XCEL
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SOLUTIONS.pdfhttps://www.stuvia.com/user/bringgoodiehttps://www.stuvia.com/user/bringgoodie1https://www.stuvia.com/us
XCEL SOLUTIONS - FINAL EXAM
A Business Overhead Expense policy would cover which of the following if a business owner
becomes disabled? - Utilities and office rent
A comprehensive major medical health insurance policy contains an Eligible Expenses provision
which identifies the types of health care services that are covered. All of the following health
care services are typically covered, EXCEPT for: - experimental and investigative services
A credit life insurance policy covers the life of the - debtor
A disability elimination period is best described as a: - time deductible
A domestic insurance company in Nevada MUST - be incorporated and formed in Nevada
A Family Income Policy is a combination of Whole Life and - Decreasing Term insurance
A group life insurance policy can be converted to an individual whole life policy under which
circumstance? - employment termination
A health insurance policyholder has ___ days to return the policy and receive a full refund - 10
A hearing must be held before a producer's license can be suspended or revoked. Prior to this
hearing, the Commissioner is required to give - written notice to the producer
A Limited-Pay Life policy - premium payments limited to a specified number of years
A Long-Term Care policy sold in Nevada MUST be - guaranteed renewable
A Medicare Supplement policy may be cancelled for which of the following reasons? - The
premiums has not been paid by the insured
A Medicare Supplement policyholder has ___ days to return the policy and receive a full
premium refund. - 30
A non-disabled individual is first eligible for a Medicare Supplement policy at age - 65
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,XCEL
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SOLUTIONS.pdfhttps://www.stuvia.com/user/bringgoodiehttps://www.stuvia.com/user/bringgoodie2https://www.stuvia.com/us
A noncontributory group term life plan is characterized by: - The entire cost of the plan is paid
for by the employer
A person who is insured within a group contract will be given a - certificate
A policyowner is allowed to pay premiums more than once a year under which provision - mode
of premium
A prepaid application for individual Disability Income insurance was recently submitted to an
insurer. When the insurer received the Medical Information Bureau (MIB) report, the report
showed that the applicant had suffered a stroke 18 months ago, something that was not
disclosed on the application. Which of the following actions would the insurance company NOT
take? - Send a notice to the MIB that the applicant was declined
A primary beneficiary has died before the insured in a life insurance policy. A contingent
beneficiary is also named in the policy. Which of the following will occur when the insured dies?
- Proceeds will go to the contingent beeficiary
A producer is attempting to replace an existing life insurance policy with a new one. What must
this producer submit as part of the application? - A signed statement by the applicant regarding
the replacement
A young, married teacher has two children and owns a Whole Life policy. If the teacher wants
an increase Death Benefit to protect against inflation, the teacher should select which of the
following dividend options? - Paid-Up additional insurance
A(n) ___ is a person or company that underwrites insurance risk and issues an insurance
contract - insurer
A(n) ____ is a consideration or payment for insurance coverage - premium
According to Nevada law, when must an agent deliver the Outline of Coverage to a Medicare
Supplement applicant? - At the time application
According to the Affordable Care Act (ACA), a dependent child's eligibility status is determined
by - age
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,XCEL
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SOLUTIONS.pdfhttps://www.stuvia.com/user/bringgoodiehttps://www.stuvia.com/user/bringgoodie3https://www.stuvia.com/us
After selling an individual life insurance policy, a Nevada producer MUST deliver to the policy
owner a(n) - policy summary an buyer's guide
Agent J takes an application and initial premium from an applicant and sends the application
and premium check to the insurance company. The insurance company returns the check back
to J because the check is made out to J instead of the insurance company. What action should
J take? - Return to the customer, collect a new check made out to the insurance company, and
send out the new check to the insurance company
All of the following statements regarding group health insurance is true, EXCEPT: - An
individual policy is given to each member.
