XCEL SOLUTIONS - FINAL GUIDE
EXAM QUESTIONS AND ANSWERS
Which of these factors is NOT taken into consideration when determining the cost of
a long-term care policy? - ANSWER-personal income
An interest-sensitive life insurance policyowner may be able to withdraw the policy's
cash value interest free. The provision that allows this is called - ANSWER-partial
surrender
An insurer must furnish to a claimant forms for filing proof of loss within ___ days
upon receiving a notice of claim. - ANSWER-15
Which of the following permits an insurance company to transact business in
Louisiana? - ANSWER-Certificate Authority
Tom has a home health care benefit and is confined to his home. Which of these
benefits is NOT typically covered? - ANSWER-Full-time nursing care
A whole life policy option where extended term insurance is selected is called a(n) -
ANSWER-nonforfeiture option
A waiver of premium rider allows an insured to waive premium payments if the
insured is - ANSWER-completely and permanently disabled
Kurt is an active duty serviceman who was recently killed in an accident while home
on leave. Which military service exclusion clause would pay upon his death? -
ANSWER-Results
Which type of business is meant to cover the costs of continuing to do business
while the owner is disabled? - ANSWER-Business overhead expense policy
Which of these statements concerning Traditional IRAS is Correct? - ANSWER-
Earnings are taxable when withdrawn
How soon can the benefit payments begin with a deferred annuity? - ANSWER-A
minimum of 12 months after date of purchase
The branch of dentistry which deals with the replacement of missing parts is called -
ANSWER-Prosthodontics
The type of policy where the insurer can send a notice to the insured that the policy
has been cancelled in the middle of the term is called - ANSWER-Cancelable
According to the Affordable Care Act, any plan in existence prior to which date is
considered a grandfathered plan? - ANSWER-March 23, 2010
, Kris's purchases a 10-year level term life insurance policy tht has a death benefit of
200,000. Which of these statements is true? - ANSWER-The face amount will
remain constant and the face amount will increase over the 10-year period
A life insurance policy sold in Louisiana can be contested by the insurer only during
the first ______ - years of the contract. - ANSWER-Two
A foreign insurance company doing business in Louisiana - ANSWER-Is a company
that was formed under the laws of another state
A producer must notify the commissioner within ____ days of a felony conviction. -
ANSWER-30
Respite care is able to provide - ANSWER-Temporary relief to the patients primary
caregiver
Maria would like an annuity tht provides a guaranteed accumulation or payout. The
type of annuity she is seeking is called - ANSWER-Annuity certain
An insurer has the right to recover payment made to the insured from the negligent
party. These rights are called - ANSWER-Subrogation
An employee under a group insurance policy has the right to name a beneficiary and
the right to - ANSWER-convert to an individual policy in the event of employment
termination
A newborn is required to be covered for ____ days from the moment of birth -
ANSWER-31
Kathy pays a monthly premium on her health insurance policy. How long is her grace
period? - ANSWER-10 days
Loss of income insurance provides - ANSWER-an individual the means to replace
wages
Kate has a Major Medical Plan with a 75/25 coinsurance and a deductible of $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
What is the primary reason for buying an annuity? - ANSWER-Provide future
economic security
Which entity regulates claim settlement practices? - ANSWER-State insurance
departments
Which type of life insurance policy pays the face amount at the end of the specified
period if the insured is still alive? - ANSWER-Variable universal policy
The two major actions required for a policyholder to comply with the Reinstatement
Clause are - ANSWER-provide evidence of insurability, pay past due premiums
EXAM QUESTIONS AND ANSWERS
Which of these factors is NOT taken into consideration when determining the cost of
a long-term care policy? - ANSWER-personal income
An interest-sensitive life insurance policyowner may be able to withdraw the policy's
cash value interest free. The provision that allows this is called - ANSWER-partial
surrender
An insurer must furnish to a claimant forms for filing proof of loss within ___ days
upon receiving a notice of claim. - ANSWER-15
Which of the following permits an insurance company to transact business in
Louisiana? - ANSWER-Certificate Authority
Tom has a home health care benefit and is confined to his home. Which of these
benefits is NOT typically covered? - ANSWER-Full-time nursing care
A whole life policy option where extended term insurance is selected is called a(n) -
ANSWER-nonforfeiture option
A waiver of premium rider allows an insured to waive premium payments if the
insured is - ANSWER-completely and permanently disabled
Kurt is an active duty serviceman who was recently killed in an accident while home
on leave. Which military service exclusion clause would pay upon his death? -
ANSWER-Results
Which type of business is meant to cover the costs of continuing to do business
while the owner is disabled? - ANSWER-Business overhead expense policy
Which of these statements concerning Traditional IRAS is Correct? - ANSWER-
Earnings are taxable when withdrawn
How soon can the benefit payments begin with a deferred annuity? - ANSWER-A
minimum of 12 months after date of purchase
The branch of dentistry which deals with the replacement of missing parts is called -
ANSWER-Prosthodontics
The type of policy where the insurer can send a notice to the insured that the policy
has been cancelled in the middle of the term is called - ANSWER-Cancelable
According to the Affordable Care Act, any plan in existence prior to which date is
considered a grandfathered plan? - ANSWER-March 23, 2010
, Kris's purchases a 10-year level term life insurance policy tht has a death benefit of
200,000. Which of these statements is true? - ANSWER-The face amount will
remain constant and the face amount will increase over the 10-year period
A life insurance policy sold in Louisiana can be contested by the insurer only during
the first ______ - years of the contract. - ANSWER-Two
A foreign insurance company doing business in Louisiana - ANSWER-Is a company
that was formed under the laws of another state
A producer must notify the commissioner within ____ days of a felony conviction. -
ANSWER-30
Respite care is able to provide - ANSWER-Temporary relief to the patients primary
caregiver
Maria would like an annuity tht provides a guaranteed accumulation or payout. The
type of annuity she is seeking is called - ANSWER-Annuity certain
An insurer has the right to recover payment made to the insured from the negligent
party. These rights are called - ANSWER-Subrogation
An employee under a group insurance policy has the right to name a beneficiary and
the right to - ANSWER-convert to an individual policy in the event of employment
termination
A newborn is required to be covered for ____ days from the moment of birth -
ANSWER-31
Kathy pays a monthly premium on her health insurance policy. How long is her grace
period? - ANSWER-10 days
Loss of income insurance provides - ANSWER-an individual the means to replace
wages
Kate has a Major Medical Plan with a 75/25 coinsurance and a deductible of $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
What is the primary reason for buying an annuity? - ANSWER-Provide future
economic security
Which entity regulates claim settlement practices? - ANSWER-State insurance
departments
Which type of life insurance policy pays the face amount at the end of the specified
period if the insured is still alive? - ANSWER-Variable universal policy
The two major actions required for a policyholder to comply with the Reinstatement
Clause are - ANSWER-provide evidence of insurability, pay past due premiums
