XCEL Solutions Life Insurance Final Exam Questions and Verified Answers Graded A+
2026/27
How long is the typical free look period for Long Term care insurance policies? - 30 days
In order to establish a Health Reimbursement Arrangement (HRA), it MUST: - be
established by the employer
In order to establish a Health Reimbursement Arrangement - Managed Care Plans
What should an insured do if the insurer does not send claims forms within the time period set
forth in a health policy's Claims Forms provision? - Submit the claim in any form
A major medical policy typically: - Provides benefits for reasonable and necessary
medical expenses, subject to policy limits
An insured pays premiums on an annual basis for an individual health insurance policy. What is
the MINIMUM number of days for the Grace Period provision? - 31
An insurer must provide an insured with claim forms within __ days after receiving notice of a
loss. - 15
K becomes ill after traveling overseas and is unable to work for 3 months. What kind of policy
would cover her loss of income? - Disability Income
,A Business Disability Buyout plan policy is designed: - To pay benefits to the Corporation
or other shareholders
Z owns a Disability Income policy with a 30-day Elimination period. Z contracts pneumonia that
leaves him unable to work from January 1 until January 15. Z then becomes disabled from an
accident on February 1 and the disability lasts until July 1 the same year. Z will become eligible
to receive benefits starting on: - March 1
If a producer chooses to conduct business under an assumed name, when must notification be
given to the Commissioner? - Prior to using the assumed name
An applicant's medical information received from the Medical Information Bureau (MIB) may
be furnished to the: - Applicant's physician
Which of the following is a duty of the Commissioner? - Reviewing and approving
license applications
What type of rider would be added to an Accident and Health policy if the policyowner wants to
ensure the policy will continue if he/she ever becomes totally disabled? - Waiver of
Premium Rider
X is insured with a Disability Income policy that provides coverage until age 65. This policy
allows the insurer to change the premium rate for the overall risk class assigned. Which of these
renewability features does this policy contain? - Guaranteed Renewable
, According to the Colorado Fraud Statute, all of the following must contain a warning against
insurance fraud EXCEPT - Certificates of authority
Which parts of a health insurance policy are guaranteed to be true? - Warranty
All students attending a large university could be covered by: - A blanket policy
Which of the following is an example of a misrepresentation? - Describing a universal life
policy as a security
Which of the following correctly explains the actions an agent should take if a customer wants to
apply for an insurance policy? - Complete the application and review the information with
the customer prior to obtaining the customer's signature, then send the application off to the
insurance company
In regards to maternity care, which of the following is not required to be covered in the State of
Colorado? - Standard newborn circumcision
In regards to maternity care, which of the following is not required to be covered in the State of -
Surgical Fees
Which of the following services is NOT included under hospitalization - employees who
suffer non-work related disabilities, since work-related disabilities are covered by Workers'
Compensation
2026/27
How long is the typical free look period for Long Term care insurance policies? - 30 days
In order to establish a Health Reimbursement Arrangement (HRA), it MUST: - be
established by the employer
In order to establish a Health Reimbursement Arrangement - Managed Care Plans
What should an insured do if the insurer does not send claims forms within the time period set
forth in a health policy's Claims Forms provision? - Submit the claim in any form
A major medical policy typically: - Provides benefits for reasonable and necessary
medical expenses, subject to policy limits
An insured pays premiums on an annual basis for an individual health insurance policy. What is
the MINIMUM number of days for the Grace Period provision? - 31
An insurer must provide an insured with claim forms within __ days after receiving notice of a
loss. - 15
K becomes ill after traveling overseas and is unable to work for 3 months. What kind of policy
would cover her loss of income? - Disability Income
,A Business Disability Buyout plan policy is designed: - To pay benefits to the Corporation
or other shareholders
Z owns a Disability Income policy with a 30-day Elimination period. Z contracts pneumonia that
leaves him unable to work from January 1 until January 15. Z then becomes disabled from an
accident on February 1 and the disability lasts until July 1 the same year. Z will become eligible
to receive benefits starting on: - March 1
If a producer chooses to conduct business under an assumed name, when must notification be
given to the Commissioner? - Prior to using the assumed name
An applicant's medical information received from the Medical Information Bureau (MIB) may
be furnished to the: - Applicant's physician
Which of the following is a duty of the Commissioner? - Reviewing and approving
license applications
What type of rider would be added to an Accident and Health policy if the policyowner wants to
ensure the policy will continue if he/she ever becomes totally disabled? - Waiver of
Premium Rider
X is insured with a Disability Income policy that provides coverage until age 65. This policy
allows the insurer to change the premium rate for the overall risk class assigned. Which of these
renewability features does this policy contain? - Guaranteed Renewable
, According to the Colorado Fraud Statute, all of the following must contain a warning against
insurance fraud EXCEPT - Certificates of authority
Which parts of a health insurance policy are guaranteed to be true? - Warranty
All students attending a large university could be covered by: - A blanket policy
Which of the following is an example of a misrepresentation? - Describing a universal life
policy as a security
Which of the following correctly explains the actions an agent should take if a customer wants to
apply for an insurance policy? - Complete the application and review the information with
the customer prior to obtaining the customer's signature, then send the application off to the
insurance company
In regards to maternity care, which of the following is not required to be covered in the State of
Colorado? - Standard newborn circumcision
In regards to maternity care, which of the following is not required to be covered in the State of -
Surgical Fees
Which of the following services is NOT included under hospitalization - employees who
suffer non-work related disabilities, since work-related disabilities are covered by Workers'
Compensation
