Xcel Life, Accident, Health License Exam Questions with 100% Correct Answers

Xcel Life, Accident, Health License Exam Questions with 100% Correct Answers who is not eligible for social security survivor benefits? A. Full-time students under the age of 19 B. A deceased worker's dependent parents of any age C. A widow at any age who is caring for children younger than 16 D. A widow at full retirement age - Correct Answer ️️ -A deceased worker's dependent parents of any age (must be at least 62 years old) what does the group life underwriting risk selection process help protect insurance companies from? - Correct Answer ️️ -adverse selection The open enrollment period for Medicare Part B is... - Correct Answer ️️ -January 1 through March 31 The period in which there are no social security benefits for the surviving spouse is called - Correct Answer ️️ -Blackout period (begins when the youngest child turns 16 and continues until the spouse reaches age 60 at the earliest) ____ is NOT an element of a valid contract? A. countersignature B. legal C. competent parties D. consideration - Correct Answer ️️ -Countersignature Major medical expense plans typically use a cost containment measure for emergency hospital care. This is referred to as a(n) - Limitation - Exclusion - Capitation - Deductible - Correct Answer ️️ -Deductible What happens when an insurance policy is backdated? - The policy's probation period is earlier than the present - The policy's effective date is earlier than the present - The time frame from reinstating a lapsed policy is extended - The policy's elimination period is waived - Correct Answer ️️ -The Policy's effective date is earlier than the present which of the following does restorative dental treamtent cover? - crowns - cleanings - xrays - dentures - Correct Answer ️️ -crowns Under what order are people on the MRMIP waiting list allowed to enroll? - Priority is give to those with the most serious health issues - Based on the individual's date of birth - Priority is given to California residents - Based on the date an individual's application is received - Correct Answer ️️ -Based on the date an individual's application is received What does a life insurance policy guarantee to the stated beneficiary upon the death of the insured? - Funeral expense fund - Specified amount of money - Policy dividend - Policy's cash value - Correct Answer ️️ -Specified amount of money Which type of life insurance offers flexible premiums, a flexible death benefit, and the choice of how the cash value will be invested? - Modified whole life policy - Adjustable life policy - Universal policy - Variable universal policy - Correct Answer ️️ -Variable universal policy Which of these premium payment frequencies is not typically available to a policyowner? - Quarterly - Semi-annual - Bi-weekly - Monthly - Correct Answer ️️ -Bi-weekly According to HIPAA, when can a group health policy renewal be denied? - Participation or contribution rules have been changed - The size of the group has increased by more than 10% - participation or contribution rules have been violated - There have been too many claims in the previous year - Correct Answer ️️ - participation or contribution rules have been violated The reason for social insurance is to - Create dependents of government - Provide more products for agents to sell - Grow the U/S economy - Protect certain vulnerable segments of the population - Correct Answer ️️ -Protect certain vulnerable segments of the population Failure to report background changes with 30 days as required under section 1729.2 of the California insurance code could subject a license or applicant to - Suspension - Denial - Fine - All of these - Correct Answer ️️ -all of these According to PPACA, what is a health benefits exchange? - An entity that offers affordable health coverage to only those with low incomes - An entity where existing policies can be converted to new policies - An entity that provides tax credits to employers for providing health insurance to their employees - An entity to which individuals an d small businesses can have access to affordable health coverage - Correct Answer ️️ -an entity to which individuals and small businesses can have access to affordable health coverage An insurer has the right to recover payment made to the insured from the negligent party. These rights are called - Estoppel - Contributory - Indemnity - Subrogation - Correct Answer ️️ -subrogation what is the nonforfeiture value of an annuity before annuitization? - All premiums paid, plus interest, minus any withdrawals and surrender charges - All premiums paid - All premiums paid minus any withdrawals and surrender charges - All premiums paid plus interest - Correct Answer ️️ -All premiums paid, plus interest, minus any withdrawals and surrender charges Shawn, Mike, and Dave are borhters who have a $100,000 "first to die" joint life policy covering all three of their lives. If mike dies