Xcel Life, Accident, Health License Exam Questions with 100% Correct Answers

Xcel Life, Accident, Health License Exam Questions with 100% Correct Answers who is not eligible for social security survivor benefits? A. Full-time students under the age of 19 B. A deceased worker's dependent parents of any age C. A widow at any age who is caring for children younger than 16 D. A widow at full retirement age - Answer️️ -A deceased worker's dependent parents of any age (must be at least 62 years old) what does the group life underwriting risk selection process help protect insurance companies from? - Answer️️ -adverse selection The open enrollment period for Medicare Part B is... - Answer️️ -January 1 through March 31 The period in which there are no social security benefits for the surviving spouse is called - Answer️️ -Blackout period ©SOPHIABENNETT@ Monday, August 26, 2024 6:09 AM 2 (begins when the youngest child turns 16 and continues until the spouse reaches age 60 at the earliest) ____ is NOT an element of a valid contract? A. countersignature B. legal C. competent parties D. consideration - Answer️️ -Countersignature Major medical expense plans typically use a cost containment measure for emergency hospital care. This is referred to as a(n) - Limitation - Exclusion - Capitation - Deductible - Answer️️ -Deductible What happens when an insurance policy is backdated? - The policy's probation period is earlier than the present ©SOPHIABENNETT@ Monday, August 26, 2024 6:09 AM 3 - The policy's effective date is earlier than the present - The time frame from reinstating a lapsed policy is extended - The policy's elimination period is waived - Answer️️ -The Policy's effective date is earlier than the present which of the following does restorative dental treamtent cover? - crowns - cleanings - xrays - dentures - Answer️️ -crowns Under what order are people on the MRMIP waiting list allowed to enroll? - Priority is give to those with the most serious health issues - Based on the individual's date of birth - Priority is given to California residents - Based on the date an individual's application is received - Answer️️ - Based on the date an individual's application is received What does a life insurance policy guarantee to the stated beneficiary upon the death of the insured? ©SOPHIABENNETT@ Monday, August 26, 2024 6:09 AM 4 - Funeral expense fund - Specified amount of money - Policy dividend - Policy's cash value - Answer️️ -Specified amount of money Which type of life insurance offers flexible premiums, a flexible death benefit, and the choice of how the cash value will be invested? - Modified whole life policy - Adjustable life policy - Universal policy - Variable universal policy - Answer️️ -Variable universal policy Which of these premium payment frequencies is not typically available to a policyowner? - Quarterly - Semi-annual - Bi-weekly ©SOPHIABENNETT@ Monday, August 26, 2024 6:09 AM 5 - Monthly - Answer️️ -Bi-weekly According to HIPAA, when can a group health policy renewal be denied? - Participation or contribution rules have been changed - The size of the group has increased by more than 10% - participation or contribution rules have been violated - There have been too many claims in the previous year - Answer️️ - participation or contribution rules have been violated The reason for social insurance is to - Create dependents of government - Provide more products for agents to sell - Grow the U/S economy - Protect certain vulnerable segments of the population - Answer️️ - Protect certain vulnerable segments of the population Failure to report background changes with 30 days as required under section 1729.2 of the California insurance code could subject a license or applicant to ©SOPHIABENNETT@ Monday, August 26, 2024 6:09 AM 6 - Suspension - Denial - Fine - All of these - Answer️️ -all of these According to PPACA, what is a health benefits exchange? - An entity that offers affordable health coverage to only those with low incomes - An entity where existing policies can be converted to new policies - An entity that provides tax credits to employers for providing health insurance to their employees - An entity to which individuals an d small businesses can have access to affordable health coverage - Answer️️ -an entity to which individuals and small businesses can have access to affordable health coverage An insurer has the right to recover payment made to the insured from the negligent party. These rights are called - Estoppel - Contributory ©SOPHIABENNETT@ Monday, August 26, 2024 6:09 AM 7 - Indemnity - Subrogation - Answer️️ -subrogation what is the nonforfeiture value of an annuity before annuitization? - All premiums paid, plus interest, minus any withdrawals and surrender charges - All premiums paid - All premiums paid minus any withdrawals and surrender charges - All premiums paid plus interest - Answer️️ -All premiums paid, plus interest, minus any withdrawals and surrender charges Shawn, Mike, and Dave are borhters who have a $100,000 "first to die" joint life policy covering all three of their lives. If mike dies first, the policy proceeds - Will be divided by probate - Will go to mike's estate - Will no longer provide insurance protection - Will not be paid until the last brother dies - Answer️️ -Will no longer provide insurance protection ©SOPHIABENNETT@ Monday, August 26, 2024 6:09 AM 8 What will the beneficiary receive if an annuitant dies during the accumulation period? - The lesser of the accumulated cash value or the total premium paid - The interest earned on the accumulated cash value - The greater of the accumulated cash value or the total premium paid - nothing - Answer️️ -The greater of the accumulated cash value or the total premium paid Julie has a $100,000 30-year mortgage on her new home. What type of life insurance could she purchase that is designed to pay off the loan balance if she dies within the 30-year period? - Decreasing term insurance - Adjustable life insurance - Modified life insurance - Increasing term insurance - Answer️️ -Decreasing term insurance A hospital or medical expense policy will typically cover dental treatment expenses under which circumstances? ©SOPHIABENNETT@ Monday, August 26, 2024 6:09 AM 9 - Cosmetic dental treatment is performed - After an annual limit of dental policy's coverage is reached - Dental treatment is needed to repair an injury - If treatment is performed at an in-network provider - Answer️️ -Dental treatment is needed to repair an injury What does the term "illustration" mean when used in the phrase "life insurance policy illustration," according to the California insurance code? - Presentation of policy features that includes non-guaranteed elements - A copy of the terms given for the free-look period - Publication designed to help an applicant reach an informed decisio