XCEL Georgia Life, Accident, & Sickness Exam
Questions And Complete Solutions | Graded A+ |
Latest Update | Guaranteed Pass!!
Which of these is considered a mandatory provision?
A) Payment of Claims
B) Insurance with Other Insurers
C) Misstatement of Age
D) Change of Occupation - ANSWER ✓ A) Payment of Claims
Payment of Claims is considered a mandatory provision and
directs where the claim benefits will go. The others are
considered optional provisions.
All of the following are considered to be typical characteristics
describing the nature of an insurance contract, EXCEPT:
A) Bilateral
B) Unilateral
C) Aleatory
D) Adhesion - ANSWER ✓ A) Bilateral
,Unilateral, aleatory, and adhesion are all special features of
insurance contracts. Bilateral is not.
Which of the following is not considered rebating?
A) Sharing commissions with an agent licensed in the same line
of business
B) Returning premium to a client as an inducement for purchasing
a policy
C) Giving something of value to an insured in exchange for their
business
D) Offering special dividends - ANSWER ✓ A) Sharing
commissions with an agent licensed in the same line of business
Sharing commissions with other licensed and appointed agents is
not considered rebating.
In life insurance, the needs approach is used mostly to establish:
A) Which type of life insurance a client should apply for
B) How much life insurance a client should apply for
C) Which company a client should use when applying for life
insurance
,D) What the maximum amount the client can spend on life
insurance - ANSWER ✓ B) How much life insurance a client
should apply for
The "needs approach" in life insurance is most useful in
determining the amount of life insurance to be recommended to a
client.
What is Old Age and Survivors Health Insurance (OASDHI) also
known as?
A) Medicare
B) Social Security
C) Medicaid
D) FICA - ANSWER ✓ B) Social Security
Old Age, Survivors, and Disability Insurance (OASDI), was signed
into law in 1935 by President Roosevelt as part of the Social
Security Act.
Major Medical policies typically:
A) Pay 100% of covered expenses
B) Contain a deductible and coinsurance
C) Require use of in-network facilities only
, D) Do not contain a deductible and coninsurance - ANSWER ✓
B) Contain a deductible and coinsurance
Major Medical policies typically contain a deductible and
coinsurance.
The part of a life insurance policy guaranteed to be true is called
a(n):
A) Representation
B) Exclusion
C) Warranty
D) Waiver - ANSWER ✓ C) Warranty
Warranties are statements that are considered literally true. A
warranty that is not literally true in every detail, even if made in
error, is sufficient to render a policy void.
A person who is required to be a licensed agent would be a(n):
A) Underwriter
B) Officer who makes decisions on the financial direction of the
insurer
C) Person who places insurance on behalf of anyone seeking
insurance
Questions And Complete Solutions | Graded A+ |
Latest Update | Guaranteed Pass!!
Which of these is considered a mandatory provision?
A) Payment of Claims
B) Insurance with Other Insurers
C) Misstatement of Age
D) Change of Occupation - ANSWER ✓ A) Payment of Claims
Payment of Claims is considered a mandatory provision and
directs where the claim benefits will go. The others are
considered optional provisions.
All of the following are considered to be typical characteristics
describing the nature of an insurance contract, EXCEPT:
A) Bilateral
B) Unilateral
C) Aleatory
D) Adhesion - ANSWER ✓ A) Bilateral
,Unilateral, aleatory, and adhesion are all special features of
insurance contracts. Bilateral is not.
Which of the following is not considered rebating?
A) Sharing commissions with an agent licensed in the same line
of business
B) Returning premium to a client as an inducement for purchasing
a policy
C) Giving something of value to an insured in exchange for their
business
D) Offering special dividends - ANSWER ✓ A) Sharing
commissions with an agent licensed in the same line of business
Sharing commissions with other licensed and appointed agents is
not considered rebating.
In life insurance, the needs approach is used mostly to establish:
A) Which type of life insurance a client should apply for
B) How much life insurance a client should apply for
C) Which company a client should use when applying for life
insurance
,D) What the maximum amount the client can spend on life
insurance - ANSWER ✓ B) How much life insurance a client
should apply for
The "needs approach" in life insurance is most useful in
determining the amount of life insurance to be recommended to a
client.
What is Old Age and Survivors Health Insurance (OASDHI) also
known as?
A) Medicare
B) Social Security
C) Medicaid
D) FICA - ANSWER ✓ B) Social Security
Old Age, Survivors, and Disability Insurance (OASDI), was signed
into law in 1935 by President Roosevelt as part of the Social
Security Act.
Major Medical policies typically:
A) Pay 100% of covered expenses
B) Contain a deductible and coinsurance
C) Require use of in-network facilities only
, D) Do not contain a deductible and coninsurance - ANSWER ✓
B) Contain a deductible and coinsurance
Major Medical policies typically contain a deductible and
coinsurance.
The part of a life insurance policy guaranteed to be true is called
a(n):
A) Representation
B) Exclusion
C) Warranty
D) Waiver - ANSWER ✓ C) Warranty
Warranties are statements that are considered literally true. A
warranty that is not literally true in every detail, even if made in
error, is sufficient to render a policy void.
A person who is required to be a licensed agent would be a(n):
A) Underwriter
B) Officer who makes decisions on the financial direction of the
insurer
C) Person who places insurance on behalf of anyone seeking
insurance
