XCEL Solutions: Virginia 150 Questions Weighted Real Time Exam(RATED A)

An accident and Health insurance applicant who fails to includes material medical information on an application would be reason for the insurer to - ANSWER deny any future claims and to refund the premium S has a Whole Life Policy with a premium payment due soon. Which provision would keep the policy in force if S does not make the required payment and the policy has adequate cash value from which the premium payment can be made? - ANSWER Automatic Policy Loan In order for coverage on a non-medical insurance application to take effect the same day, the producer must collect a signed application and - ANSWER the initial premium M has a Major insurance policy with a $200 flat deductible and an 80% Coinsurance clause. If M incurs a $2,200 claim for an eligible medical expense, how much will M receive in payment for this claim? - ANSWER $1,600 What benefit does the Payor clause on a Juvenile Life policy provide ? - ANSWER Premiums are waived if payor becomes disabled An agent offers an applicant something of value not mentioned in the contract as an inducement to purchase an insurance policy. The illegal act is called - ANSWER rebating If an individual has an Accidental Death and Dismemberment policy and dies, an autopsy can be performed in all these situations EXCEPT: - ANSWER When the state prohibits this by law Which plan is intended to be used by a sole proprietor and the employees of that business? - ANSWER Keogh Plan A policy owner's rights are limited under which beneficiary designation? - ANSWER Irrevocable T circulated false statements that were maliciously critical of an insurer's financial condition. T may be found guilty of - ANSWER Defamation