Pennsylvania Xcel final exam
questions with verified answers
According to the affordable care act, what metal tier is required to have an actuarial
value of 70% with covered individual paying 30% through deductibles, co-pays, and
other cost sharing features - ANSWER-Silver plan
All of the following are considered to be nonforfeiture options available to a
policyowner except - ANSWER-Reduction of premium
Continuous 24-hour care provided by licensed medical professionals under the direct
supervision of a physician is called - ANSWER-skilled nursing care
States that have "no loss no gain" laws require a replacing policy to - ANSWER-pay
for ongoing claims under the policy it replaces
A producer is meeting with a client to determine whether an annuity would be
suitable for purchase. Which of the following topics needs to be discussed with this
client? - ANSWER-financial objectives
What amount will be paid under a policy where the insured misstated his/her age? -
ANSWER-An amount the premium would have purchased at the correct age
In Pennsylvania, HIPAA laws require that an individual's prior creditable coverage
may reduce the maximum pre-existing condition exclusion period that a new group
health plan can apply. This rule is applicable as long as there has been no gap in
creditable coverage for a period greater than - ANSWER-63 days
Life insurance policies will normally pay for losses arising from - ANSWER-
commercial aviation
In contrast to a guaranteed renewable policy, a noncancellable policy - ANSWER-
may never raise premiums
A policyowner may exercise which of these dividend options that uses the dividend
to pay all or part of the next premium due? - ANSWER-Reduction of premium
dividend option
Non-admitted Insurer - ANSWER-is not afforded protection by the guaranty fund
A nonparticipating policy will - ANSWER-not pay dividends
An underwriter's primary responsibility to an insurer is to protect against - ANSWER-
Adverse selection
How are contributions made to a Roth IRA handled for tax purposes? - ANSWER-not
tax deductible
, A policyowner is prohibited from making any changes to the policy without the
beneficiary's written consent under which beneficiary designation? - ANSWER-
Irrevocable beneficiary
A hospital or medical expense policy will typically cover dental treatment expenses
under which circumstance? - ANSWER-Dental treatment is needed to repair an
injury
Which of these will have the highest monthly payout upon annuitization? - ANSWER-
In Pennsylvania, what's the requirement for a minor to receive proceeds from a
death benefit? - ANSWER-A guardian must be appointed
Which of these is not considered a form of insurance advertisement? - ANSWER-
Buyer's guide
Shawn, Mike, and Dave are brothers who have a $100,000 "first to die" joint life
policy covering all three of their lives. If Mike dies first, the policy proceeds -
ANSWER-will no longer provide insurance protection
An insurer has the right to recover payment made to the insured from the negligent
party. These rights are called - ANSWER-Subrogation
Which type of beneficiary should be named if the insured wants to give explicit
directions on how the policy proceeds should be paid? - ANSWER-individual
In accident and health plans, premiums paid less frequent than monthly require a
minimum grace period of at least - ANSWER-31 days
An insured may return their accident and health policy within ____ days of policy
delivery - ANSWER-10 days
A policy that allows a policyowner to temporarily give up ownership rights to secure a
loan is called a - ANSWER-Collateral assignment
Which type of policy combines the flexibility of a universal life policy with investment
choices? - ANSWER-Variable universal life policy
A form of medical health insurance covering the treatment and care of gum disease
is called - ANSWER-Dental expense insurance
All of these statements concerning whole life insurance are false except - ANSWER-
When a whole life policy is surrendered, income taxes may be owed
If a health insurance claim is not promptly paid, legal action may be taken against
the insurer after - ANSWER-60 days from the date proof of loss is furnished
Fraternal Benefit Society has each of the following characteristics EXCEPT -
ANSWER-Exist For profit
questions with verified answers
According to the affordable care act, what metal tier is required to have an actuarial
value of 70% with covered individual paying 30% through deductibles, co-pays, and
other cost sharing features - ANSWER-Silver plan
All of the following are considered to be nonforfeiture options available to a
policyowner except - ANSWER-Reduction of premium
Continuous 24-hour care provided by licensed medical professionals under the direct
supervision of a physician is called - ANSWER-skilled nursing care
States that have "no loss no gain" laws require a replacing policy to - ANSWER-pay
for ongoing claims under the policy it replaces
A producer is meeting with a client to determine whether an annuity would be
suitable for purchase. Which of the following topics needs to be discussed with this
client? - ANSWER-financial objectives
What amount will be paid under a policy where the insured misstated his/her age? -
ANSWER-An amount the premium would have purchased at the correct age
In Pennsylvania, HIPAA laws require that an individual's prior creditable coverage
may reduce the maximum pre-existing condition exclusion period that a new group
health plan can apply. This rule is applicable as long as there has been no gap in
creditable coverage for a period greater than - ANSWER-63 days
Life insurance policies will normally pay for losses arising from - ANSWER-
commercial aviation
In contrast to a guaranteed renewable policy, a noncancellable policy - ANSWER-
may never raise premiums
A policyowner may exercise which of these dividend options that uses the dividend
to pay all or part of the next premium due? - ANSWER-Reduction of premium
dividend option
Non-admitted Insurer - ANSWER-is not afforded protection by the guaranty fund
A nonparticipating policy will - ANSWER-not pay dividends
An underwriter's primary responsibility to an insurer is to protect against - ANSWER-
Adverse selection
How are contributions made to a Roth IRA handled for tax purposes? - ANSWER-not
tax deductible
, A policyowner is prohibited from making any changes to the policy without the
beneficiary's written consent under which beneficiary designation? - ANSWER-
Irrevocable beneficiary
A hospital or medical expense policy will typically cover dental treatment expenses
under which circumstance? - ANSWER-Dental treatment is needed to repair an
injury
Which of these will have the highest monthly payout upon annuitization? - ANSWER-
In Pennsylvania, what's the requirement for a minor to receive proceeds from a
death benefit? - ANSWER-A guardian must be appointed
Which of these is not considered a form of insurance advertisement? - ANSWER-
Buyer's guide
Shawn, Mike, and Dave are brothers who have a $100,000 "first to die" joint life
policy covering all three of their lives. If Mike dies first, the policy proceeds -
ANSWER-will no longer provide insurance protection
An insurer has the right to recover payment made to the insured from the negligent
party. These rights are called - ANSWER-Subrogation
Which type of beneficiary should be named if the insured wants to give explicit
directions on how the policy proceeds should be paid? - ANSWER-individual
In accident and health plans, premiums paid less frequent than monthly require a
minimum grace period of at least - ANSWER-31 days
An insured may return their accident and health policy within ____ days of policy
delivery - ANSWER-10 days
A policy that allows a policyowner to temporarily give up ownership rights to secure a
loan is called a - ANSWER-Collateral assignment
Which type of policy combines the flexibility of a universal life policy with investment
choices? - ANSWER-Variable universal life policy
A form of medical health insurance covering the treatment and care of gum disease
is called - ANSWER-Dental expense insurance
All of these statements concerning whole life insurance are false except - ANSWER-
When a whole life policy is surrendered, income taxes may be owed
If a health insurance claim is not promptly paid, legal action may be taken against
the insurer after - ANSWER-60 days from the date proof of loss is furnished
Fraternal Benefit Society has each of the following characteristics EXCEPT -
ANSWER-Exist For profit