All of these are a prerequisite for becoming a licensed resident producer in Nevada EXCEPT -
Graduate from high school
All of these are considered a producer's breach of fiduciary duty EXCEPT - allowing premiums
to be submitted electronically
All of these are considered to be a benefit under Social Security, EXCEPT for: - unemployment
All of these are unfair trade practices EXCEPT - Reinsurance
All students attending a large university could be covered by - a blanket policy
An agent takes an individual Disability Income application, collects the appropriate premium,
and issues the prospective insured a conditional receipt. The next step the insurance company
will take is to - determine if the applicant is an acceptable risk by completing standard
underwriting procedures
An employee with $25,000 group life coverage was recently fired. This employee's group
coverage may be converted to a: - $25,000 individual whole life policy
An example of an unfair claims practice would be - misrepresenting insurance policy provisions
affecting a loss
An example of Life insurance policy replacement would be which of the following? - cash
surrender an existing life policy and purchasing a new life policy
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, XCEL
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SOLUTIONS.pdfhttps://www.stuvia.com/user/bringgoodiehttps://www.stuvia.com/user/bringgoodie4https://www.stuvia.com/us
An individual has a Major Medical policy with a $5,000 deductible and an 80/20 Coinsurance
clause. How much will the INSURED have to pay if a total of $15,000 in covered medical
expenses are incurred? - $7,000
An insurance producer could be found guilty of rebating by - sharing commissions with a client
who purchased insurance
An insurance producer's license MUST be renewed every - three years
An insured is past due on his life insurance premium, but is still within the Grace Period. What
will the beneficiary receive if the insured dies during this Grace Period? - Full face amount
minus any past due premiums
Any criminal charges taken against a producer must be reported to the Commissioner of
Insurance by the producer within how many days of the final disposition? - 30
B the producer sold an insurance contract to a client. B has engaged in - transacting insurance
Basic Medical Expense insurance: - has lower benefit limits than Major Medical Insurance
C is trying to determine whether to convert her convertible term life policy to whole life insurance
using her original age or attained age. What factor would affect her decision the most? - the cost
Credit life insurance is typically issued with which of the following types of coverage? -
Decreasing Term
D is an architect receiving Disability Income benefits who is not able to return to work full time,
but can work on a part-time basis. Which of these features would allow D to continue receiving
benefits? - Residual Benefit clause
D was actively serving in the Marines when he was killed in an automobile accident while on
leave. His $100,000 Whole life policy contains a War Exclusion clause. How much will D's
beneficiary's receive? - the full face amount
Dental care coverage is designed to cover the costs of: - all of the above (orthodontia, oral
surgery, and root canal therapy)
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SOLUTIONS.pdfhttps://www.stuvia.com/user/bringgoodiehttps://www.stuvia.com/user/bringgoodie1https://www.stuvia.com/us
XCEL SOLUTIONS - FINAL EXAM
A Business Overhead Expense policy would cover which of the following if a business owner
becomes disabled? - Utilities and office rent
A comprehensive major medical health insurance policy contains an Eligible Expenses provision
which identifies the types of health care services that are covered. All of the following health
care services are typically covered, EXCEPT for: - experimental and investigative services
A credit life insurance policy covers the life of the - debtor
A disability elimination period is best described as a: - time deductible
A domestic insurance company in Nevada MUST - be incorporated and formed in Nevada
A Family Income Policy is a combination of Whole Life and - Decreasing Term insurance
A group life insurance policy can be converted to an individual whole life policy under which
circumstance? - employment termination
A health insurance policyholder has ___ days to return the policy and receive a full refund - 10
A hearing must be held before a producer's license can be suspended or revoked. Prior to this
hearing, the Commissioner is required to give - written notice to the producer
A Limited-Pay Life policy - premium payments limited to a specified number of years
A Long-Term Care policy sold in Nevada MUST be - guaranteed renewable
A Medicare Supplement policy may be cancelled for which of the following reasons? - The
premiums has not been paid by the insured
A Medicare Supplement policyholder has ___ days to return the policy and receive a full
premium refund. - 30
A non-disabled individual is first eligible for a Medicare Supplement policy at age - 65
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,XCEL
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SOLUTIONS.pdfhttps://www.stuvia.com/user/bringgoodiehttps://www.stuvia.com/user/bringgoodie2https://www.stuvia.com/us
A noncontributory group term life plan is characterized by: - The entire cost of the plan is paid
for by the employer
A person who is insured within a group contract will be given a - certificate
A policyowner is allowed to pay premiums more than once a year under which provision - mode
of premium
A prepaid application for individual Disability Income insurance was recently submitted to an
insurer. When the insurer received the Medical Information Bureau (MIB) report, the report
showed that the applicant had suffered a stroke 18 months ago, something that was not
disclosed on the application. Which of the following actions would the insurance company NOT
take? - Send a notice to the MIB that the applicant was declined
A primary beneficiary has died before the insured in a life insurance policy. A contingent
beneficiary is also named in the policy. Which of the following will occur when the insured dies?
