XCEL FINAL PAPER UPDATED QUESTIONS AND ANSWERS
GRADED A+
✔✔Any inducement offered to the insured in the sale of insurance products that is not
specified in the policy is called - ✔✔Rebating
✔✔A person cannot sell long-term care insurance unless that person is licensed as an
insurance producer and has successfully completed a one-time education course of -
✔✔8 hours
✔✔ An insurance company that has been denied or not yet applied for a Certificate of
Authority is called - ✔✔Unauthorized
✔✔When determining whether an annuity is suitable for a client, the producer should
ask about which of the following? - ✔✔Financial objectives
✔✔Before a licensed producer is eligible to transact insurance sales, they must be -
✔✔appointed by an insurance company
✔✔A producer's fiduciary responsibility includes which of the following activities? -
✔✔Recording the receipt and distribution of premiums due to an insurer
✔✔When replacing a life insurance policy, a producer must provide the applicant with a
- ✔✔Notice Regarding Replacement
✔✔How long may an insurer exclude coverage for a preexisting condition on a
Medicare Supplement policy? - ✔✔6 months
✔✔A life insurance agent is required to give a disclosure notice about information
practices to an applicant or proposed insured - ✔✔Prior to or at the time of signing the
application
✔✔An agent who sells an individual life insurance policy in MUST deliver to the
policyowner - ✔✔A Policy Summary and Buyer's Guide
✔✔A licensee who informs an insured of inaccurate terms, benefits, or advantages of
any policy is committing which of the following violations? - ✔✔Misrepresentation
✔✔Annuity suitability information specifically includes all of the following EXCEPT -
✔✔number of dependents
✔✔A temporary license is valid for a maximum of __ days - ✔✔180
GRADED A+
✔✔Any inducement offered to the insured in the sale of insurance products that is not
specified in the policy is called - ✔✔Rebating
✔✔A person cannot sell long-term care insurance unless that person is licensed as an
insurance producer and has successfully completed a one-time education course of -
✔✔8 hours
✔✔ An insurance company that has been denied or not yet applied for a Certificate of
Authority is called - ✔✔Unauthorized
✔✔When determining whether an annuity is suitable for a client, the producer should
ask about which of the following? - ✔✔Financial objectives
✔✔Before a licensed producer is eligible to transact insurance sales, they must be -
✔✔appointed by an insurance company
✔✔A producer's fiduciary responsibility includes which of the following activities? -
✔✔Recording the receipt and distribution of premiums due to an insurer
✔✔When replacing a life insurance policy, a producer must provide the applicant with a
- ✔✔Notice Regarding Replacement
✔✔How long may an insurer exclude coverage for a preexisting condition on a
Medicare Supplement policy? - ✔✔6 months
✔✔A life insurance agent is required to give a disclosure notice about information
practices to an applicant or proposed insured - ✔✔Prior to or at the time of signing the
application
✔✔An agent who sells an individual life insurance policy in MUST deliver to the
policyowner - ✔✔A Policy Summary and Buyer's Guide
✔✔A licensee who informs an insured of inaccurate terms, benefits, or advantages of
any policy is committing which of the following violations? - ✔✔Misrepresentation
✔✔Annuity suitability information specifically includes all of the following EXCEPT -
✔✔number of dependents
✔✔A temporary license is valid for a maximum of __ days - ✔✔180
