Indiana Life and Health Insurance Final
Exam (Xcel Testing Solutions) 2025/2026
Exam Questions and Verified Answers |
Already Graded A+
Which of these is NOT considered to be a violation of the Unfair Competition Law
in Indiana?
monopolize or restrain trade
making unsubstantiated criticisms about an insurance company
pay insurance commissions to an unlicensed individual
paying a finder's fee to an individual who provides a sales lead - 🧠ANSWER
✔✔paying a finder's fee to an individual who provides a sales lead
A viatical settlement agent, according to the Indiana Department of Insurance, is
an individual who finances a viatical settlement contract
an individual who regulates the statute compliance of a viatical settlement contract
an individual who negotiates a viatical settlement contract with a viator
,an individual who purchases a life insurance contract from a terminally ill person -
🧠ANSWER ✔✔an individual who negotiates a viatical settlement contract with a
viator
How many days must an insured notify the insurer of a claim under the Notice of
Claim provision?
10 days
20 days
30 days
45 days - 🧠ANSWER ✔✔20 days
What is required for a business entity to be licensed in Indiana as a Producer?
Get special approval from the Commissioner
A licensed Consultant must be designated as responsible for compliance
A licensed Producer must be designated as responsible for compliance
Only Producers may work for the business entity - 🧠ANSWER ✔✔A licensed
Producer must be designated as responsible for compliance
Which of the following is a requirement for a risk to be considered insurable?
Catastrophic
COPYRIGHT©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
2
STATEMENT. ALL RIGHTS RESERVED
, Speculative
Chance of both a loss and gain
Predictability of loss - 🧠ANSWER ✔✔Predictability of loss
An insurance company has how many days to deliver claim forms to an insured
after the insured gives Notice of Claim?
10 days
15 days
20 days
30 days - 🧠ANSWER ✔✔15 days
The insurance company that shares profits or losses with its investors is called a
mutual company
admitted company
domestic company
stock company - 🧠ANSWER ✔✔stock company
Which statement is NOT true about Individual Medical Expense policies sold in
Indiana?
COPYRIGHT©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
3
STATEMENT. ALL RIGHTS RESERVED
Exam (Xcel Testing Solutions) 2025/2026
Exam Questions and Verified Answers |
Already Graded A+
Which of these is NOT considered to be a violation of the Unfair Competition Law
in Indiana?
monopolize or restrain trade
making unsubstantiated criticisms about an insurance company
pay insurance commissions to an unlicensed individual
paying a finder's fee to an individual who provides a sales lead - 🧠ANSWER
✔✔paying a finder's fee to an individual who provides a sales lead
A viatical settlement agent, according to the Indiana Department of Insurance, is
an individual who finances a viatical settlement contract
an individual who regulates the statute compliance of a viatical settlement contract
an individual who negotiates a viatical settlement contract with a viator
,an individual who purchases a life insurance contract from a terminally ill person -
🧠ANSWER ✔✔an individual who negotiates a viatical settlement contract with a
viator
How many days must an insured notify the insurer of a claim under the Notice of
Claim provision?
10 days
20 days
30 days
45 days - 🧠ANSWER ✔✔20 days
What is required for a business entity to be licensed in Indiana as a Producer?
Get special approval from the Commissioner
A licensed Consultant must be designated as responsible for compliance
A licensed Producer must be designated as responsible for compliance
Only Producers may work for the business entity - 🧠ANSWER ✔✔A licensed
Producer must be designated as responsible for compliance
Which of the following is a requirement for a risk to be considered insurable?
Catastrophic
COPYRIGHT©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
2
STATEMENT. ALL RIGHTS RESERVED
, Speculative
Chance of both a loss and gain
Predictability of loss - 🧠ANSWER ✔✔Predictability of loss
An insurance company has how many days to deliver claim forms to an insured
after the insured gives Notice of Claim?
10 days
15 days
20 days
30 days - 🧠ANSWER ✔✔15 days
The insurance company that shares profits or losses with its investors is called a
mutual company
admitted company
domestic company
stock company - 🧠ANSWER ✔✔stock company
Which statement is NOT true about Individual Medical Expense policies sold in
Indiana?
COPYRIGHT©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
3
STATEMENT. ALL RIGHTS RESERVED
