XCEL Final Exam | 101 Questions And Answers Already Graded A+

Irrevocable beneficiary - What kind of life insurance beneficiary requires his/her consent when a change of beneficiary is made? Anytime - When can a policy-owner change a revocable beneficiary? Daughter - 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 - 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 - How would a contingent beneficiary receive the policy proceeds in an Accidental Death and Dismemberment (AD&D) policy? Irrevocable - 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 - What is the underlying concept regarding level premiums? Premium Mode - A policy-owner is able to choose the frequency of premium payments through what policy feature? Mode of Premium - A policy owner is allowed to pay premiums more than once a year under which provision?Application will be returned to the writing agent. -An incomplete life insurance application submitted to an insurer will result in which of these actions? Applicant - Any changes made on an insurance application requires the initials of whom?