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XCEL Chapter 1 Exam Review Practice Questions and Answers

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XCEL Chapter 1 Exam Review Practice Questions and Answers Stock insurer - Answer️️ -A non-participating company is also called Insurance policy - Answer️️ -Contract that involves one party which indemnifies another when a loss arises from an unknown event Mutual - Answer️️ -A type of insurer that is owned by its policy owners is called Because dividends are considered to be a return of premium - Answer️️ - Why are dividends from a mutual insurer not subject to taxation? Participating life insurance policy - Answer️️ -Life insurance policy issued by a mutual insurer provides a return of divisible surplus Exist for profit - Answer️️ -Fraternal Benefit Society does NOT Reinsurance - Answer️️ -Type of insurance where an insurer transfers loss exposures from policies written for its insurers It is the distribution of excess of funds accumulated by the insurer on participating policies - Answer️️ -What is a true statement regarding a life insurance policy dividend? Mutual Insurer - Answer️️ -Insurer owned by its policyholders

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Uploaded on: August 30, 2024
Number of pages: 3
Written in: 2024/2025
Type: Exam (elaborations)
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xcel chapter 1 exam review practice questions and

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©SOPHIABENNETT@2024-2025 Monday, August 26, 2024 6:09 AM

XCEL Chapter 1 Exam Review Practice
Questions and Answers

Stock insurer - Answer✔️✔️-A non-participating company is also called

Insurance policy - Answer✔️✔️-Contract that involves one party which
indemnifies another when a loss arises from an unknown event

Mutual - Answer✔️✔️-A type of insurer that is owned by its policy owners is
called

Because dividends are considered to be a return of premium - Answer✔️✔️-
Why are dividends from a mutual insurer not subject to taxation?

Participating life insurance policy - Answer✔️✔️-Life insurance policy
issued by a mutual insurer provides a return of divisible surplus

Exist for profit - Answer✔️✔️-Fraternal Benefit Society does NOT

Reinsurance - Answer✔️✔️-Type of insurance where an insurer transfers
loss exposures from policies written for its insurers

It is the distribution of excess of funds accumulated by the insurer on
participating policies - Answer✔️✔️-What is a true statement regarding a life
insurance policy dividend?

Mutual Insurer - Answer✔️✔️-Insurer owned by its policyholders

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