XCEL Solutions Life Insurance Final
Exam Questions and Answers 100%
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When is the face amount of a Whole Life policy paid? - ✔✔When the insured dies or at
the policy's maturity date, whichever happens first
An IRA owner can start making withdrawals and NOT be subjected to a tax penalty
beginning at what age? - ✔✔59 1/2
In an insurance contract, the insurer is the only party who makes a legally enforceable
promise. What kind of contract is this? - ✔✔Unilateral
Colorado's replacement rules apply to all of the following types of insurance EXCEPT -
✔✔Single premium whole life
What type of life policy covers two people and pays upon the death of the last insured?
- ✔✔Survivorship
C is a key employee at ABC Incorporated. If a Key Employee life policy is purchased on
her life, which of these statements would be true? - ✔✔ABC is the policy owner, C is the
insured, and ABC is the beneficiary
EMILY CHARLENE © 2025, ALL RIGHTS RESERVED 1
, A policyowner is able to choose the frequency of premium payments through what
policy feature? - ✔✔Premium Mode
Which of the following are Equity Indexed annuities typically invested in? - ✔✔S&P 500
An insurer that terminates a producer's appointment must inform the Commissioner
within how many days? - ✔✔30
When does a Guaranteed Insurability Rider allow the insured to buy additional
coverage? - ✔✔At future dates specified in the contract with no evidence of insurability
required
Which of these types of policies may NOT have the Automatic Premium Loan provision
attached to it? - ✔✔Decreasing Term
When recommending the purchase or exchange of an annuity, a producer must
determine the suitability of the purchase by performing all of the following EXCEPT -
✔✔Determining the marital status of the applicant
A producer license may be suspended or revoked if the producer is found to be
engaging in - ✔✔Misrepresentation
Which of these is an element of a Single Premium annuity? - ✔✔Lump-sum payment
The commissioner may issue an emergency cease and desist order without a hearing for
all of the following circumstances EXCEPT - ✔✔Writing controlled business
EMILY CHARLENE © 2025, ALL RIGHTS RESERVED 2
Exam Questions and Answers 100%
Pass
When is the face amount of a Whole Life policy paid? - ✔✔When the insured dies or at
the policy's maturity date, whichever happens first
An IRA owner can start making withdrawals and NOT be subjected to a tax penalty
beginning at what age? - ✔✔59 1/2
In an insurance contract, the insurer is the only party who makes a legally enforceable
promise. What kind of contract is this? - ✔✔Unilateral
Colorado's replacement rules apply to all of the following types of insurance EXCEPT -
✔✔Single premium whole life
What type of life policy covers two people and pays upon the death of the last insured?
- ✔✔Survivorship
C is a key employee at ABC Incorporated. If a Key Employee life policy is purchased on
her life, which of these statements would be true? - ✔✔ABC is the policy owner, C is the
insured, and ABC is the beneficiary
EMILY CHARLENE © 2025, ALL RIGHTS RESERVED 1
, A policyowner is able to choose the frequency of premium payments through what
policy feature? - ✔✔Premium Mode
Which of the following are Equity Indexed annuities typically invested in? - ✔✔S&P 500
An insurer that terminates a producer's appointment must inform the Commissioner
within how many days? - ✔✔30
When does a Guaranteed Insurability Rider allow the insured to buy additional
coverage? - ✔✔At future dates specified in the contract with no evidence of insurability
required
Which of these types of policies may NOT have the Automatic Premium Loan provision
attached to it? - ✔✔Decreasing Term
When recommending the purchase or exchange of an annuity, a producer must
determine the suitability of the purchase by performing all of the following EXCEPT -
✔✔Determining the marital status of the applicant
A producer license may be suspended or revoked if the producer is found to be
engaging in - ✔✔Misrepresentation
Which of these is an element of a Single Premium annuity? - ✔✔Lump-sum payment
The commissioner may issue an emergency cease and desist order without a hearing for
all of the following circumstances EXCEPT - ✔✔Writing controlled business
EMILY CHARLENE © 2025, ALL RIGHTS RESERVED 2
