XCEL Life Insurance State Exam Questions with complete solutions

What are the members of the Medical Bureau (MIB) required to report? - ANSWER-Medical ailments discovered during the underwriting process When an insurance company requests an attending physician's report, the request must be accompanied by a - ANSWER-copy of the signed authorization Tim was recently terminated from his employment and opted to change his existing group term life insurance to individual permanent life insurance. What is this process called? - ANSWER-Conversion How is the cost of employer-provided group life insurance with coverage amounts above $50,000 treated for tax purposes? - ANSWER-Taxable income to the employee Who are the parties to the master contract in a group life insurance policy? - ANSWER-Insurer and employer All of the following are considered characteristics of group life insurance EXCEPT - ANSWER-individual policies Which of the following describes a contributory group insurance plan? - ANSWER-Part of the premium is paid by the employee and the employer Employer-provided group term life insurance is exempt from income taxation up to - ANSWER-$50,000 How does underwriting differ between group life and individual life insurance? - ANSWER-Medical questions must be answered on individual life insurance