XCEL Solutions Life Insurance Final Exam Questions and Verified Answers Graded A+
2026/27
Period Certain - Which annuity payout option allows the policy owner to choose a pre-
determined number of benefit payments?
Life only annuity - Which annuity payout option has no additional payouts regardless of
when the annuitant dies
Errors and Omissions - a professional liability for which producers can be sued for
mistakes of putting a policy into effect
irrevocable beneficiary - requires the beneficiary's signature for any change to the
beneficiary
representations - statements made by an insurance applicant on an application
a specified amount of money - life insurance policies guarantee the beneficiary what upon
the death of the insured
Endodontics - common exclusion on a dental policy
Home health care - Which type of long-term care benefit would be most appropriate for a
stroke victim who requires speech therapy administered at her home?
,March 23, 2010 - According to the Affordable Care Act, any plan in existence prior to
which date is considered a grandfathered plan?
Social Security Disability Income (SSDI) - Which of the following is NOT a type of
Medicare Advantage Plan?
Preferred Provider Organization plan (PPO) - Coordination of Benefits regulation applies
to all of the following plans EXCEPT
30 days - Both long-term care insurance and Medicare Supplement policies may be
returned by the insured for a full refund within
Hospital Indemnity - Which type of coverage pays an amount per day for hospitalization
directly to the insured regardless of the insured's other health insurance?
Limited Policies - Low frequency diseases can be exclusively covered by what kind of
health insurance policies?
Work-related - What type of injury would NOT be covered under a health insurance
policy?
It would be considered taxable income to the employee - Without a Section 125 Plan in
place, what would happen to an employee's payroll contribution to an HSA?
,a policy that is paid up after only one payment - A single premium cash value policy can
be described as
Must have Medicare coverage - How does one become eligible for Part D: Prescription
Drug coverage?
root canal - An example of endodontic treatment is a
US Attorney General - Under US Code 1033, crimes by or affecting persons engaged in
the business of insurance which affect interstate commerce are prosecuted by the
Mortality costs - What would be an expense factor in an insurance program?
Insurer - Which of the following signatures is not required on an individual insurance
application?
outpatient medical services - All of the following are defined as supplemental health
insuring corporation (HIC) services EXCEPT
upper limit of the total lifetime benefits the insurance company will pay - "Maximum
benefits" refers to the
the beneficiary - Signatures for an insurance application MUST be obtained by the
producer from all of the following sources EXCEPT
, Coverage is eliminated - What happens to the coverage under a children's term rider when
that child reaches a certain specified age?
increase the premiums on an individual basis - Which of the following actions may an
insurance company NOT do in a health policy that contains a guaranteed renewable premium
benefit?
issue a cease and desist order against the agent - When the superintendent believes an
agent is causing substantial and material harm, the superintendent has the authority to
A good health statement - Upon policy delivery, which of the following must a producer
have an applicant sign if no initial premium was collected with the life insurance application?
Hedge against inflation - Index whole life insurance contains a securities component that
acts as a(n)
It provides benefits for nonoccupational illnesses and injuries - Which of the following
statements regarding Group Disability Income insurance is TRUE?
Employee must be able to make unlimited contributions - Which of the following is NOT
a federal requirement of a qualified plan?
2026/27
Period Certain - Which annuity payout option allows the policy owner to choose a pre-
determined number of benefit payments?
Life only annuity - Which annuity payout option has no additional payouts regardless of
when the annuitant dies
Errors and Omissions - a professional liability for which producers can be sued for
mistakes of putting a policy into effect
irrevocable beneficiary - requires the beneficiary's signature for any change to the
beneficiary
representations - statements made by an insurance applicant on an application
a specified amount of money - life insurance policies guarantee the beneficiary what upon
the death of the insured
Endodontics - common exclusion on a dental policy
Home health care - Which type of long-term care benefit would be most appropriate for a
stroke victim who requires speech therapy administered at her home?
,March 23, 2010 - According to the Affordable Care Act, any plan in existence prior to
which date is considered a grandfathered plan?
Social Security Disability Income (SSDI) - Which of the following is NOT a type of
Medicare Advantage Plan?
Preferred Provider Organization plan (PPO) - Coordination of Benefits regulation applies
to all of the following plans EXCEPT
30 days - Both long-term care insurance and Medicare Supplement policies may be
returned by the insured for a full refund within
Hospital Indemnity - Which type of coverage pays an amount per day for hospitalization
directly to the insured regardless of the insured's other health insurance?
Limited Policies - Low frequency diseases can be exclusively covered by what kind of
health insurance policies?
Work-related - What type of injury would NOT be covered under a health insurance
policy?
It would be considered taxable income to the employee - Without a Section 125 Plan in
place, what would happen to an employee's payroll contribution to an HSA?
,a policy that is paid up after only one payment - A single premium cash value policy can
be described as
Must have Medicare coverage - How does one become eligible for Part D: Prescription
Drug coverage?
root canal - An example of endodontic treatment is a
US Attorney General - Under US Code 1033, crimes by or affecting persons engaged in
the business of insurance which affect interstate commerce are prosecuted by the
Mortality costs - What would be an expense factor in an insurance program?
Insurer - Which of the following signatures is not required on an individual insurance
application?
outpatient medical services - All of the following are defined as supplemental health
insuring corporation (HIC) services EXCEPT
upper limit of the total lifetime benefits the insurance company will pay - "Maximum
benefits" refers to the
the beneficiary - Signatures for an insurance application MUST be obtained by the
producer from all of the following sources EXCEPT
, Coverage is eliminated - What happens to the coverage under a children's term rider when
that child reaches a certain specified age?
increase the premiums on an individual basis - Which of the following actions may an
insurance company NOT do in a health policy that contains a guaranteed renewable premium
benefit?
issue a cease and desist order against the agent - When the superintendent believes an
agent is causing substantial and material harm, the superintendent has the authority to
A good health statement - Upon policy delivery, which of the following must a producer
have an applicant sign if no initial premium was collected with the life insurance application?
Hedge against inflation - Index whole life insurance contains a securities component that
acts as a(n)
It provides benefits for nonoccupational illnesses and injuries - Which of the following
statements regarding Group Disability Income insurance is TRUE?
Employee must be able to make unlimited contributions - Which of the following is NOT
a federal requirement of a qualified plan?
