XCEL Virginia-LIFE & HEALTH EXAM SIMULATOR 2025/2026 BANK COMPLETE STUDY
GUIDE ACCURATE REAL EXAM QUESTIONS TESTING VERSIONS AND A STUDY GUIDE |
EXPERT VERIFIED FOR GUARANTEED PASS
When compared to a fixed annuity, a variable annuity has what distinguishing feature? -
(ANSWER)Investment risk is assumed by the purchaser
The ________ is required to notify the Bureau of Insurance of a licensee's change of name or address. -
(ANSWER)Licensee
The ________ is required to notify the State Corporation Commission in the event of appointment
termination. - (ANSWER)Insurer
Employers often purchase life insurance on a key employee in order to - (ANSWER)pay for finding and
training a replacement if the employee dies prematurely.
A trustee to trustee transfer of rollover funds in a qualified plan allows a participant to avoid -
(ANSWER)mandatory income tax withholding on the amount transferred.
An individual who purchases a modified life insurance policy expects - (ANSWER)an improvement in
future income
Which of these is not a true statement of the war exclusion - (ANSWER)it applies to civil insurrections
Which of these is not considered a Federal punishment for unfair and deceptive insurance practices? -
(ANSWER)Community Service
Which of the following is generally a form of a group credit life insurance? - (ANSWER)Decreasing term
insurance
If a group is considering applying for a group life policy, it MUST - (ANSWER)have a minimum number of
eligible persons
,XCEL Virginia-LIFE & HEALTH EXAM SIMULATOR 2025/2026 BANK COMPLETE STUDY
GUIDE ACCURATE REAL EXAM QUESTIONS TESTING VERSIONS AND A STUDY GUIDE |
EXPERT VERIFIED FOR GUARANTEED PASS
Which of these is not a reason to buy a term life policy? - (ANSWER)To accumulate savings
When a ten year renewable term life insurance policy issued at age 45 is renewed, the premium rate will
be the current rate for - (ANSWER)Ten year term insurance for a person aged 55
An example of misrepresentation is - (ANSWER)Falsifying the terms, benefits, advantages, or conditions
of an insurance policy
A(n) ________ insurance company conducts business in a state outside the one in which it is domiciled -
(ANSWER)alien
When an individual is planning to protect his family with life insurance, one method of doing so is called
needs analysis. What exactly does needs analysis involve? - (ANSWER)Identifies the needs of an
individual and the individual's dependents
If replacement was involved in the sale of a life insurance policy, an agent must provide a replacement
notice no later than the - (ANSWER)application date
A policyowner has a life insurance policy where she had listed her age on the application as 5 years
younger than her actual age. If she dies and the insurer discovers the misstatement of age, how much
will the insurance company pay? - (ANSWER)Less than the face amount
Statements made by an insured on an accident and health insurance application are considered to be -
(ANSWER)representations
Which of these is not considered the responsibility of a producer during the underwriting process? -
(ANSWER)Selecting the final approval date
, XCEL Virginia-LIFE & HEALTH EXAM SIMULATOR 2025/2026 BANK COMPLETE STUDY
GUIDE ACCURATE REAL EXAM QUESTIONS TESTING VERSIONS AND A STUDY GUIDE |
EXPERT VERIFIED FOR GUARANTEED PASS
The interest credited to the cash values of personally owned non qualified annuities is considered -
(ANSWER)tax deferred
which of the following is not a valid reason for an insurer to contest a life insurance policy during the
policy's first two years of existence? - (ANSWER)Misstatement of age
An agent who attempts to intimidate is engaging in - (ANSWER)coercion
a life insurance producers underwriting duties may include - (ANSWER)seeking additional information by
the insurance company
a life insurance policy can be backdated before the application date for up to ___________ months -
(ANSWER)6
which of these is not used as selection criteria in the underwriting process of a life insurance application
- (ANSWER)national origin
what would be a valid reason for naming a trust beneficiary of a life insurance policy opposed to naming
an individual - (ANSWER)management of proceeds would be provided
a life annuity with period certain is characterized as - (ANSWER)guaranteeing benefit payments for a
stated minimum number of years
a qualified profit-sharing plan is designed to - (ANSWER)distribute a portion of company earnings to its
employees
GUIDE ACCURATE REAL EXAM QUESTIONS TESTING VERSIONS AND A STUDY GUIDE |
EXPERT VERIFIED FOR GUARANTEED PASS
When compared to a fixed annuity, a variable annuity has what distinguishing feature? -
(ANSWER)Investment risk is assumed by the purchaser
The ________ is required to notify the Bureau of Insurance of a licensee's change of name or address. -
(ANSWER)Licensee
The ________ is required to notify the State Corporation Commission in the event of appointment
termination. - (ANSWER)Insurer
Employers often purchase life insurance on a key employee in order to - (ANSWER)pay for finding and
training a replacement if the employee dies prematurely.
