Xcel Life, Accident, Health License Exam Qs
with Correct Ans
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 - Answer: 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
,- Indemnity
- Subrogation - Answer: 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 - Answer: 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 - Answer: Will no longer provide insurance
protection
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 - Answer: 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 - Answer: Decreasing term insurance
A hospital or medical expense policy will typically cover dental treatment expenses under which
circumstances?
- 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 - Answer: 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 decision about which coverage is
appropriate
- A copy of the sales materials used in an insurance transaction - Answer: Presentation of policy
features that includes non-guaranteed elements
Which type of business insurance is meant to cover the costs of continuing to do business while
the owner is disabled?
- Business continuation policy
, - Business overhead expense policy
- Disability overhead policy
- Disability buy-sell policy - Answer: Business overhead expense policy
The role of the federal government was expanded when Medicaid was established by allowing
the state to
- Form a large PPO on a statewide level
- Receive matching funds to expand public assistance programs
- Purchase health insurance from the federal government
- Defer all costs to the federal government for public assistance programs - Answer: Receive
matching funds to expand public assistance programs
(Medicaid was created to expand the role of the federal government in health care financing by
permitting the state to receive matching funds to expand public assistance programs)
Life insurance surplus must be distributed to policyowners at what frequency?
- Semi-annually
- Monthly
- Annually
- Quarterly - Answer: annually
Under a long-term care insurance policy, adult day care coverage will provide for
- Part time care at a facility for elderly individual who live at home
- Full time care at a facility for elderly individuals
- living arrangements in an assisted living center
with Correct Ans
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 - Answer: 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
,- Indemnity
- Subrogation - Answer: 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 - Answer: 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 - Answer: Will no longer provide insurance
protection
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 - Answer: 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 - Answer: Decreasing term insurance
A hospital or medical expense policy will typically cover dental treatment expenses under which
circumstances?
- 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 - Answer: 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 decision about which coverage is
appropriate
- A copy of the sales materials used in an insurance transaction - Answer: Presentation of policy
features that includes non-guaranteed elements
Which type of business insurance is meant to cover the costs of continuing to do business while
the owner is disabled?
- Business continuation policy
, - Business overhead expense policy
- Disability overhead policy
- Disability buy-sell policy - Answer: Business overhead expense policy
The role of the federal government was expanded when Medicaid was established by allowing
the state to
- Form a large PPO on a statewide level
- Receive matching funds to expand public assistance programs
- Purchase health insurance from the federal government
- Defer all costs to the federal government for public assistance programs - Answer: Receive
matching funds to expand public assistance programs
(Medicaid was created to expand the role of the federal government in health care financing by
permitting the state to receive matching funds to expand public assistance programs)
Life insurance surplus must be distributed to policyowners at what frequency?
- Semi-annually
- Monthly
- Annually
- Quarterly - Answer: annually
Under a long-term care insurance policy, adult day care coverage will provide for
- Part time care at a facility for elderly individual who live at home
- Full time care at a facility for elderly individuals
- living arrangements in an assisted living center
