1|Page
IOWA Excel Solutions Exam Latest 2025 Actual
Exam| Complete 150 Real Exam Questions and
Correct Detailed Answers (Verified Answers) Graded
A+ (Brand New!!)
S recently received a $500,000 lump sum retirement buyout from her
employer. She would like to buy an annuity that will immediately
furnish her with a guaranteed income for life. What type of annuity is
best suited for her situation?
-403(b) plan
-deferred premium
-single premium
-period certain – Correct Answer - single premium
X is insured with a disability income policy that provides coverage until
age 65. This policy allows the insurer to change the premium rate for the
overall risk class assigned. Which of these renewability features does
this policy contain?
-Guaranteed Assignable
-Guaranteed renewable
-optionally cancellable
-noncancelable – Correct Answer - -Guaranteed renewable
pg. 1
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What kind of insurance policy supplies an income stream over a set
period of time that starts when the insured dies?
-Family Maintenance Policy
-Family income Policy
-Survivor Policy
-Family survivor policy – Correct Answer - Family maintenance Policy
In order for coverage on a non-medical insurance application to take
effect the same day, the producer must collect a signed application and?
-A medical information report
-the initial premium
-forward it immediately to the insurer
-attending physician statement – Correct Answer - the initial premium
A Medicare Supplement Policy can be cancelled by the insurer for?
-excessive filling claims
-nonpayment
-poor health
-smoking – Correct Answer - Nonpayment
How often must the commissioner examine each domestic insurance
company?
-Every Year
-every 2 years
pg. 2
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every 3 years
every 5 years – Correct Answer - every 5 years
Periodic health claim payments MUST be made at least?
-monthly
-weekly
-daily
-annually – Correct Answer - Monthly
When must a producer deliver a Notice Regarding Replacement of Life
Insurance?
-When the policy is issued
-at the policy delivery
-at the time of application
-when the sales appointment is made – Correct Answer - At the time of
application
K buys a policy where the premium stays fixed for the first 5 years. The
premium then increases in year 6 and stays level thereafter, all the while
the death benefit remains the same. What kind of policy is this?
- Variable Life
- adjustable Life
-graded premium whole life
-modified whole life – Correct Answer - -modified whole life
pg. 3
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N is covered under an individual Disability policy with a 30-day
Elimination period and a monthly benefit of $500. N is totally disabled
for 3 1/2 months. N's total benefit received on this claim is?
-$2,000
-$1,750
-$1,500
-$1,250 – Correct Answer - $1,250
S is the policyowner of a Major Medical policy. The premiums are paid
monthly and due on the 1st of each month. S fails to make September's
payment and is hospitalized October 15th. When S files the claim for
this hospitalization, the insurer will likely?
-pay half the claim
-pay the full claim
-pay the claim minus the September and October premium payments
-deny the claim – Correct Answer - Deny the claim
which settlement option pays a stated amount to an annuitant but no
residual value to a beneficiary?
-interest only
-fixed period
-fixed amount
-life income – Correct Answer - Life income
pg. 4
IOWA Excel Solutions Exam Latest 2025 Actual
Exam| Complete 150 Real Exam Questions and
Correct Detailed Answers (Verified Answers) Graded
A+ (Brand New!!)
S recently received a $500,000 lump sum retirement buyout from her
employer. She would like to buy an annuity that will immediately
furnish her with a guaranteed income for life. What type of annuity is
best suited for her situation?
-403(b) plan
-deferred premium
-single premium
-period certain – Correct Answer - single premium
X is insured with a disability income policy that provides coverage until
age 65. This policy allows the insurer to change the premium rate for the
overall risk class assigned. Which of these renewability features does
this policy contain?
-Guaranteed Assignable
-Guaranteed renewable
-optionally cancellable
-noncancelable – Correct Answer - -Guaranteed renewable
pg. 1
,2|Page
What kind of insurance policy supplies an income stream over a set
period of time that starts when the insured dies?
-Family Maintenance Policy
-Family income Policy
-Survivor Policy
-Family survivor policy – Correct Answer - Family maintenance Policy
In order for coverage on a non-medical insurance application to take
effect the same day, the producer must collect a signed application and?
-A medical information report
-the initial premium
-forward it immediately to the insurer
-attending physician statement – Correct Answer - the initial premium
A Medicare Supplement Policy can be cancelled by the insurer for?
-excessive filling claims
-nonpayment
-poor health
-smoking – Correct Answer - Nonpayment
How often must the commissioner examine each domestic insurance
company?
-Every Year
-every 2 years
pg. 2
,3|Page
every 3 years
every 5 years – Correct Answer - every 5 years
Periodic health claim payments MUST be made at least?
-monthly
-weekly
-daily
-annually – Correct Answer - Monthly
When must a producer deliver a Notice Regarding Replacement of Life
Insurance?
-When the policy is issued
-at the policy delivery
-at the time of application
-when the sales appointment is made – Correct Answer - At the time of
application
K buys a policy where the premium stays fixed for the first 5 years. The
premium then increases in year 6 and stays level thereafter, all the while
the death benefit remains the same. What kind of policy is this?
- Variable Life
- adjustable Life
-graded premium whole life
-modified whole life – Correct Answer - -modified whole life
pg. 3
, 4|Page
N is covered under an individual Disability policy with a 30-day
Elimination period and a monthly benefit of $500. N is totally disabled
for 3 1/2 months. N's total benefit received on this claim is?
-$2,000
-$1,750
-$1,500
-$1,250 – Correct Answer - $1,250
S is the policyowner of a Major Medical policy. The premiums are paid
monthly and due on the 1st of each month. S fails to make September's
payment and is hospitalized October 15th. When S files the claim for
this hospitalization, the insurer will likely?
-pay half the claim
-pay the full claim
-pay the claim minus the September and October premium payments
-deny the claim – Correct Answer - Deny the claim
which settlement option pays a stated amount to an annuitant but no
residual value to a beneficiary?
-interest only
-fixed period
-fixed amount
-life income – Correct Answer - Life income
pg. 4
