Xcel Practice Chapter Exam 2024 Questions and Answers with complete solution

Xcel Practice Chapter Exam 2024 Questions and Answers with complete solution A whole life insurance policyownet foes not wish to continue making premium payments. Which of the following enables the policyowner to call the policy for more than its cash value? - Answer ️️ -Life-Settlement Contract P owns a 25,000 Life policy that pays the face amount to him if he lives to age 70, or to his beneficiary if he dies before age 70. What kind of policy does P own? - Answer ️️ -Endowment at Age 70 Which type of life policy contains a monthly mortality charge as well as self-directed investment choices? - Answer ️️ -Variable Universal Life A policy if adhesion can only be modified by whom? - Answer ️️ -The Insurance company Which of the following consists of an offer, acceptance, and consideration? - Answer ️️ - Contract What type of annuity has a cash value that is based upon the performance of it's underlying investment funds? - Answer ️️ -Variable Which of the following statements is CORRECT regarding the tax treatment of a lump-sum payment paid to a life insurance policy's primary beneficiary? - Answer ️️ -All proceeds are income tax free in the year they are recieved A life insurance application may be rejected on the basis of all of these factors EXCEPT: - Answer ️️ -Gender Term Insurance has which of the following characteristics? - Answer ️️ -Expires at the end of the policy period A student pilot can pay regular premium costs for her life insurance policy with the addition of which of the following? - Answer ️️ -Aviation Exclusion In a life insurance policy, which provision states who may select policy options, designate and name a beneficiary, and be the policy? - Answer ️️ -Owner's Rights The entity whose sole purpose is sharing medical data among its member companies is called the - Answer ️️ -Medical Information Bureau (MIB)