EXCEL Practice Exam Questions and Answers (100% Pass)

EXCEL Practice Exam Questions and Answers (100% Pass) A licensed agent who lives in another state and transacts insurance in Ohio is called a foreign agent a special agent a nonresident agent an unauthorized agent - Answer️️ -a nonresident agent Which of these factors is NOT taken into account when determining an applicant's life insurance needs? Social Security automobile savings pension - Answer️️ -automobile In contrast to a guaranteed renewable policy, a noncancellable policy may cancel the policy only at renewal may raise premiums at policy renewal may raise premiums at anytime ©SOPHIABENNETT@ Monday, August 26, 2024 6:09 AM 2 may never raise premiums - Answer️️ -may never raise premiums Underwriters can acquire information from all of the following sources EXCEPT Medical Information Bureau (MIB) consumer reports attending physician's statements genetic testing - Answer️️ -genetic testing Which of these is considered to be a Living Benefit option in a life insurance policy? Reinstatement Waiver of premium Accelerated death benefit Payor benefit - Answer️️ -Accelerated death benefit All of the following doctors provide primary care to health insuring corporation (HIC) members EXCEPT Internists Surgeons General practitioners Pediatricians - Answer️️ -Surgeons ©SOPHIABENNETT@ Monday, August 26, 2024 6:09 AM 3 What is the name of the provision which states that a copy of the application must be attached to the policy when issued? Policy Summary Buyer's Guide Entire Contract Entire Policy - Answer️️ -Entire Contract The open enrollment period for Medicare Supplements begins at age 62 65 67 70 - Answer️️ -65 To receive proceeds from a death benefit, a minor must be related to the insured can only be named as contingent beneficiary must be at least 16 years old must have an appointed guardian - Answer️️ -must have an appointed guardian Index whole life insurance contains a securities component that acts as a(n) ©SOPHIABENNETT@ Monday, August 26, 2024 6:09 AM 4 hedge against inflation premium stabilizer means to lowering taxes on earnings incentive to purchase more coverage - Answer️️ -hedge against inflation Which settlement option involves having the proceeds remain with the insurer and earnings paid on a monthly basis to the beneficiary? interest only dividends only extended interest fixed period - Answer️️ -interest only In Ohio, a life insurance policy can be backdated before the application date for up to 10 days 30 days 3 months 6 months - Answer️️ -3 months Ron has a life insurance policy with a face value of $100,000 and a cost of living rider. If the consumer price index has gone up 4%, how much may Ron increase the face value of the policy? ©SOPHIABENNETT@ Monday, August 26, 2024 6:09 AM 5 $400 $800 $2,000 $4,000 - Answer️️ -$4,000 Which of the following statements regarding an examination of an insurer's books and records by the superintendent is true? An insurer has a right to delay an examination by the superintendent for a period of not more than 15 days after notificati