XCEL SOLUTIONS EXAM Q&A
The rules and regulations of the life and health insurance guaranty association apply
to - ANSWER-Life and Health policies issued by companies authorized in that
particular state
The fund that assured policy holder payments of benefits on life and health policies
of the company is insolvent at the time of the claim is called the - ANSWER-
A stock, life insurance company that issues both participating and nonparticipating
policies is doing business on - ANSWER-a mixed plan
The stock insurance company is owned by - ANSWER-its stockholders
Who is a mutual insurance company owned by? - ANSWER-Its policyholders
Which type of insurance company allows their policy owners to elect a governing
body - ANSWER-mutual
What percentage of eligible persons must a policy cover in a non-contributory group
- ANSWER-100%
Which of the following employer task does a professional employer organization
normally handle? - ANSWER-Administration task
The coordination of benefits, COB provision exist in order to - ANSWER-avoid
duplication of benefit payments
Under Florida law, a variable annuity policy owner must be notified of the
accumulated value of the contract - ANSWER-once each year
Which two entities regulate variable annuities? - ANSWER-Department of Financial
Services; and Securities Exchange Commission
If an agent would like to sell variable annuities, which state of examination must the
agent pass - ANSWER-Life and Variable contracts
According to Florida rules on disclosure, a life insurance applicant is expected to be
provided with - ANSWER-Buyers guide and policy summary
In Florida most life insurance policies have a contestability period . - ANSWER-2
years-
The maximum contestability period for most life insurance policies is 2 years.
Nonprofit life insurance providers that are covered by a special section in the Florida
insurance code are called - ANSWER-Fraternal life insurance organizations
The 14 day free look period for life insurance policies begins at the - ANSWER-Date
of delivery
, According to Florida law group, life insurance conversion privileges must not -
ANSWER-require evidence of insurability
Which of the following situations are not subject to Florida life insurance laws? -
ANSWER-Insurance companies' day-to-day operations
What are adjustable rate for life policy loans in Florida based on - ANSWER-Moodys
corporate bond index
A life policy loan in Florida cannot charge a fixed rate of interest higher than -
ANSWER-10%
The minimum age at which a person can sign a life insurance application is -
ANSWER-15 years
Which of the following situations does not apply to the Florida replacement rule -
ANSWER-An existing policyholder purchases an additional policy from the same
insurer
According to Florida life insurance replacement laws a policy owner must be
provided with a written comparison and summary statement when it's requested by -
ANSWER-The policy owner
A variable life insurance agent must be license and appointed as a life and variable
contract agent, as well as - ANSWER-Broker dealer
Which of the following is not a legal entity for selling life insurance in Florida? -
ANSWER-Risk management advisors
The replacement of life insurance and annuities regulation is designed to protect the
interest of - ANSWER-Policy owner
When an existing life insurance policy is being re-issued with a reduction in cash
value, the agent must sign the - ANSWER-Notice regarding replacement of life
insurance or annuity
The life insurance and annuity replacement regulation, defines replacement as -
ANSWER-exchanging an existing policy for a new policy
Replacement regulations apply to which of the following types of contracts -
ANSWER-ordinary life
Replacement is involved in all of the following situations, except when - ANSWER-a
Term policy is converted to a permanent plan with the same insurance company
Which policy is exempt from replacement regulations - ANSWER-Group Life policy
The rules and regulations of the life and health insurance guaranty association apply
to - ANSWER-Life and Health policies issued by companies authorized in that
particular state
The fund that assured policy holder payments of benefits on life and health policies
of the company is insolvent at the time of the claim is called the - ANSWER-
A stock, life insurance company that issues both participating and nonparticipating
policies is doing business on - ANSWER-a mixed plan
The stock insurance company is owned by - ANSWER-its stockholders
Who is a mutual insurance company owned by? - ANSWER-Its policyholders
Which type of insurance company allows their policy owners to elect a governing
body - ANSWER-mutual
What percentage of eligible persons must a policy cover in a non-contributory group
- ANSWER-100%
Which of the following employer task does a professional employer organization
normally handle? - ANSWER-Administration task
The coordination of benefits, COB provision exist in order to - ANSWER-avoid
duplication of benefit payments
Under Florida law, a variable annuity policy owner must be notified of the
accumulated value of the contract - ANSWER-once each year
Which two entities regulate variable annuities? - ANSWER-Department of Financial
Services; and Securities Exchange Commission
If an agent would like to sell variable annuities, which state of examination must the
agent pass - ANSWER-Life and Variable contracts
According to Florida rules on disclosure, a life insurance applicant is expected to be
provided with - ANSWER-Buyers guide and policy summary
In Florida most life insurance policies have a contestability period . - ANSWER-2
years-
The maximum contestability period for most life insurance policies is 2 years.
Nonprofit life insurance providers that are covered by a special section in the Florida
insurance code are called - ANSWER-Fraternal life insurance organizations
The 14 day free look period for life insurance policies begins at the - ANSWER-Date
of delivery
, According to Florida law group, life insurance conversion privileges must not -
ANSWER-require evidence of insurability
Which of the following situations are not subject to Florida life insurance laws? -
ANSWER-Insurance companies' day-to-day operations
What are adjustable rate for life policy loans in Florida based on - ANSWER-Moodys
corporate bond index
A life policy loan in Florida cannot charge a fixed rate of interest higher than -
ANSWER-10%
The minimum age at which a person can sign a life insurance application is -
ANSWER-15 years
Which of the following situations does not apply to the Florida replacement rule -
ANSWER-An existing policyholder purchases an additional policy from the same
insurer
According to Florida life insurance replacement laws a policy owner must be
provided with a written comparison and summary statement when it's requested by -
ANSWER-The policy owner
A variable life insurance agent must be license and appointed as a life and variable
contract agent, as well as - ANSWER-Broker dealer
Which of the following is not a legal entity for selling life insurance in Florida? -
ANSWER-Risk management advisors
The replacement of life insurance and annuities regulation is designed to protect the
interest of - ANSWER-Policy owner
When an existing life insurance policy is being re-issued with a reduction in cash
value, the agent must sign the - ANSWER-Notice regarding replacement of life
insurance or annuity
The life insurance and annuity replacement regulation, defines replacement as -
ANSWER-exchanging an existing policy for a new policy
Replacement regulations apply to which of the following types of contracts -
ANSWER-ordinary life
Replacement is involved in all of the following situations, except when - ANSWER-a
Term policy is converted to a permanent plan with the same insurance company
Which policy is exempt from replacement regulations - ANSWER-Group Life policy