- Proceeds will go to the contingent beeficiary
A producer is attempting to replace an existing life insurance policy with a new one. What must
this producer submit as part of the application? - A signed statement by the applicant regarding
the replacement
A young, married teacher has two children and owns a Whole Life policy. If the teacher wants
an increase Death Benefit to protect against inflation, the teacher should select which of the
following dividend options? - Paid-Up additional insurance
A(n) ___ is a person or company that underwrites insurance risk and issues an insurance
contract - insurer
A(n) ____ is a consideration or payment for insurance coverage - premium
According to Nevada law, when must an agent deliver the Outline of Coverage to a Medicare
Supplement applicant? - At the time application
According to the Affordable Care Act (ACA), a dependent child's eligibility status is determined
by - age
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,XCEL
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https://www.stuvia.com/user/bringgoodiehttps://www.stuvia.com/user/bringgoodie3https://www.stuvia.com/user/bringgoodie
SOLUTIONS.pdfhttps://www.stuvia.com/user/bringgoodiehttps://www.stuvia.com/user/bringgoodie3https://www.stuvia.com/us
After selling an individual life insurance policy, a Nevada producer MUST deliver to the policy
owner a(n) - policy summary an buyer's guide
Agent J takes an application and initial premium from an applicant and sends the application
and premium check to the insurance company. The insurance company returns the check back
to J because the check is made out to J instead of the insurance company. What action should
J take? - Return to the customer, collect a new check made out to the insurance company, and
send out the new check to the insurance company
All of the following statements regarding group health insurance is true, EXCEPT: - An
individual policy is given to each member.
All of these are a prerequisite for becoming a licensed resident producer in Nevada EXCEPT -
Graduate from high school
All of these are considered a producer's breach of fiduciary duty EXCEPT - allowing premiums
to be submitted electronically
All of these are considered to be a benefit under Social Security, EXCEPT for: - unemployment
All of these are unfair trade practices EXCEPT - Reinsurance
All students attending a large university could be covered by - a blanket policy
An agent takes an individual Disability Income application, collects the appropriate premium,
and issues the prospective insured a conditional receipt. The next step the insurance company
will take is to - determine if the applicant is an acceptable risk by completing standard
underwriting procedures
An employee with $25,000 group life coverage was recently fired. This employee's group
coverage may be converted to a: - $25,000 individual whole life policy
An example of an unfair claims practice would be - misrepresenting insurance policy provisions
affecting a loss
An example of Life insurance policy replacement would be which of the following? - cash
surrender an existing life policy and purchasing a new life policy
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, XCEL
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SOLUTIONS.pdfhttps://www.stuvia.com/user/bringgoodiehttps://www.stuvia.com/user/bringgoodie4https://www.stuvia.com/us
An individual has a Major Medical policy with a $5,000 deductible and an 80/20 Coinsurance
clause. How much will the INSURED have to pay if a total of $15,000 in covered medical
expenses are incurred? - $7,000
An insurance producer could be found guilty of rebating by - sharing commissions with a client
who purchased insurance
An insurance producer's license MUST be renewed every - three years
An insured is past due on his life insurance premium, but is still within the Grace Period. What
will the beneficiary receive if the insured dies during this Grace Period? - Full face amount
minus any past due premiums
Any criminal charges taken against a producer must be reported to the Commissioner of
Insurance by the producer within how many days of the final disposition? - 30
B the producer sold an insurance contract to a client. B has engaged in - transacting insurance
Basic Medical Expense insurance: - has lower benefit limits than Major Medical Insurance
C is trying to determine whether to convert her convertible term life policy to whole life insurance
using her original age or attained age. What factor would affect her decision the most? - the cost
Credit life insurance is typically issued with which of the following types of coverage? -
Decreasing Term
D is an architect receiving Disability Income benefits who is not able to return to work full time,
but can work on a part-time basis. Which of these features would allow D to continue receiving
benefits? - Residual Benefit clause
D was actively serving in the Marines when he was killed in an automobile accident while on
leave. His $100,000 Whole life policy contains a War Exclusion clause. How much will D's
beneficiary's receive? - the full face amount
Dental care coverage is designed to cover the costs of: - all of the above (orthodontia, oral
surgery, and root canal therapy)
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