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Xcel Final Exam/Comprehensive Of Life And Health Insurance With Complete Solution

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...

XCEL Exam Questions with Complete Solutions (1) 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 ...

XCEL Chapter 3 Test Questions with Correct Answers Which contract element is insurable interest a component of? A. Competent parties B. Offer and acceptance C. Consideration D. Legal purpose - Answer-Legal purpose In an insurance contract, the element that shows each party is giving something of value is called? A. offer B. acceptance C. consideration D. purpose - Answer-Consideration What makes an insurance policy a unilateral contract? A. Only the insured pays the premium B. O...

Xcel chapter 3 Exam Questions and Answers All Correct Ambiguities in an insurance policy are always resolved in favor of the - Answer-insured The authority granted to a licensed producer is provided via the - Answer-law of agency is NOT an element of a valid contract. - Answer-countersignature Insurable interest does NOT occur in which of the following relationships? - Answer- business ower and business client What is implied authority defined as? - Answer-Authority that is not sp...

XCEL FINAL EXAM /LATEST UPDATE QUESTIONS AND ANSWERS WITH RATIONALES /COMPREHENSIVE OF LIFE AND HEALTH INSURANCE/ALREDY PASSED