Insurance License Practice Xcel
Solutions Final Exam Questions And
Answers | Verified
/. Question 1
Which settlement option pays a stated amount to an annuitant, but no residual value to
a beneficiary? - Answer-✅Life income
/.Question 2
A new agent must complete at least _____ hours of continuing education within 24
months of initial license? - Answer-✅24 hours
/.Question 3
L takes out a life insurance policy and dies 10 years later. During the claim process, the
insurer discovers that L has understated range on the application. Under the
misstatement of age provision the insurer will? - Answer-✅Adjust the death benefits to
a reduced amount
/.Question 4
An example of false advertising would be? - Answer-✅And insurer exaggerating in
dividends in a magazine advertisement
/.Question 5
With whom an agent legally share commissions? - Answer-✅Another agent with the
same line of insurance
/.Question 6
Insurance agent as a fiduciary responsibility to all of the following EXCEPT? - Answer-
✅Other agents
/.Question 7
Which of these is not an example of doing insurance business? - Answer-✅Selling
shares of stock
/.Question 8
taking receipt of premiums and holding them for the insurance company is an example
of? - Answer-✅Fiduciary responsibility
/.Question 9
, How does an indexed annuity differ from a fixed annuity? - Answer-✅Indexed annuity
owners receive crediting interest time to the fluctuation of the linked index
/.Question 10
which of the following policies combines investment choices with a form of Term
coverage? - Answer-✅Variable universal life
/.Question 11
How long does an insurance company appointment remain in force? - Answer-✅Until
terminated
/.Question 12
in Texas an individual life insurance policy is REQUIRED to have a grace period of? -
Answer-✅31 days
/.Question 13
Which statement is TRUE regarding a variable whole life policy? - Answer-✅A minimum
guaranteed death benefit is provided
/.Question 14
in an insurance contract the insurer is the only party who makes a - Answer-✅Unilateral
/.Question 15
which of these is NOT considered to be an element of an insurance contract? - Answer-
✅Negotiating
/.Question 16
What does a 401(k) plan generally provide its participants? - Answer-✅Salary-deferral
contributions
/.Question 17
All these statements concerning Settlement Options are true, EXCEPT? - Answer-
✅Only the beneficiary may select
/.Question 18
A domestic insurance company in Texas is considered a company that? - Answer-✅Is
incorporated and formed in Texas
/.Question 19
Which of the following statements about non-contributory employee group life insurance
is FALSE? - Answer-✅A minimum number of employees is required to participate
/.Question 20
Solutions Final Exam Questions And
Answers | Verified
/. Question 1
Which settlement option pays a stated amount to an annuitant, but no residual value to
a beneficiary? - Answer-✅Life income
/.Question 2
A new agent must complete at least _____ hours of continuing education within 24
months of initial license? - Answer-✅24 hours
/.Question 3
L takes out a life insurance policy and dies 10 years later. During the claim process, the
insurer discovers that L has understated range on the application. Under the
misstatement of age provision the insurer will? - Answer-✅Adjust the death benefits to
a reduced amount
/.Question 4
An example of false advertising would be? - Answer-✅And insurer exaggerating in
dividends in a magazine advertisement
/.Question 5
With whom an agent legally share commissions? - Answer-✅Another agent with the
same line of insurance
/.Question 6
Insurance agent as a fiduciary responsibility to all of the following EXCEPT? - Answer-
✅Other agents
/.Question 7
Which of these is not an example of doing insurance business? - Answer-✅Selling
shares of stock
/.Question 8
taking receipt of premiums and holding them for the insurance company is an example
of? - Answer-✅Fiduciary responsibility
/.Question 9
, How does an indexed annuity differ from a fixed annuity? - Answer-✅Indexed annuity
owners receive crediting interest time to the fluctuation of the linked index
/.Question 10
which of the following policies combines investment choices with a form of Term
coverage? - Answer-✅Variable universal life
/.Question 11
How long does an insurance company appointment remain in force? - Answer-✅Until
terminated
/.Question 12
in Texas an individual life insurance policy is REQUIRED to have a grace period of? -
Answer-✅31 days
/.Question 13
Which statement is TRUE regarding a variable whole life policy? - Answer-✅A minimum
guaranteed death benefit is provided
/.Question 14
in an insurance contract the insurer is the only party who makes a - Answer-✅Unilateral
/.Question 15
which of these is NOT considered to be an element of an insurance contract? - Answer-
✅Negotiating
/.Question 16
What does a 401(k) plan generally provide its participants? - Answer-✅Salary-deferral
contributions
/.Question 17
All these statements concerning Settlement Options are true, EXCEPT? - Answer-
✅Only the beneficiary may select
/.Question 18
A domestic insurance company in Texas is considered a company that? - Answer-✅Is
incorporated and formed in Texas
/.Question 19
Which of the following statements about non-contributory employee group life insurance
is FALSE? - Answer-✅A minimum number of employees is required to participate
/.Question 20
