XCEL Final Exam Practice Questions and Answers (100% Pass)

XCEL Final Exam Practice Questions and Answers (100% Pass) Irrevocable beneficiary - Answer️️ -What kind of life insurance beneficiary requires his/her consent when a change of beneficiary is made? Anytime - Answer️️ -When can a policy-owner change a revocable beneficiary? Daughter - Answer️️ -K has a life insurance policy where her husband is beneficiary and her daughter is 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? 0 - Answer️️ -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? If the primary beneficiary dies before the insured - Answer️️ -How would a contingent beneficiary receive the policy proceeds in an Accidental Death and Dismemberment (AD&D) policy? ©SOPHIABENNETT@ Monday, August 26, 2024 6:09 AM 2 Irrevocable - Answer️️ -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? The early years are charged more than what is needed - Answer️️ -What is the underlying concept regarding level premiums? Premium Mode - Answer️️ -A policy-owner is able to choose the frequency of premium payments through what policy feature? Mode of Premium - Answer️️ -A policy owner is allowed to pay premiums more than once a year under which provision? Application will be returned to the writing agent. - Answer️️ -An incomplete life insurance application submitted to an insurer will result in which of these actions? Applicant - Answer️️ -Any changes made on an insurance application requires the initials of whom? Set up a meeting with the applicant to answer the remaining questions - Answer️️ -P is a producer who notices 5 questions on a life application were not answered. What actions should P take? Policy was returned within the free-look period, premium will be fully refunded. - Answer️️ -Q applied for life insurance and submitted the initial premium on January 1. The policy was issued February 1, but it was ©SOPHIABENNETT@ Monday, August 26, 2024 6:09 AM 3 not delivered by the agent until February 7. Q is dissatisfied and returns the policy February 13. How will the insurer handle this situation? Beneficiary - Answer️️ -Who is NOT required to sign a life insurance application? Forward the application o the insurer without the initial premium. - Answer️️ -What action should a producer take if the initial premium is NOT Submitted with the application? applicant's physician - Answer️️ -An applicant's medical information received from the Medical Information Bureau (MIB) may be furnished to the To detect and deter terrorism - Answer️️ -What is the purpose of the USA Patriot Act The group was formed for a purpose other than acquiring insurance. - Answer️️ -Which requirement must be met for an association to be eligible for a group life plan? The policy proceeds will be paid if the employee dies during the conversion period. - Answer️️ -When an employee is terminated, which statement about a group term life conversion is true? Certificate - Answer️️ -A person who is insured within a group contract will be given a ©SOPHIABENNETT@ Monday, August 26, 2024 6:09 AM 4 Immediate annuity - Answer️️ -W is a 39-year old female who just purchased an annuity to provide income for life starting at age 60. All of these would be acceptable annuity choices EXCEPT a(n) Single premium - Answer️️ -An immediate an