XCEL Virginia-LIFE & HEALTH EXAM SIMULATOR
2025/2026 BANK COMPLETE STUDY GUIDE
ACCURATE REAL EXAM QUESTIONS TESTING
VERSIONS AND A STUDY GUIDE | EXPERT
VERIFIED FOR GUARANTEED PASS
What is the face amount of a $50,000 graded death benefit
life insurance policy when the policy is issued?
$0
$50,000
Under $50,000 initially, but decreases annually over time
Under $50,000 initially, but increases annually until fully
insured - ....ANSWER...under 50,000 initially but
increases over time
what happens to the purchasing power of benefit
payments from a fixed life annuity when the cost of living
goes up - ....ANSWER...decreases
,a life insurance policyowner sells her policy to a third
party in a viatical settlement. Under this transaction, the
policyowner - ....ANSWER...receives an amount less than
the policys death benefit
The free-look period for life insurance policy is usually
____________ days - ....ANSWER...10
what is another name for a Keogh plan -
....ANSWER...HR 10 plan
when testing for HIV virginia law requires a consent form
- ....ANSWER...that disclose who may recieve a copy of the
results
which of the following statements about universal life
insurance is not true - ....ANSWER...universal life
insurance normally has a minimum guaranteed cash value
for duration of the policy
Sylvia purchased an annuity for $100,000 from the
proceeds of an inheritance. No further payments are
permitted and the income stream begins in 15 years. This
,contract is a(n) - ....ANSWER...single premium deferred
annuity
Which of these is NOT considereed a type of limited
payment whole life insurnace? -
....ANSWER...Endowment at age 70
A material change in a modified endowment contract
(MEC) results in - ....ANSWER...the seven pay test,
adjusted for cash value, applies again
All of these statements concerning group credit life
insurance are false EXCEPT - ....ANSWER...the face
amount is based on the outstanding loan balance
The highest mortality rate belongs to which group? -
....ANSWER...Age 70 males
if an agent replaces a client's existing life insurance policy
with a new one, which of these actions is advisable? -
....ANSWER...Wait until the new policy is issued and
delivered before surrendering existing policy
, If an employer pays for accidental death and
dismemberment insurance for its employees, the amount
paid by the employer is generally
tax deductible to the business
non-deductible to the business
partially deductible to the business
considered taxable income to each employee -
....ANSWER...tax deductible to the business
An agent whose actions exceed the authority granted by
the contract is - ....ANSWER...not backed by the insurer
Which statement regarding a single premium life insurance
policy is NOT correct? - ....ANSWER...Additional
premiums may be required under certain conditions
Which statement regarding universal life insurnace is
correct? - ....ANSWER...Cash value accumulations have a
guaranteed minimum interest rate
2025/2026 BANK COMPLETE STUDY GUIDE
ACCURATE REAL EXAM QUESTIONS TESTING
VERSIONS AND A STUDY GUIDE | EXPERT
VERIFIED FOR GUARANTEED PASS
What is the face amount of a $50,000 graded death benefit
life insurance policy when the policy is issued?
$0
$50,000
Under $50,000 initially, but decreases annually over time
Under $50,000 initially, but increases annually until fully
insured - ....ANSWER...under 50,000 initially but
increases over time
what happens to the purchasing power of benefit
payments from a fixed life annuity when the cost of living
goes up - ....ANSWER...decreases
,a life insurance policyowner sells her policy to a third
party in a viatical settlement. Under this transaction, the
policyowner - ....ANSWER...receives an amount less than
the policys death benefit
The free-look period for life insurance policy is usually
____________ days - ....ANSWER...10
what is another name for a Keogh plan -
....ANSWER...HR 10 plan
when testing for HIV virginia law requires a consent form
- ....ANSWER...that disclose who may recieve a copy of the
results
which of the following statements about universal life
insurance is not true - ....ANSWER...universal life
insurance normally has a minimum guaranteed cash value
for duration of the policy
Sylvia purchased an annuity for $100,000 from the
proceeds of an inheritance. No further payments are
permitted and the income stream begins in 15 years. This
,contract is a(n) - ....ANSWER...single premium deferred
annuity
Which of these is NOT considereed a type of limited
payment whole life insurnace? -
....ANSWER...Endowment at age 70
A material change in a modified endowment contract
(MEC) results in - ....ANSWER...the seven pay test,
adjusted for cash value, applies again
All of these statements concerning group credit life
insurance are false EXCEPT - ....ANSWER...the face
amount is based on the outstanding loan balance
The highest mortality rate belongs to which group? -
....ANSWER...Age 70 males
if an agent replaces a client's existing life insurance policy
with a new one, which of these actions is advisable? -
....ANSWER...Wait until the new policy is issued and
delivered before surrendering existing policy
, If an employer pays for accidental death and
dismemberment insurance for its employees, the amount
paid by the employer is generally
tax deductible to the business
non-deductible to the business
partially deductible to the business
considered taxable income to each employee -
....ANSWER...tax deductible to the business
An agent whose actions exceed the authority granted by
the contract is - ....ANSWER...not backed by the insurer
Which statement regarding a single premium life insurance
policy is NOT correct? - ....ANSWER...Additional
premiums may be required under certain conditions
Which statement regarding universal life insurnace is
correct? - ....ANSWER...Cash value accumulations have a
guaranteed minimum interest rate
