XCEL LIFE INSURANCE EXAM
QUESTIONS WITH VERIFIED
ANSWERS
The amount received for a life insurance policy in a life settlement is _________ than
the death benefit. - ANSWER-less
A Medicare Supplement policy must NOT contain benefits which - ANSWER-
duplicate Medicare benefits
When does a life insurance policy typically become effective? - ANSWER-When
initial premium is collected and policy is issued
The Federal Employees Benefit Program consists of two types of health plans for
federal civilian employees. The two plans are fee-for-service and - ANSWER-prepaid
Premium mode is a term used to describe the - ANSWER-frequency of the premium
payment
How are health plans classified according to the Affordable Care Act? - ANSWER-
Bronze, Silver, Gold, Platinum
Which of the following is NOT covered by New York workers compensation laws? -
ANSWER-OOn-the-job injury that was both intentional and self-inflicted
What happens when an insurance policy is backdated? - ANSWER-The policy's
effective date is earlier than the present
An example of misrepresentation is - ANSWER-providing incorrect, misleading,
incomplete, or materially untrue information in the license application
Health insurance will typically cover which of the following perils? - ANSWER-Injury
due to accident
What is a corridor in relation to a Universal Life insurance policy? - ANSWER-The
gap between the total death benefit and the policy's cash value
due date where she can still make payment and avoid Janice forgot to make her
insurance premium payment by the due date. The specified period after the
discontinuance of her coverage is called the - ANSWER-grace period
Group accident and health insurance policies issued in New York must generally
include an unmarried dependent child who is_____ years old or younger. -
ANSWER-19
The purpose of Medicare Supplement Insurance is to address gaps in Medicare
coverage, which can include - ANSWER-Medicare in-hospital deductible
, Which of the following enables a life policy to be replaced with another life policy and
results in the postponement of the tax consequence? - ANSWER-Section 1035
exchange
Employees are required to work at least _________hours per week to become
eligible for a small employer health plan - ANSWER-20
After year(s) from date of issue, an individual health insurance policy can no longer
be cancelled by the insurer for misstatements (except for fraud). - ANSWER-2
Major Medical expense plans provide coverage for each of the following EXCEPT -
ANSWER-Work-related injuries
A disability income policy can prevent an insured from earning a higher income than
if he/she were working by utilizing - ANSWER-benefit limits
A policyowner suffers an injury that renders him incapable of performing one or more
important job duties. Any decrease in income resulting from this injury would make
him eligible for benefits under which provision? - ANSWER-Partial disability
A domestic insurance company in New York MUST - ANSWER-be formed under the
laws of New York
Which of the following statements is NOT true regarding a Critical Illness Plan? -
ANSWER-Coverage is limited to a single devastating disease
An insurance consultant is BEST defined as a(n) - ANSWER-agent who charges
fees for advice
Upon policy delivery, which of the following must a producer have an applicant sign if
no initial premium was collected with the life insurance application? - ANSWER-A
good health statement
A carrier for a small group health plan may refuse to renew the plan if the employer -
ANSWER-fails to pay the premium
All of the following are considered to be nonforfeiture options available to a
policyowner EXCEPT - ANSWER-Reduction of Premium
Under the subrogation clause, legal action can be taken by the insurer against the -
ANSWER-responsible third party
When does a family health policy's coverage for a newborn child begin? - ANSWER-
At the moment of birth
Joe is a Medicare participant who receives his benefits through a managed
healthcare plan, which Medicare plan does he have? - ANSWER-Part C
QUESTIONS WITH VERIFIED
ANSWERS
The amount received for a life insurance policy in a life settlement is _________ than
the death benefit. - ANSWER-less
A Medicare Supplement policy must NOT contain benefits which - ANSWER-
duplicate Medicare benefits
When does a life insurance policy typically become effective? - ANSWER-When
initial premium is collected and policy is issued
The Federal Employees Benefit Program consists of two types of health plans for
federal civilian employees. The two plans are fee-for-service and - ANSWER-prepaid
Premium mode is a term used to describe the - ANSWER-frequency of the premium
payment
How are health plans classified according to the Affordable Care Act? - ANSWER-
Bronze, Silver, Gold, Platinum
Which of the following is NOT covered by New York workers compensation laws? -
ANSWER-OOn-the-job injury that was both intentional and self-inflicted
What happens when an insurance policy is backdated? - ANSWER-The policy's
effective date is earlier than the present
An example of misrepresentation is - ANSWER-providing incorrect, misleading,
incomplete, or materially untrue information in the license application
Health insurance will typically cover which of the following perils? - ANSWER-Injury
due to accident
What is a corridor in relation to a Universal Life insurance policy? - ANSWER-The
gap between the total death benefit and the policy's cash value
due date where she can still make payment and avoid Janice forgot to make her
insurance premium payment by the due date. The specified period after the
discontinuance of her coverage is called the - ANSWER-grace period
Group accident and health insurance policies issued in New York must generally
include an unmarried dependent child who is_____ years old or younger. -
ANSWER-19
The purpose of Medicare Supplement Insurance is to address gaps in Medicare
coverage, which can include - ANSWER-Medicare in-hospital deductible
, Which of the following enables a life policy to be replaced with another life policy and
results in the postponement of the tax consequence? - ANSWER-Section 1035
exchange
Employees are required to work at least _________hours per week to become
eligible for a small employer health plan - ANSWER-20
After year(s) from date of issue, an individual health insurance policy can no longer
be cancelled by the insurer for misstatements (except for fraud). - ANSWER-2
Major Medical expense plans provide coverage for each of the following EXCEPT -
ANSWER-Work-related injuries
A disability income policy can prevent an insured from earning a higher income than
if he/she were working by utilizing - ANSWER-benefit limits
A policyowner suffers an injury that renders him incapable of performing one or more
important job duties. Any decrease in income resulting from this injury would make
him eligible for benefits under which provision? - ANSWER-Partial disability
A domestic insurance company in New York MUST - ANSWER-be formed under the
laws of New York
Which of the following statements is NOT true regarding a Critical Illness Plan? -
ANSWER-Coverage is limited to a single devastating disease
An insurance consultant is BEST defined as a(n) - ANSWER-agent who charges
fees for advice
Upon policy delivery, which of the following must a producer have an applicant sign if
no initial premium was collected with the life insurance application? - ANSWER-A
good health statement
A carrier for a small group health plan may refuse to renew the plan if the employer -
ANSWER-fails to pay the premium
All of the following are considered to be nonforfeiture options available to a
policyowner EXCEPT - ANSWER-Reduction of Premium
Under the subrogation clause, legal action can be taken by the insurer against the -
ANSWER-responsible third party
When does a family health policy's coverage for a newborn child begin? - ANSWER-
At the moment of birth
Joe is a Medicare participant who receives his benefits through a managed
healthcare plan, which Medicare plan does he have? - ANSWER-Part C
