XCEL Final Exam QUESTIONS WITH CORRECT ANSWERS

Irrevocable beneficiary CORRECT ANS What kind of life insurance beneficiary requires his/her consent when a change of beneficiary is made? Anytime CORRECT ANS When can a policy-owner change a revocable beneficiary? Daughter CORRECT ANS K has a life insurance policy where her husband is beneficiary and her daughter is contingent beneficiary. Under the Common Disaster clause, if K and her husband are both killed in an automobile accident, where would the death proceeds be directed? 0 CORRECT ANS T and S are named co-primary beneficiaries on a $500,000 Accidental Death and Dismemberment policy insuring their father. Their mother was named contingent beneficiary. Five years later, S dies of natural causes and the father is killed in a scuba accident shortly afterwards. How much of the death benefit will the mother receive? If the primary beneficiary dies before the insured CORRECT ANS How would a contingent beneficiary receive the policy proceeds in an Accidental Death and Dismemberment (AD&D) policy? Irrevocable CORRECT ANS A policy would like to change the beneficiary on a Life insurance policy and make the change permanent. Which type of designation would fulfill this need? The early years are charged more than what is needed CORRECT ANS What is the underlying concept regarding level premiums? Premium Mode CORRECT ANS A policy-owner is able to choose the frequency of premium payments through what policy feature?