XCEL Life and Health Insurance Test Review 2024 with complete solution

XCEL Life and Health Insurance Test Review 2024 with complete solution Period Certain - Answer ️️ -Which annuity payout option allows the policy owner to choose a pre-determined number of benefit payments? Life only annuity - Answer ️️ -Which annuity payout option has no additional payouts regardless of when the annuitant dies Errors and Omissions - Answer ️️ -a professional liability for which producers can be sued for mistakes of putting a policy into effect irrevocable beneficiary - Answer ️️ -requires the beneficiary's signature for any change to the beneficiary representations - Answer ️️ -statements made by an insurance applicant on an application a specified amount of money - Answer ️️ -life insurance policies guarantee the beneficiary what upon the death of the insured Endodontics - Answer ️️ -common exclusion on a dental policy Home health care - Answer ️️ -Which type of long-term care benefit would be most appropriate for a stroke victim who requires speech therapy administered at her home? March 23, 2010 - Answer ️️ -According to the Affordable Care Act, any plan in existence prior to which date is considered a grandfathered plan? Social Security Disability Income (SSDI) - Answer ️️ -Which of the following is NOT a type of Medicare Advantage Plan? Preferred Provider Organization plan (PPO) - Answer ️️ -Coordination of Benefits regulation applies to all of the following plans EXCEPT 30 days - Answer ️️ -Both long-term care insurance and Medicare Supplement policies may be returned by the insured for a full refund within Hospital Indemnity - Answer ️️ -Which type of coverage pays an amount per day for hospitalization directly to the insured regardless of the insured's other health insurance? Limited Policies - Answer ️️ -Low frequency diseases can be exclusively covered by what kind of health insurance policies? Work-related - Answer ️️ -What type of injury would NOT be covered under a health insurance policy? It would be considered taxable income to the employee - Answer ️️ -Without a Section 125 Plan in place, what would happen to an employee's payroll contribution to an HSA? a policy that is paid up after only one payment - Answer ️️ -A single premium cash value policy can be described as Must have Medicare coverage - Answer ️️ -How does one become eligible for Part D: Prescription Drug coverage? root canal - Answer ️️ -An example of endodontic treatment is a US Attorney General - Answer ️️ -Under US Code 1033, crimes by or affecting persons engaged in the business of insurance which affect interstate commerce are prosecuted by the Mortality costs - Answer ️️ -What would be an expense factor in an insurance program? Insurer - Answer ️️ -Which of the following signatures is not required on an individual insurance application? outpatient medical services - Answer ️️ -All of the following are defined as supplemental health insuring corporation (HIC) services EXCEPT upper limit of the total lifetime benefits the insurance company will pay - Answer ️️ - "Maximum benefits" refers to the the beneficiary - Answer ️️ -Signatures for an insurance application MUST be obtained by the producer from all of the following sources EXCEPT Coverage is eliminated - Answer ️️ -What happens to the coverage under a children's term rider when that child reaches a certain specified age? increase the premiums on an individual basis - Answer ️️ -Which of the following actions may an insurance company NOT do in a health policy that contains a guaranteed renewable premium benefit? issue a cease and desist order against the agent - Answer ️️ -When the superintendent believes an agent is causing substantial and material harm, the superintendent has the authority to A good health statement - Answer ️️ -Upon policy delivery, which of the following must a producer have an applicant sign if no initial premium was collected with the life insurance application? Hedge against inflation - Answer ️️ -Index whole life insurance contains a securities component that acts as