XCEL SOLUTIONS QUIZ GUIDE
QUESTIONS AND ANSWERS
A beneficiary change can occur: - ANSWER-Normally at any time during the policy
term
Maria is a PPO (preferred provider organization subscriber and received care from
an out of networks provider. Which of the following is the likely result? - ANSWER-
Care is covered
Benefits provided by a Medicare Supplement policy must NOT - ANSWER-Duplicate
Medicare benefits
Unmarried children who are incapable of self support and have proof of incapacity
are included under thier parents health coverage until - ANSWER-Policy termination
A disability elimination period is best described as a - ANSWER-time deductible
Sharon is the policy owner of a $50,000 life insurance policy. Her son, Mike, is the
beneficiary. If Sharon MUST obtain Mikes' signature in order to change the
beneficiary, what kind of beneficiary designation is this? - ANSWER-Irrevocable
Bob and Tom start a business. Since each partner contributes an important element
to the success of the business, they decide to take life insurance policies out on
each other, and name each other as beneficiaries. Eventually, they retire and
dissolve the business. Bob dies 12 months later. The policies continue in force with
no change. Both partners are still married at the time of Bob's death. In this situation,
who will receive Bob's policy proceeds? - ANSWER-Tom
An example of endodontic treatment is a - ANSWER-root canal
Which of these is NOT considered to be a purpose of an annuity? - ANSWER-
Annuities are intended to create an estate
Which of these would be the best example fo limited pay life insurance policy? -
ANSWER-Whole life policy with premiums paid up after 20 years
Bryce purchased a disability income policy with a rider that guarantees him the
option of purchasing additional amounts of coverage at predetermined times without
requiring to provide evidence of insurability. What kind of rider is this? - ANSWER-
Guaranteed insurability rider
What does COBRA fo 1985 allow an employee to do ? - ANSWER-In the event of
employment termination, group health insurance can be kept if the employee pats
the premiums
The focus of major medical insurance is providing coverage for - ANSWER-
preventative care
, What would happen if a life insurance applicant is given a conditional receipt from an
insurance agent and then dies the next day? - ANSWER-Claim will be paid if
application is approved.
Which of the following does Medicare Part D cover ? - ANSWER-Prescription drugs
An insurance company advertises an accident and health insurance product in a
local Ohio newspaper and refers to dollar amount benefits. This insurer must also
disclose which of the following in the advertisement? - ANSWER-Any applicable
benefit reduction
When comparing an HIC to a PPO, the PPO - ANSWER-provides a greater choice of
providers
Naming a contingent beneficiary as "all surviving children" is described by which
term? - ANSWER-class designation
Susan is insured through her Group Health Insurance plan and changed her
coverage to an individual plan with the same insurer after her employment was
terminated. This change is called a(n) - ANSWER-Conversion
An insured individual and the policy's beneficiary die from the same accident. The
common disaster provision states the insurer will continue as if - ANSWER-the
insured outlived the beneficiary
What is known as the immediate specific event causing loss and giving rise to risk? -
ANSWER-Peril
In an employer-sponsored contributory group Disability Income plan, the employer
pays 60% of the premium and each employee pays 40% of the premium. Any
income benefits paid are taxed to the employee at - ANSWER-60%
Kate has a Major Medial Plan with a 75/25 coinsurance and a deductible fo $25.
