Xcell Testing Solutions (Life & Health) Final 150 Question Practice Exam with 100% correct answers

When can a policy owner change a revocable beneficiary? CORRECT ANS Anytime M purchased an Accidental Death and Dismemberment (AD&D) policy and named his son as beneficiary. M has the right to change the beneficiary designation at any time. What type of beneficiary is his son? CORRECT ANS Revocable How would a contingent beneficiary receive the policy proceeds in an Accidental Death and Dismemberment (AD&D) policy? CORRECT ANS If the primary beneficiary dies before the insured What is the underlying concept regarding level premiums? CORRECT ANS The early years are charged less than what is needed A policy owner is able to choose the frequency of premium payments through what policy feature? CORRECT ANS Premium Mode Any changes made on an insurance application requires the initials of whom? CORRECT ANS Applicant All of these are considered sources of underwriting information about an applicant EXCEPT CORRECT ANS Rating Services Q applied for life insurance and submitted the initial premium on January 1. The policy was issued February 1, but it was not delivered by the agent until February 7. Q is dissatisfied and returns the policy February 13. How will the insurer handle this situation? CORRECT ANS Policy was returned within the free-look period, premium will be fully refunded M completes an application for life insurance but does not pay the initial premium. All of these actions must occur before M's policy goes into effect EXCEPT CORRECT ANS free-look period has expired What action should a producer take if the initial premium is