1/28/25, 2:45 PM XCEL INSURANCE LICENSE EXAM ACTUAL EXAM | ALL QUESTIONS AND CORRECT ANSWERS | LATEST VERSION | ALRE…
XCEL INSURANCE LICENSE EXAM ACTUAL EXAM
| ALL QUESTIONS AND CORRECT ANSWERS |
LATEST VERSION | ALREADY GRADED A+
Save
Terms in this set (354)
Which type of policy is
considered to be
overfudned, as stated by
IRS guidelines?
What is the maximum 100
number of employees
(earning at least $5000)
that an employer can have
in order to start a SIMPLE
retirement plan?
https://quizlet.com/998294921/xcel-insurance-license-exam-actual-exam-all-questions-and-correct-answers-latest-version-already-graded-a-flash-car… 1/19
,1/28/25, 2:45 PM XCEL INSURANCE LICENSE EXAM ACTUAL EXAM | ALL QUESTIONS AND CORRECT ANSWERS | LATEST VERSION | ALRE…
Which of the following Disability income policy premiums are tax deductible
statements does not
accurately describe the
tax treatment of premiums
an benefits of individual
accident and health
insurance?
Disability income policy
premiums are not tax
deductible
Disability income policy
premiums are tax
deductible
Major medical policy
benefits are normally not
taxed
Disability income policy
benefits are normally not
taxed
The notice of claims Notifying insurer of a claim within a specified time
provision requires a policy
owner to...
What are the elements of The offer, consideration, acceptance
an insurance contract?
What are valid reasons for If a producer returns part of a commission to a client
the insurance in exchange for a sale, engages in false advertising, or
commissioner to suspend commingles premiums collected with a personal
or revoke a producers account
license?
https://quizlet.com/998294921/xcel-insurance-license-exam-actual-exam-all-questions-and-correct-answers-latest-version-already-graded-a-flash-car… 2/19
, 1/28/25, 2:45 PM XCEL INSURANCE LICENSE EXAM ACTUAL EXAM | ALL QUESTIONS AND CORRECT ANSWERS | LATEST VERSION | ALRE…
P receive disability income A recurrent disability
benefits for three months
than returns to work. She
is able to work one month
before her condition
returns, leaving her
disabled once again. What
would the insurance
company most likely
regard the second period
of disability as?
An example of rebating Returning a portion of a premium as inducement to
would be purchase insurance
K purchased a life Universal
insurance policy in 1986
which paid 10% interest in
the early years of the
policy. 20 years after the
purchase she received a
notice from the insurer
stating that the policy will
soon terminate unless a
much higher premium is
paid because of falling
interest rates. This type of
policy is known as a ________
life policy
D is an architect receiving Residual Benefit Clause
disability income benefits
who is not able to return
to work to full-time but
can work on a part-time
basis. What would allow D
to continue receiving
benefits?
https://quizlet.com/998294921/xcel-insurance-license-exam-actual-exam-all-questions-and-correct-answers-latest-version-already-graded-a-flash-car… 3/19
XCEL INSURANCE LICENSE EXAM ACTUAL EXAM
| ALL QUESTIONS AND CORRECT ANSWERS |
LATEST VERSION | ALREADY GRADED A+
Save
Terms in this set (354)
Which type of policy is
considered to be
overfudned, as stated by
IRS guidelines?
What is the maximum 100
number of employees
(earning at least $5000)
that an employer can have
in order to start a SIMPLE
retirement plan?
https://quizlet.com/998294921/xcel-insurance-license-exam-actual-exam-all-questions-and-correct-answers-latest-version-already-graded-a-flash-car… 1/19
,1/28/25, 2:45 PM XCEL INSURANCE LICENSE EXAM ACTUAL EXAM | ALL QUESTIONS AND CORRECT ANSWERS | LATEST VERSION | ALRE…
Which of the following Disability income policy premiums are tax deductible
statements does not
accurately describe the
tax treatment of premiums
an benefits of individual
accident and health
insurance?
Disability income policy
premiums are not tax
deductible
Disability income policy
premiums are tax
deductible
Major medical policy
benefits are normally not
taxed
Disability income policy
benefits are normally not
taxed
The notice of claims Notifying insurer of a claim within a specified time
provision requires a policy
owner to...
What are the elements of The offer, consideration, acceptance
an insurance contract?
What are valid reasons for If a producer returns part of a commission to a client
the insurance in exchange for a sale, engages in false advertising, or
commissioner to suspend commingles premiums collected with a personal
or revoke a producers account
license?
https://quizlet.com/998294921/xcel-insurance-license-exam-actual-exam-all-questions-and-correct-answers-latest-version-already-graded-a-flash-car… 2/19
, 1/28/25, 2:45 PM XCEL INSURANCE LICENSE EXAM ACTUAL EXAM | ALL QUESTIONS AND CORRECT ANSWERS | LATEST VERSION | ALRE…
P receive disability income A recurrent disability
benefits for three months
than returns to work. She
is able to work one month
before her condition
returns, leaving her
disabled once again. What
would the insurance
company most likely
regard the second period
of disability as?
An example of rebating Returning a portion of a premium as inducement to
would be purchase insurance
K purchased a life Universal
insurance policy in 1986
which paid 10% interest in
the early years of the
policy. 20 years after the
purchase she received a
notice from the insurer
stating that the policy will
soon terminate unless a
much higher premium is
paid because of falling
interest rates. This type of
policy is known as a ________
life policy
D is an architect receiving Residual Benefit Clause
disability income benefits
who is not able to return
to work to full-time but
can work on a part-time
basis. What would allow D
to continue receiving
benefits?
https://quizlet.com/998294921/xcel-insurance-license-exam-actual-exam-all-questions-and-correct-answers-latest-version-already-graded-a-flash-car… 3/19
