XCEL Final Exam All Answers Correct
1. Irrevocable beneficiary:
✔️ What kind of life insurance beneficiary requires his/her consent when a change of beneficiary is
made?
2. Anytime:
✔️ When can a policy-owner change a revocable beneficiary?
3. Daughter:
✔️ K has a life insurance policy where her husband is the beneficiary and her daughter is the
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?
4. 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?
5. 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?
6. 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?
7. The early years are charged more than what is needed:
✔️ What is the underlying concept regarding level premiums?
, 8. Premium Mode:
✔️ A policy-owner is able to choose the frequency of premium payments through what policy
feature?
9. Mode of Premium:
✔️ A policy owner is allowed to pay premiums more than once a year under which provision?
10. Application will be returned to the writing agent:
✔️ An incomplete life insurance application submitted to an insurer will result in which of these
actions?
11. Applicant:
✔️ Any changes made on an insurance application require the initials of whom?
12. Set up a meeting with the applicant to answer the remaining questions:
✔️ P is a producer who notices 5 questions on a life application were not answered. What actions
should P take?
13. Policy was returned within the free-look period; premium will be fully refunded:
✔️ Q applied for life insurance and submitted the initial premium on January 1. The policy was issued
February 1, but it was not delivered by the agent until February 7. Q is dissatisfied and returns the policy
February 13. How will the insurer handle this situation?
14. Beneficiary:
✔️ Who is NOT required to sign a life insurance application?
15. Forward the application to the insurer without the initial premium:
✔️ What action should a producer take if the initial premium is NOT submitted with the application?
16. Applicant's physician:
1. Irrevocable beneficiary:
✔️ What kind of life insurance beneficiary requires his/her consent when a change of beneficiary is
made?
2. Anytime:
✔️ When can a policy-owner change a revocable beneficiary?
3. Daughter:
✔️ K has a life insurance policy where her husband is the beneficiary and her daughter is the
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?
4. 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?
5. 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?
6. 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?
7. The early years are charged more than what is needed:
✔️ What is the underlying concept regarding level premiums?
, 8. Premium Mode:
✔️ A policy-owner is able to choose the frequency of premium payments through what policy
feature?
9. Mode of Premium:
✔️ A policy owner is allowed to pay premiums more than once a year under which provision?
10. Application will be returned to the writing agent:
✔️ An incomplete life insurance application submitted to an insurer will result in which of these
actions?
11. Applicant:
✔️ Any changes made on an insurance application require the initials of whom?
12. Set up a meeting with the applicant to answer the remaining questions:
✔️ P is a producer who notices 5 questions on a life application were not answered. What actions
should P take?
13. Policy was returned within the free-look period; premium will be fully refunded:
✔️ Q applied for life insurance and submitted the initial premium on January 1. The policy was issued
February 1, but it was not delivered by the agent until February 7. Q is dissatisfied and returns the policy
February 13. How will the insurer handle this situation?
14. Beneficiary:
✔️ Who is NOT required to sign a life insurance application?
15. Forward the application to the insurer without the initial premium:
✔️ What action should a producer take if the initial premium is NOT submitted with the application?
16. Applicant's physician:
