Xcel Study guides, Class notes & Summaries

Replacement regulation is designed to protect - Answer-Policyowners from mirepresentation and loss of benefits All Health Benefit Plans issued after January 1, 2014 must provide - Answer-Preventative health services Which of these will have the highest monthly payout upon annuitization - Answer-Straight life Which of the following is included in the entire contract according ti the entire contract provison? - Answer-Clauses Which of the following is considered to be an alternative to...

Typically, Long-Term Disability benefits are coordinated with which benefit plan? - Answer-Social Security The focus of major medical insurance is providing coverage for - Answer-medical and hospitalization expenses An insured under a Major Medical expense plan with a zero deductible and 80/20 coinsurance provision files a $1,000 claim. How much of this claim is the insured responsible for? - Answer-$200 because this policy has a zero deductible, the insures is only responsible for the ...

An earned premium resulting from the cancellation of a policy is calculated on: - Answer-On a pro rata basis, based on the previous year's rate M owns a parking garage & has coverage that states: "We will cover losses regardless if you are legally liable for the loss." This no-fault ideology will be found under: - Answer-Excess Direct Coverage An insurance company writing business in a state other than the one in which it is domiciled is called: - Answer-a Foreign Y is running a home...

Insuring Which health policy clause specifies the amount of benefits to be paid - Answer-Insuring The investment gains from a universal life policy usually go to - Answer-The cash value L takes out a life insurance policy and dies 10 years later. During the claim process, the insurer finds out that the applicant misstated their age. What will the insurer do? - Answer-Adjust the death benefit to a reduced amount An employee is covered under a company group life plan with a $50,000 death ...

Under a long-term care inflation rider, the benefit levels periodically increase without proof of insurability In order for a health plan to be an "accountable health plan", who has to approve it? the director Medicare Part A coinsurance payments are covered by Medicare Supplement Plan A Employees generally receive workers compensation benefits for lost wages and medical expenses due to occupational accidents What year was the Mental Health Parity and Addiction Equity Act established? 20...

S filed a written Proof of Loss for a Disability Income claim on September 1. The insurance company did not respond to the claim. S can take legal action against the insurer beginning: - November 1 What is the excise tax rate the IRS imposes on individuals aged 70 1/2 or older who do not take the required minimum distributions from their qualified retirement plan? - 50% The provision in a Group Health policy that allows the insurer to postpone coverage for a covered illness 30 days after t...

What is normally the consequence for NOT obtaining preadmission certification prior to receiving inpatient medical care? - A reduction in benefits A group-owned insurance company that is formed to assume and spread the liability risks of its members is known as a - Risk retention group During the application process, a statement made by an applicant that becomes part of the contract is considered to be a(n) - Warranty What is taken into consideration when defining "total disability" in a...

Which dividend option would an insurer invest the policy owner's money and add any interest earnings as the dividends accrue? -Accumulation at Interest Option -Cash Dividend Option -Paid-Up Additions Option -One-Year Term Dividend Option - The Accumulation at Interest Option - invests the policy owner's money and adds interest earnings to the initial amount of the dividends. Decreasing term life insurance is often used to? -provide retirement funds -provide coverage for a home mortga...

The Do Not Call Registry offers exemptions for calls placed from all of the following EXCEPT - insurance sales calls Charities, political organizations, and surveys are all offered exemptions from The Do Not Call Registry The type of policy where the insurer can send a notice to the insured that the policy has been cancelled in the middle of the term is called - cancelable The renewability provision in a cancelable policy allows the insurer to cancel or terminate the policy at any time, s...

XCEL Exam Questions with Complete Solutions (2) An insurance company that has been denied or not yet applied for a Certificate of Authority is called - Answer-Unauthorized When determining whether an annuity is suitable for a client, the producer should ask about which of the following? - Answer-Financial objectives Before a licensed producer is eligible to transact insurance sales, they must be - Answer-appointed by an insurance company A producer's fiduciary responsibility includes whic...