XCEL Solutions: Virginia 150 Questions
Weighted Real Time Exam And Answers
An accident and Health insurance applicant who fails to includes material medical
information on an application would be reason for the insurer to - Answerdeny any
future claims and to refund the premium
.S has a Whole Life Policy with a premium payment due soon. Which provision would
keep the policy in force if S does not make the required payment and the policy has
adequate cash value from which the premium payment can be made? -
AnswerAutomatic Policy Loan
.In order for coverage on a non-medical insurance application to take effect the same
day, the producer must collect a signed application and - Answerthe initial premium
.M has a Major insurance policy with a $200 flat deductible and an 80% Coinsurance
clause. If M incurs a $2,200 claim for an eligible medical expense, how much will M
receive in payment for this claim? - Answer$1,600
.What benefit does the Payor clause on a Juvenile Life policy provide ? -
AnswerPremiums are waived if payor becomes disabled
.An agent offers an applicant something of value not mentioned in the contract as an
inducement to purchase an insurance policy. The illegal act is called - Answerrebating
.If an individual has an Accidental Death and Dismemberment policy and dies, an
autopsy can be performed in all these situations EXCEPT: - AnswerWhen the state
prohibits this by law
.Which plan is intended to be used by a sole proprietor and the employees of that
business? - AnswerKeogh Plan
.A policy owner's rights are limited under which beneficiary designation? -
AnswerIrrevocable
.T circulated false statements that were maliciously critical of an insurer's financial
condition. T may be found guilty of - AnswerDefamation
.The phrase "This policy will only pay for semi-private room" is an example of a(n) -
AnswerInternal limit
.All of the following are limited plans, EXCEPT: - AnswerLife Insurance Policies
, .Which of the following does NOT qualify as a creditable coverage under the Health
Insurance Portability and Accountability Act (HIPAA)? - AnswerAccident Plans
.For which of the following expenses does a Basic Hospital policy pay? -
AnswerHospital room and board
.If an agent holds 1 license type, the biennial continuing education requirement is _____
hours. - Answer16 hrs
.Which of the following health policy provisions state that the producer does NOT have
the authority to change the policy or waive any of its provisions? - AnswerEntire
Contract
.Which of the following statements is true about most Blue Cross/Blue Shield
organizations? - AnswerThey are a nonprofit organization
.Life insurance coverage will frequently contain an Accelerated Benefits rider attached
to the policy. What would be considered a ' quality event" under these riders? -
AnswerMedical condition resulting in a significantly-short lifespan
.Which of the following types of policies Best identifies one in which the cash value may
fluctuate to reflect changing assumptions regarding cost, interest, and expense factors?
- AnswerUniversal Life
.A potential client, age 40, would like to purchase a whole life policy that accumulate
cash value at a faster rate in the early years of the policy. Which of these statements
made by the producer would be correct? - Answer20-Pay Life accumulates cash value
faster than Straight Life
.With whom may an agent share commissions with? - AnswerA licensed agent with the
same license type
.From which authority derives the requirement that an insurance application contains a
disclosure stating that an investigative consumer report may be obtained on an
application? - AnswerFair Credit Reporting Act
.Which of these require an offer, acceptance, and consideration? - AnswerContract
.In an insurance contract, the insurer is the only party who makes a legally enforceable
promise. What kind of contract is this? - AnswerUnilateral
.An insured's inability to perform two or more activities of daily living may trigger which
type of policy rider? - AnswerLong term care
.An individual Disability Income insurance applicant may be required to submit all of the
following information EXCEPT - AnswerSpouse's occupation
Weighted Real Time Exam And Answers
An accident and Health insurance applicant who fails to includes material medical
information on an application would be reason for the insurer to - Answerdeny any
future claims and to refund the premium
.S has a Whole Life Policy with a premium payment due soon. Which provision would
keep the policy in force if S does not make the required payment and the policy has
adequate cash value from which the premium payment can be made? -
AnswerAutomatic Policy Loan
.In order for coverage on a non-medical insurance application to take effect the same
day, the producer must collect a signed application and - Answerthe initial premium
.M has a Major insurance policy with a $200 flat deductible and an 80% Coinsurance
clause. If M incurs a $2,200 claim for an eligible medical expense, how much will M
receive in payment for this claim? - Answer$1,600
.What benefit does the Payor clause on a Juvenile Life policy provide ? -
AnswerPremiums are waived if payor becomes disabled
.An agent offers an applicant something of value not mentioned in the contract as an
inducement to purchase an insurance policy. The illegal act is called - Answerrebating
.If an individual has an Accidental Death and Dismemberment policy and dies, an
autopsy can be performed in all these situations EXCEPT: - AnswerWhen the state
prohibits this by law
.Which plan is intended to be used by a sole proprietor and the employees of that
business? - AnswerKeogh Plan
.A policy owner's rights are limited under which beneficiary designation? -
AnswerIrrevocable
.T circulated false statements that were maliciously critical of an insurer's financial
condition. T may be found guilty of - AnswerDefamation
.The phrase "This policy will only pay for semi-private room" is an example of a(n) -
AnswerInternal limit
.All of the following are limited plans, EXCEPT: - AnswerLife Insurance Policies
, .Which of the following does NOT qualify as a creditable coverage under the Health
Insurance Portability and Accountability Act (HIPAA)? - AnswerAccident Plans
.For which of the following expenses does a Basic Hospital policy pay? -
AnswerHospital room and board
.If an agent holds 1 license type, the biennial continuing education requirement is _____
hours. - Answer16 hrs
.Which of the following health policy provisions state that the producer does NOT have
the authority to change the policy or waive any of its provisions? - AnswerEntire
Contract
.Which of the following statements is true about most Blue Cross/Blue Shield
organizations? - AnswerThey are a nonprofit organization
.Life insurance coverage will frequently contain an Accelerated Benefits rider attached
to the policy. What would be considered a ' quality event" under these riders? -
AnswerMedical condition resulting in a significantly-short lifespan
.Which of the following types of policies Best identifies one in which the cash value may
fluctuate to reflect changing assumptions regarding cost, interest, and expense factors?
- AnswerUniversal Life
.A potential client, age 40, would like to purchase a whole life policy that accumulate
cash value at a faster rate in the early years of the policy. Which of these statements
made by the producer would be correct? - Answer20-Pay Life accumulates cash value
faster than Straight Life
.With whom may an agent share commissions with? - AnswerA licensed agent with the
same license type
.From which authority derives the requirement that an insurance application contains a
disclosure stating that an investigative consumer report may be obtained on an
application? - AnswerFair Credit Reporting Act
.Which of these require an offer, acceptance, and consideration? - AnswerContract
.In an insurance contract, the insurer is the only party who makes a legally enforceable
promise. What kind of contract is this? - AnswerUnilateral
.An insured's inability to perform two or more activities of daily living may trigger which
type of policy rider? - AnswerLong term care
.An individual Disability Income insurance applicant may be required to submit all of the
following information EXCEPT - AnswerSpouse's occupation
