©SOPHIABENNETT@2024-2025 Monday, August 26, 2024 6:09 AM
Final Exam XCEL VA Study Guide with
Complete Solutions
The free-look period for a new Medicare Supplement policy is -
Answer✔️✔️-30 days
Al surrenders his life insurance policy for its cash value. The total of the
premiums paid into the policy minus total dividends received in cash or
used to offset premiums is referred to as the - Answer✔️✔️-cost basis
All of these are duties that a producer may be required to perform when
delivering an insurance policy EXCEPT - Answer✔️✔️-leave a conditional
receipt with client
which of these would likely be considered an Unfair Claims Settlement
practice? - Answer✔️✔️-offering settlements that are less than the fair value
to offset insurer expenses
Kelly purchases a health insurance policy issued on a conditionally
renewable basis. The insurance company has a right to refuse renewal of
the policy for - Answer✔️✔️-specific reasons stated in the contract
The automatic premium loan provision can be accurately described as a -
Answer✔️✔️-provision that provides a policy loan to pay any premiums by
the end of the grace period
1
, ©SOPHIABENNETT@2024-2025 Monday, August 26, 2024 6:09 AM
An insured files for an accident and health insurance policy claim eight
days after the premium due date. The benefit payable is $500 and the
overdue premium is $200.
Assuming that the policy pays on a first-dollar basis and contains the
unpaid premium provision, how much will the insurer pay? - Answer✔️✔️-
$300
What effect can a long-term care benefit rider have on a life insurance
policy - Answer✔️✔️-reduced death benefit
Jerome is covered by a disability income policy that does NOT provide
benefits for losses occurring as the result of his employment. What kind of
coverage is this? - Answer✔️✔️-nonoccupational coverage
insurable Interest in one's own life is legally considered as - Answer✔️✔️-
generally unlimited
under what circumstance does an accident and health insurer have the
right to request an autopsy - Answer✔️✔️-when not prohibited by state law
The pre-existing conditions exclusion under a small employer medical plan
- Answer✔️✔️-may be partially or fully satisfied by having creditable
coverage with a previous employer
major medical plans typically exclude coverage for which of the following
benefits - Answer✔️✔️-custodial care
2
, ©SOPHIABENNETT@2024-2025 Monday, August 26, 2024 6:09 AM
An employee welfare plan exempt from ERISA regulations would be -
Answer✔️✔️-church plans
which of the following is not an intended use of an annuity - Answer✔️✔️-
Create new funds upon the death of a wage-earner
Which of these statements about traditional individual retirement accounts
is accurate? - Answer✔️✔️-10% penalty is applied to withdrawals prior to
age 59 1/2
The reason for backdating a policy is - Answer✔️✔️-to obtain a premium
rate based on an earlier age
in a disability income contract, an insured is considered to be totally
disabled under the presumptive disability provision if he/she -
Answer✔️✔️-loses the ability to speak
Dan has a major medical expense policy with a $200 deductible and an
80/20 coinsurance provision. He incurs covered medical expenses of $100
in November and $400 in January. Under the carryover provision, what
will the insurer pay? - Answer✔️✔️-$240
a prepaid dental plan has an agreement in place with a network of dentists
which - Answer✔️✔️-accepts an established amount as payment in full for
the dental service rendered
which of the following best describes the presumptive disability provision?
- Answer✔️✔️-waives the typical total disability requirements
3
Final Exam XCEL VA Study Guide with
Complete Solutions
The free-look period for a new Medicare Supplement policy is -
Answer✔️✔️-30 days
Al surrenders his life insurance policy for its cash value. The total of the
premiums paid into the policy minus total dividends received in cash or
used to offset premiums is referred to as the - Answer✔️✔️-cost basis
All of these are duties that a producer may be required to perform when
delivering an insurance policy EXCEPT - Answer✔️✔️-leave a conditional
receipt with client
which of these would likely be considered an Unfair Claims Settlement
practice? - Answer✔️✔️-offering settlements that are less than the fair value
to offset insurer expenses
Kelly purchases a health insurance policy issued on a conditionally
renewable basis. The insurance company has a right to refuse renewal of
the policy for - Answer✔️✔️-specific reasons stated in the contract
The automatic premium loan provision can be accurately described as a -
Answer✔️✔️-provision that provides a policy loan to pay any premiums by
the end of the grace period
1
, ©SOPHIABENNETT@2024-2025 Monday, August 26, 2024 6:09 AM
An insured files for an accident and health insurance policy claim eight
days after the premium due date. The benefit payable is $500 and the
overdue premium is $200.
Assuming that the policy pays on a first-dollar basis and contains the
unpaid premium provision, how much will the insurer pay? - Answer✔️✔️-
$300
What effect can a long-term care benefit rider have on a life insurance
policy - Answer✔️✔️-reduced death benefit
Jerome is covered by a disability income policy that does NOT provide
benefits for losses occurring as the result of his employment. What kind of
coverage is this? - Answer✔️✔️-nonoccupational coverage
insurable Interest in one's own life is legally considered as - Answer✔️✔️-
generally unlimited
under what circumstance does an accident and health insurer have the
right to request an autopsy - Answer✔️✔️-when not prohibited by state law
The pre-existing conditions exclusion under a small employer medical plan
- Answer✔️✔️-may be partially or fully satisfied by having creditable
coverage with a previous employer
major medical plans typically exclude coverage for which of the following
benefits - Answer✔️✔️-custodial care
2
, ©SOPHIABENNETT@2024-2025 Monday, August 26, 2024 6:09 AM
An employee welfare plan exempt from ERISA regulations would be -
Answer✔️✔️-church plans
which of the following is not an intended use of an annuity - Answer✔️✔️-
Create new funds upon the death of a wage-earner
Which of these statements about traditional individual retirement accounts
is accurate? - Answer✔️✔️-10% penalty is applied to withdrawals prior to
age 59 1/2
The reason for backdating a policy is - Answer✔️✔️-to obtain a premium
rate based on an earlier age
in a disability income contract, an insured is considered to be totally
disabled under the presumptive disability provision if he/she -
Answer✔️✔️-loses the ability to speak
Dan has a major medical expense policy with a $200 deductible and an
80/20 coinsurance provision. He incurs covered medical expenses of $100
in November and $400 in January. Under the carryover provision, what
will the insurer pay? - Answer✔️✔️-$240
a prepaid dental plan has an agreement in place with a network of dentists
which - Answer✔️✔️-accepts an established amount as payment in full for
the dental service rendered
which of the following best describes the presumptive disability provision?
- Answer✔️✔️-waives the typical total disability requirements
3
