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XCEL LIFE AND HEALTH INSURANCE FINAL
EXAM NEWEST 2025 ACTUAL EXAM
COMPLETE 150 QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS)
|ALREADY GRADED A+
An applicant MUST receive an Outline of Coverage when an
application is taken for a(n) - ANSWER-Medicare Supplement
policy
Which type of life insurance beneficiary requires his/her consent
when a change of beneficiary is attempted by the policyowner? -
ANSWER-Irrevocable beneficiary
An insured must notify an insuer of a medical claim within ____
days after an accident. - ANSWER-20
A CEO's personal assistant suffered injuries at home and as a
result, was unable to work for four months. Which type of
policy will pay a monthly benefit to the personal assisstant? -
ANSWER-Disability Income
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A(n) ______ beneficiary may be changed by the policyowner
WITHOUT the consent of the beneficiary. - ANSWER-
Revocable
Three law partners form a Cross-Purchase Buy and Sell
agreement. This agreement is funded with individual life
insurance. How many total life policies are needed for this
agreement? - ANSWER-6
The agreement in a life insurance contract that states a specific
sum of money will be paid to a designated person upon an
insured's death is called a(n): - ANSWER-Insuring agreement
A Limited-Pay Life policy has: - ANSWER-premium payments
limited to a specified number of years
J was reviewing her Health Insurance policy and noticed the
phrase "this policy will only pay for a semi-private room". This
phrase is considered to be a(n) - ANSWER-internal limit
The combination of Whole Life and ________ Term insurance is
referred to as a Family Income Policy. - ANSWER-Decreasing
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Which health policy clause stipulates that an insurance company
must attach a copy of the application to the policy to ensure that
it is part of the contract? - ANSWER-Entire Contract
Why would the Insurance Commissioner examine the records of
an insurance company? - ANSWER-To determine the solvency
of the company
An example of rebating would be - ANSWER-returning a
portion of a premium as inducement to purchase insurance
What is the MINIMUM benefit period that must be offered by a
Long-Term Care policy? - ANSWER-12 months
L takes out a life inurance policy and dies 10 years later. Durimg
the claim process, the insuer discovers the L had understated her
age on the application. Under the Misstatement of Age
provision, the insurer will: - ANSWER-adjust the death benefit
to a reduced amount
Which of the following would be a likely candidate for disability
income insurance on a key employee? - ANSWER-Company
executive
XCEL LIFE AND HEALTH INSURANCE FINAL
EXAM NEWEST 2025 ACTUAL EXAM
COMPLETE 150 QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS)
|ALREADY GRADED A+
An applicant MUST receive an Outline of Coverage when an
application is taken for a(n) - ANSWER-Medicare Supplement
policy
Which type of life insurance beneficiary requires his/her consent
when a change of beneficiary is attempted by the policyowner? -
ANSWER-Irrevocable beneficiary
An insured must notify an insuer of a medical claim within ____
days after an accident. - ANSWER-20
A CEO's personal assistant suffered injuries at home and as a
result, was unable to work for four months. Which type of
policy will pay a monthly benefit to the personal assisstant? -
ANSWER-Disability Income
,2|Page
A(n) ______ beneficiary may be changed by the policyowner
WITHOUT the consent of the beneficiary. - ANSWER-
Revocable
Three law partners form a Cross-Purchase Buy and Sell
agreement. This agreement is funded with individual life
insurance. How many total life policies are needed for this
agreement? - ANSWER-6
The agreement in a life insurance contract that states a specific
sum of money will be paid to a designated person upon an
insured's death is called a(n): - ANSWER-Insuring agreement
A Limited-Pay Life policy has: - ANSWER-premium payments
limited to a specified number of years
J was reviewing her Health Insurance policy and noticed the
phrase "this policy will only pay for a semi-private room". This
phrase is considered to be a(n) - ANSWER-internal limit
The combination of Whole Life and ________ Term insurance is
referred to as a Family Income Policy. - ANSWER-Decreasing
, 3|Page
Which health policy clause stipulates that an insurance company
must attach a copy of the application to the policy to ensure that
it is part of the contract? - ANSWER-Entire Contract
Why would the Insurance Commissioner examine the records of
an insurance company? - ANSWER-To determine the solvency
of the company
An example of rebating would be - ANSWER-returning a
portion of a premium as inducement to purchase insurance
What is the MINIMUM benefit period that must be offered by a
Long-Term Care policy? - ANSWER-12 months
L takes out a life inurance policy and dies 10 years later. Durimg
the claim process, the insuer discovers the L had understated her
age on the application. Under the Misstatement of Age
provision, the insurer will: - ANSWER-adjust the death benefit
to a reduced amount
Which of the following would be a likely candidate for disability
income insurance on a key employee? - ANSWER-Company
executive
