3/17/25, 4:25 PM Xcel Life Insurance 2025 update|comprehensive questions and verified answers (complete solutions) ASSURED SUCCESS|G…
Xcel Life Insurance 2025 update|comprehensive
questions and verified answers (complete
solutions) ASSURED SUCCESS|GRADE A+!!
Save
Terms in this set (188)
What is the purpose for It allows for cash advances to be paid against the
having an accelerated death benefit if the insured becomes terminally ill
death benefit on a life
insurance policy?
Lisa has recently bought During periods of inflation, annuitants will
a fixed annuity. Which of experience a decrease in purchasing power of their
these is considered to be payments
a disadvantage of owning
this type of annuity?
A life insurance policy Universal Life
that is subject to a
contract interest rate is
referred to as
The two major actions provide evidence of insurability, pay past due
required for a premiums
policyholder to comply
with the reinstatement
clause are
https://quizlet.com/1019220543/xcel-life-insurance-2025-updatecomprehensive-questions-and-verified-answers-complete-solutions-assured-suc… 1/28
,3/17/25, 4:25 PM Xcel Life Insurance 2025 update|comprehensive questions and verified answers (complete solutions) ASSURED SUCCESS|G…
An error was made on Age
Mary's life insurance
application. Which of the
following areas to errors
commonly occur on
applications and for
which the incontestable
clause does not apply
And insured individual in The insured outlived the beneficiary. This allows the
the policies, beneficiary proceeds to go to the contingent beneficiary.
die from the same
accident. The common
disaster provision states
the insurer will continue
as if
In Florida, deceptive A form of misrepresentation
advertising is considered
to be
Which of these Earnings are taxable when withdrawn
statements concerning
traditional IRAs is correct
Statements made by an representations
insurance applicant on an
application are
considered to be
Dividends, payable to a Declared by the insurance company
policy owner are
A group-owned risk retention group
insurance company that
is formed to assume and
spread the liability risks
of its members is known
as a
https://quizlet.com/1019220543/xcel-life-insurance-2025-updatecomprehensive-questions-and-verified-answers-complete-solutions-assured-suc… 2/28
, 3/17/25, 4:25 PM Xcel Life Insurance 2025 update|comprehensive questions and verified answers (complete solutions) ASSURED SUCCESS|G…
When a policy pays participating
dividends to its
policyholders, it is said to
be
The premiums paid by the insured are small in
Definition of aleatory relation to the amount that will be paid by the
insurance company in the event of a loss
Known as take it, or leave it agreements. Because
Definition of Adhesion they are prepared by one party the insurance
company.
Certain conditions must be met by all parties when
Definition of conditional a loss occurs otherwise, the contract would not be
legally enforceable
Warranties are guaranteed to be true .
Warranties vs.
Representations are BELIEVED to be true to the
Representations
best of one's knowledge
To purchase insurance, the policy owner must face
the possibility of losing money or something of
Insurable interest is value when a loss happens. Insurable interest must
exist between the policy owner in the person being
insured at the time of the application.
Stranger Originated Life Legal Purpose (Insurable Interest)
Insurance (STOLI) has
been found to be in
violation of which of the
following contractual
elements?
A life insurance policy insurable interest
would be considered a
wagering contract
WITHOUT
A life insurance Investor-Originated Life Insurance. This is done
arrangement, which when an investor/stranger persuasion individual to
circumvents insurable take out a life insurance policy for the purpose of
interest statues is called selling the policy to the investor.
https://quizlet.com/1019220543/xcel-life-insurance-2025-updatecomprehensive-questions-and-verified-answers-complete-solutions-assured-suc… 3/28
Xcel Life Insurance 2025 update|comprehensive
questions and verified answers (complete
solutions) ASSURED SUCCESS|GRADE A+!!
Save
Terms in this set (188)
What is the purpose for It allows for cash advances to be paid against the
having an accelerated death benefit if the insured becomes terminally ill
death benefit on a life
insurance policy?
Lisa has recently bought During periods of inflation, annuitants will
a fixed annuity. Which of experience a decrease in purchasing power of their
these is considered to be payments
a disadvantage of owning
this type of annuity?
A life insurance policy Universal Life
that is subject to a
contract interest rate is
referred to as
The two major actions provide evidence of insurability, pay past due
required for a premiums
policyholder to comply
with the reinstatement
clause are
https://quizlet.com/1019220543/xcel-life-insurance-2025-updatecomprehensive-questions-and-verified-answers-complete-solutions-assured-suc… 1/28
,3/17/25, 4:25 PM Xcel Life Insurance 2025 update|comprehensive questions and verified answers (complete solutions) ASSURED SUCCESS|G…
An error was made on Age
Mary's life insurance
application. Which of the
following areas to errors
commonly occur on
applications and for
which the incontestable
clause does not apply
And insured individual in The insured outlived the beneficiary. This allows the
the policies, beneficiary proceeds to go to the contingent beneficiary.
die from the same
accident. The common
disaster provision states
the insurer will continue
as if
In Florida, deceptive A form of misrepresentation
advertising is considered
to be
Which of these Earnings are taxable when withdrawn
statements concerning
traditional IRAs is correct
Statements made by an representations
insurance applicant on an
application are
considered to be
Dividends, payable to a Declared by the insurance company
policy owner are
A group-owned risk retention group
insurance company that
is formed to assume and
spread the liability risks
of its members is known
as a
https://quizlet.com/1019220543/xcel-life-insurance-2025-updatecomprehensive-questions-and-verified-answers-complete-solutions-assured-suc… 2/28
, 3/17/25, 4:25 PM Xcel Life Insurance 2025 update|comprehensive questions and verified answers (complete solutions) ASSURED SUCCESS|G…
When a policy pays participating
dividends to its
policyholders, it is said to
be
The premiums paid by the insured are small in
Definition of aleatory relation to the amount that will be paid by the
insurance company in the event of a loss
Known as take it, or leave it agreements. Because
Definition of Adhesion they are prepared by one party the insurance
company.
Certain conditions must be met by all parties when
Definition of conditional a loss occurs otherwise, the contract would not be
legally enforceable
Warranties are guaranteed to be true .
Warranties vs.
Representations are BELIEVED to be true to the
Representations
best of one's knowledge
To purchase insurance, the policy owner must face
the possibility of losing money or something of
Insurable interest is value when a loss happens. Insurable interest must
exist between the policy owner in the person being
insured at the time of the application.
Stranger Originated Life Legal Purpose (Insurable Interest)
Insurance (STOLI) has
been found to be in
violation of which of the
following contractual
elements?
A life insurance policy insurable interest
would be considered a
wagering contract
WITHOUT
A life insurance Investor-Originated Life Insurance. This is done
arrangement, which when an investor/stranger persuasion individual to
circumvents insurable take out a life insurance policy for the purpose of
interest statues is called selling the policy to the investor.
https://quizlet.com/1019220543/xcel-life-insurance-2025-updatecomprehensive-questions-and-verified-answers-complete-solutions-assured-suc… 3/28
