Xcel Testing Solutions (Life & Health) Final 150 Question Practice Exam complete Questions and Answers

Xcel Testing Solutions (Life & Health) Final 150 Question Practice Exam complete Questions and Answers When can a policy owner change a revocable beneficiary? M purchased an Accidental Death and Dismemberment (AD&D) policy and named his son as beneficiary. M has the right to change the beneficiary designation at anytime. What type of beneficiary is his son? How would a contingent beneficiary receive the policy proceeds in an Accidental Death and Dismemberment (AD&D) policy? What is the underlying concept regarding level premiums? A policy owner is able to choose the frequency of premium payments through what policy feature? Any changes made on an insurance application requires the initials of whom? All of these are considered sources of underwriting information about an applicant EXCEPT Q applied for life insurance and submitted the initial premium on January 1. The policy was issued February 1, but it was not delivered by the agent until February 7. Q is dissatisfied and returns the policy February 13. How will the insurer handle this situation? M completes an application for life insurance but does not pay the initial premium. All of these actions must occur before M's policy goes into effect EXCEPT What action should a producer take if the initial premium is NOT submitted with the application? Which of the following is an important underwriting principle of group life insurance? Which requirement must be met for an association to be eligible for a group life plan?