XCEL UPDATED TEST QUESTIONS AND ANSWERS GRADED
A+
✔✔Which of the following decisions would a Health Savings Account (HSA) owner NOT
to be able to make? - ✔✔the amount contributed by the employer
CORRECT: the amount contributed by the owner, the underlying account Investments
used, the medical expenses paid for by the HSA
an individual with a Health Savings a
Account (HAS) can make all of these decisions except how much the employer will
contribute.
✔✔which of the following is NOT included under health benefit plan? - ✔✔Hospital
Indemnity plan
INCLUDED: major medical policy, basic Hospital policy, surgical expense policy
✔✔A Modified Endowment Contract (MEC) is best described as - ✔✔a life insurance
contract which accumulates cash value is higher than the IRS will allow
✔✔a guaranteed issue life insurance policy has no - ✔✔medical underwriting
✔✔which type of business insurance is meant to cover the cost of continuing to do
business while the owner is disabled? - ✔✔business overhead expense policy
✔✔which of the following is an annuity that is linked to a market-related index? -
✔✔equity-indexed annuity
✔✔producer commissions may NOT be paid to - ✔✔licensed producers not appointed
by an insurer
CORRECT: licensed and appointed producers, licensed and appointed producers who
are sharing commissions, non-resident producers
✔✔Elizabeth is the beneficiary of a life insurance policy. She's receiving the death
benefit and payments of $10,000 per month until the principal and interest has been
paid out. Which option was chosen? - ✔✔fixed amount
✔✔which of the following is an example of the insured's consideration? - ✔✔a paid
premium
✔✔in the state of Michigan, a licensed producer - ✔✔represents the insurer
, ✔✔which of these would NOT considered a presumptive disability? - ✔✔loss of a leg or
arm
CORRECT: loss of vision and speech, loss of hearing, loss of leg and arm
✔✔in Michigan, a small employer is comprised of - ✔✔2 to 50 employees
✔✔which of the following would be considered a possible application and contract
policy holder for group health benefits? - ✔✔employer
an employer would be a possible application and contract policyholder of a single
Master contract or Master policy for group health benefits.
✔✔Bill requires some nursing care and supervision but NOT full-time care. Which of
these nursing home options would best serve him? - ✔✔Assisted Living
✔✔Tim has a health insurance with a deductible of $500 and an 80/20 coinsurance.
How much will she pay if she incurs a loss of $1,500? - ✔✔$700
in this situation, the insured will pay $500 deductible plus $200 coinsurance = $700.
$1500-$500=$1000
$1000×20%=$200
$500+$200=$700
✔✔which of the following is a requirement for ANY change in an insurance application?
- ✔✔change must be initialed by the applicant
✔✔what does the Consolidated Omnibus Budget Reconciliation act COBRA of 1985
allow an employee to do? - ✔✔in the event of an employment termination, group health
insurance can be kept at the employee pays the
✔✔when a decreasing term policies purchased, it contains a decreasing death benefit
and - ✔✔level premiums
✔✔major medical expense Plants provide coverage for each of the following EXCEPT -
✔✔work-related injuries
CORRECT: medically necessary surgery, diagnostic tests, blood in urine lab screens
✔✔a form of medical health insurance covering the treatment and care of gum disease
is called - ✔✔Dental expense insurance
A+
✔✔Which of the following decisions would a Health Savings Account (HSA) owner NOT
to be able to make? - ✔✔the amount contributed by the employer
CORRECT: the amount contributed by the owner, the underlying account Investments
used, the medical expenses paid for by the HSA
an individual with a Health Savings a
Account (HAS) can make all of these decisions except how much the employer will
contribute.
✔✔which of the following is NOT included under health benefit plan? - ✔✔Hospital
Indemnity plan
INCLUDED: major medical policy, basic Hospital policy, surgical expense policy
✔✔A Modified Endowment Contract (MEC) is best described as - ✔✔a life insurance
contract which accumulates cash value is higher than the IRS will allow
✔✔a guaranteed issue life insurance policy has no - ✔✔medical underwriting
✔✔which type of business insurance is meant to cover the cost of continuing to do
business while the owner is disabled? - ✔✔business overhead expense policy
✔✔which of the following is an annuity that is linked to a market-related index? -
✔✔equity-indexed annuity
✔✔producer commissions may NOT be paid to - ✔✔licensed producers not appointed
by an insurer
CORRECT: licensed and appointed producers, licensed and appointed producers who
are sharing commissions, non-resident producers
✔✔Elizabeth is the beneficiary of a life insurance policy. She's receiving the death
benefit and payments of $10,000 per month until the principal and interest has been
paid out. Which option was chosen? - ✔✔fixed amount
✔✔which of the following is an example of the insured's consideration? - ✔✔a paid
premium
✔✔in the state of Michigan, a licensed producer - ✔✔represents the insurer
, ✔✔which of these would NOT considered a presumptive disability? - ✔✔loss of a leg or
arm
CORRECT: loss of vision and speech, loss of hearing, loss of leg and arm
✔✔in Michigan, a small employer is comprised of - ✔✔2 to 50 employees
✔✔which of the following would be considered a possible application and contract
policy holder for group health benefits? - ✔✔employer
an employer would be a possible application and contract policyholder of a single
Master contract or Master policy for group health benefits.
✔✔Bill requires some nursing care and supervision but NOT full-time care. Which of
these nursing home options would best serve him? - ✔✔Assisted Living
✔✔Tim has a health insurance with a deductible of $500 and an 80/20 coinsurance.
How much will she pay if she incurs a loss of $1,500? - ✔✔$700
in this situation, the insured will pay $500 deductible plus $200 coinsurance = $700.
$1500-$500=$1000
$1000×20%=$200
$500+$200=$700
✔✔which of the following is a requirement for ANY change in an insurance application?
- ✔✔change must be initialed by the applicant
✔✔what does the Consolidated Omnibus Budget Reconciliation act COBRA of 1985
allow an employee to do? - ✔✔in the event of an employment termination, group health
insurance can be kept at the employee pays the
✔✔when a decreasing term policies purchased, it contains a decreasing death benefit
and - ✔✔level premiums
✔✔major medical expense Plants provide coverage for each of the following EXCEPT -
✔✔work-related injuries
CORRECT: medically necessary surgery, diagnostic tests, blood in urine lab screens
✔✔a form of medical health insurance covering the treatment and care of gum disease
is called - ✔✔Dental expense insurance