How much will she have to pay if she, not having met any of her deductible, visits the
doctor and receives a bill for $125 - ANSWER-$50.00
Loss of income insurance provides - ANSWER-an individual the means to replace
wages
Which dividend option would an insurer invest the policyowner's money and add any
interest earnings as the dividends accrue? - ANSWER-Accumulation at Interest
Option
A provision in a whole life policy that allows a poicy owner to terminate the policy in
return for a reduced paid - up policy of the same type is called a(n) - ANSWER-
nonforfeiture provision
A non-admitted insurer - ANSWER-is not afforded protection by the guaranty fund
QUESTIONS AND ANSWERS
A beneficiary change can occur: - ANSWER-Normally at any time during the policy
term
Maria is a PPO (preferred provider organization subscriber and received care from
an out of networks provider. Which of the following is the likely result? - ANSWER-
Care is covered
Benefits provided by a Medicare Supplement policy must NOT - ANSWER-Duplicate
Medicare benefits
Unmarried children who are incapable of self support and have proof of incapacity
are included under thier parents health coverage until - ANSWER-Policy termination
A disability elimination period is best described as a - ANSWER-time deductible
Sharon is the policy owner of a $50,000 life insurance policy. Her son, Mike, is the
beneficiary. If Sharon MUST obtain Mikes' signature in order to change the
beneficiary, what kind of beneficiary designation is this? - ANSWER-Irrevocable
Bob and Tom start a business. Since each partner contributes an important element
to the success of the business, they decide to take life insurance policies out on
each other, and name each other as beneficiaries. Eventually, they retire and
dissolve the business. Bob dies 12 months later. The policies continue in force with
no change. Both partners are still married at the time of Bob's death. In this situation,
who will receive Bob's policy proceeds? - ANSWER-Tom
An example of endodontic treatment is a - ANSWER-root canal
Which of these is NOT considered to be a purpose of an annuity? - ANSWER-
Annuities are intended to create an estate
Which of these would be the best example fo limited pay life insurance policy? -
ANSWER-Whole life policy with premiums paid up after 20 years
Bryce purchased a disability income policy with a rider that guarantees him the
option of purchasing additional amounts of coverage at predetermined times without
requiring to provide evidence of insurability. What kind of rider is this? - ANSWER-
Guaranteed insurability rider
What does COBRA fo 1985 allow an employee to do ? - ANSWER-In the event of
employment termination, group health insurance can be kept if the employee pats
the premiums
The focus of major medical insurance is providing coverage for - ANSWER-
preventative care
, What would happen if a life insurance applicant is given a conditional receipt from an
insurance agent and then dies the next day? - ANSWER-Claim will be paid if
application is approved.
Which of the following does Medicare Part D cover ? - ANSWER-Prescription drugs
An insurance company advertises an accident and health insurance product in a
local Ohio newspaper and refers to dollar amount benefits. This insurer must also
disclose which of the following in the advertisement? - ANSWER-Any applicable
benefit reduction
When comparing an HIC to a PPO, the PPO - ANSWER-provides a greater choice of
providers
Naming a contingent beneficiary as "all surviving children" is described by which
term? - ANSWER-class designation
Susan is insured through her Group Health Insurance plan and changed her
coverage to an individual plan with the same insurer after her employment was
terminated. This change is called a(n) - ANSWER-Conversion
An insured individual and the policy's beneficiary die from the same accident. The
common disaster provision states the insurer will continue as if - ANSWER-the
insured outlived the beneficiary
What is known as the immediate specific event causing loss and giving rise to risk? -
ANSWER-Peril
In an employer-sponsored contributory group Disability Income plan, the employer
pays 60% of the premium and each employee pays 40% of the premium. Any
income benefits paid are taxed to the employee at - ANSWER-60%
Kate has a Major Medial Plan with a 75/25 coinsurance and a deductible fo $25.
How much will she have to pay if she, not having met any of her deductible, visits the
doctor and receives a bill for $125 - ANSWER-$50.00
Loss of income insurance provides - ANSWER-an individual the means to replace
wages
Which dividend option would an insurer invest the policyowner's money and add any
interest earnings as the dividends accrue? - ANSWER-Accumulation at Interest
Option
A provision in a whole life policy that allows a poicy owner to terminate the policy in
return for a reduced paid - up policy of the same type is called a(n) - ANSWER-
nonforfeiture provision
A non-admitted insurer - ANSWER-is not afforded protection by the guaranty fund
