XCEL 101 Final Exam Questions And Answers

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?