A trustee to trustee transfer of rollover funds in a qualified plan allows a participant to avoid -
(ANSWER)mandatory income tax withholding on the amount transferred.
An individual who purchases a modified life insurance policy expects - (ANSWER)an improvement in
future income
Which of these is not a true statement of the war exclusion - (ANSWER)it applies to civil insurrections
Which of these is not considered a Federal punishment for unfair and deceptive insurance practices? -
(ANSWER)Community Service
Which of the following is generally a form of a group credit life insurance? - (ANSWER)Decreasing term
insurance
If a group is considering applying for a group life policy, it MUST - (ANSWER)have a minimum number of
eligible persons
,XCEL Virginia-LIFE & HEALTH EXAM SIMULATOR 2025/2026 BANK COMPLETE STUDY
GUIDE ACCURATE REAL EXAM QUESTIONS TESTING VERSIONS AND A STUDY GUIDE |
EXPERT VERIFIED FOR GUARANTEED PASS
Which of these is not a reason to buy a term life policy? - (ANSWER)To accumulate savings
When a ten year renewable term life insurance policy issued at age 45 is renewed, the premium rate will
be the current rate for - (ANSWER)Ten year term insurance for a person aged 55
An example of misrepresentation is - (ANSWER)Falsifying the terms, benefits, advantages, or conditions
of an insurance policy
A(n) ________ insurance company conducts business in a state outside the one in which it is domiciled -
(ANSWER)alien
When an individual is planning to protect his family with life insurance, one method of doing so is called
needs analysis. What exactly does needs analysis involve? - (ANSWER)Identifies the needs of an
individual and the individual's dependents
If replacement was involved in the sale of a life insurance policy, an agent must provide a replacement
notice no later than the - (ANSWER)application date
A policyowner has a life insurance policy where she had listed her age on the application as 5 years
younger than her actual age. If she dies and the insurer discovers the misstatement of age, how much
will the insurance company pay? - (ANSWER)Less than the face amount
Statements made by an insured on an accident and health insurance application are considered to be -
(ANSWER)representations
Which of these is not considered the responsibility of a producer during the underwriting process? -
(ANSWER)Selecting the final approval date
, XCEL Virginia-LIFE & HEALTH EXAM SIMULATOR 2025/2026 BANK COMPLETE STUDY
GUIDE ACCURATE REAL EXAM QUESTIONS TESTING VERSIONS AND A STUDY GUIDE |
EXPERT VERIFIED FOR GUARANTEED PASS
The interest credited to the cash values of personally owned non qualified annuities is considered -
(ANSWER)tax deferred
which of the following is not a valid reason for an insurer to contest a life insurance policy during the
policy's first two years of existence? - (ANSWER)Misstatement of age
An agent who attempts to intimidate is engaging in - (ANSWER)coercion
a life insurance producers underwriting duties may include - (ANSWER)seeking additional information by
the insurance company
a life insurance policy can be backdated before the application date for up to ___________ months -
(ANSWER)6
which of these is not used as selection criteria in the underwriting process of a life insurance application
- (ANSWER)national origin
what would be a valid reason for naming a trust beneficiary of a life insurance policy opposed to naming
an individual - (ANSWER)management of proceeds would be provided
a life annuity with period certain is characterized as - (ANSWER)guaranteeing benefit payments for a
stated minimum number of years
a qualified profit-sharing plan is designed to - (ANSWER)distribute a portion of company earnings to its
employees
