc.) and be able to create a map
that will lead to the fulfillment of those goals. Treat all information with
the utmost confidence.
