Xcel Testing Solutions- Life and Health Insurance- Weighted Exam- 150 Questions
The Do Not Call Registry offers exemptions for calls placed from all of the following EXCEPT -
ANSWER- insurance sales calls
Charities, political organizations, and surveys are all offered exemptions from The Do Not Call
Registry
The type of policy where the insurer can send a notice to the insured that the policy has been
cancelled in the middle of the term is called - ANSWER- cancelable
The renewability provision in a cancelable policy allows the insurer to cancel or terminate the
policy at any time, simply by providing written notification to the insured and refunding any
advance premium that has been paid.
Barbara's policy includes a rider which allows her to purchase additional insurance at specific
dates or events without evidence of insurability. This rider is called a(n) - ANSWER-
Guaranteed insurability rider
A guaranteed insurability rider allows for the insured to purchase additional insurance at
specific dates or events without evidence of insurability.
Disability Income plans which require that the insurer can NEVER change or alter premium
rates are usually considered - ANSWER- Noncancellable
A noncancellable policy cannot be cancelled nor can its premium rates be increased under
any circumstances.
In what part of an insurance policy are policy benefits found? - ANSWER- Declarations
Essentially, the insurance declaration page is like a quick guide to the insurance policy,
providing all of the basic information the policyholder needs to know.
What happens if the insurer discovers that the insured's age was accidentally misstated on an
application for an individual life insurance policy? - ANSWER- Benefits will be calculated
according to how much coverage the premium paid would have purchased for the correct age
Benefits will be calculated according to how much coverage the premium paid would have
purchased for the correct age.
Health insurance will typically cover which of the following perils? - ANSWER- Injury due to
accident
Accidental injury is typically a covered peril in health insurance.
A viatical settlement contract is an agreement between - ANSWER- A life insurance
policyowner and a viatical settlement provider
A viatical settlement contract is an agreement between a life insurance policyowner and a
viatical settlement provider.
Under the Affordable Care Act, how would a grandfathered health plan lose its grandfathered
status? - ANSWER- The insurer significantly raises co-insurance charges, deductibles, or co-
payment charges
According to the Affordable Care Act, grandfathered health plans may lose their
grandfathered status if the insurer significantly raises co-insurance charges, deductibles, or
co-payment charges
, Which of these techniques will remove the risk of losing money in the stock market by never
purchasing stocks? - ANSWER- Risk avoidance
Risk avoidance could eliminate the risk of losing money in the stock market by never investing
in stocks.
Which of the following nursing home options would BEST suit an individual who needs some
nursing care and supervision but NOT full-time care? - ANSWER- Assisted living facilities
An assisted living facility would best suit an individual who needs some nursing care and
supervision but not full-time care.
Under Louisiana law, the agreement between an insurance producer and insurer under which
the insurance producer, for compensation, may sell, solicit, or negotiate policies issued by the
insurer is defined as - ANSWER- an appointment
The agreement between an insurance producer and insurer under which the insurance
producer, for compensation, may sell, solicit, or negotiate policies issued by the insurer is
called an appointment.
Which of these would NOT be considered a presumptive disability? - ANSWER- Loss of a leg or
arm
The loss of ONE arm or a leg is NOT considered a presumptive disability.
A producer's license in Louisiana must be renewed every - ANSWER- Two years
Producer licenses are issued for periods of 2 years.
Bill requires some nursing care and supervision but NOT full-time care. Which of these nursing
home options would best serve him? - ANSWER- Assisted living
An assisted living facility would best suit an individual who needs some nursing care and
supervision but not full-time care.
The open enrollment period for Medicare Supplements begins at age - ANSWER- 65
Open enrollment for Medicare Supplements begins at the age the individual becomes eligible
for Medicare, which is typically age 65.
Mark continues working after the age of 65 and is covered through his employer's group health
plan. Which of the following statements is TRUE? - ANSWER- Medicare is the secondary payer
If an individual continues to work after the age of 65 and keeps the group plan, primary
coverage comes from the group insurance plan and Medicare is considered the secondary
payer.
A whole life policy option where extended term insurance is selected is called a(n) - ANSWER-
nonforfeiture option
A nonforfeiture provision in a whole life policy that uses cash value to purchase term
insurance equal to the existing amount of life insurance is called the extended term option.
The Commissioner must examine the financial affairs of each admitted insurer operating in
Louisiana at least once every how many years? - ANSWER- 5
At the very least, an admitted company shall be examined once every 5 years by the
Commissioner.
When a Medicare supplement policy is purchased during the open enrollment period -
ANSWER- the policy must be issued regardless of health status
The Do Not Call Registry offers exemptions for calls placed from all of the following EXCEPT -
ANSWER- insurance sales calls
Charities, political organizations, and surveys are all offered exemptions from The Do Not Call
Registry
The type of policy where the insurer can send a notice to the insured that the policy has been
cancelled in the middle of the term is called - ANSWER- cancelable
The renewability provision in a cancelable policy allows the insurer to cancel or terminate the
policy at any time, simply by providing written notification to the insured and refunding any
advance premium that has been paid.
Barbara's policy includes a rider which allows her to purchase additional insurance at specific
dates or events without evidence of insurability. This rider is called a(n) - ANSWER-
Guaranteed insurability rider
A guaranteed insurability rider allows for the insured to purchase additional insurance at
specific dates or events without evidence of insurability.
Disability Income plans which require that the insurer can NEVER change or alter premium
rates are usually considered - ANSWER- Noncancellable
A noncancellable policy cannot be cancelled nor can its premium rates be increased under
any circumstances.
In what part of an insurance policy are policy benefits found? - ANSWER- Declarations
Essentially, the insurance declaration page is like a quick guide to the insurance policy,
providing all of the basic information the policyholder needs to know.
What happens if the insurer discovers that the insured's age was accidentally misstated on an
application for an individual life insurance policy? - ANSWER- Benefits will be calculated
according to how much coverage the premium paid would have purchased for the correct age
Benefits will be calculated according to how much coverage the premium paid would have
purchased for the correct age.
Health insurance will typically cover which of the following perils? - ANSWER- Injury due to
accident
Accidental injury is typically a covered peril in health insurance.
A viatical settlement contract is an agreement between - ANSWER- A life insurance
policyowner and a viatical settlement provider
A viatical settlement contract is an agreement between a life insurance policyowner and a
viatical settlement provider.
Under the Affordable Care Act, how would a grandfathered health plan lose its grandfathered
status? - ANSWER- The insurer significantly raises co-insurance charges, deductibles, or co-
payment charges
According to the Affordable Care Act, grandfathered health plans may lose their
grandfathered status if the insurer significantly raises co-insurance charges, deductibles, or
co-payment charges
, Which of these techniques will remove the risk of losing money in the stock market by never
purchasing stocks? - ANSWER- Risk avoidance
Risk avoidance could eliminate the risk of losing money in the stock market by never investing
in stocks.
Which of the following nursing home options would BEST suit an individual who needs some
nursing care and supervision but NOT full-time care? - ANSWER- Assisted living facilities
An assisted living facility would best suit an individual who needs some nursing care and
supervision but not full-time care.
Under Louisiana law, the agreement between an insurance producer and insurer under which
the insurance producer, for compensation, may sell, solicit, or negotiate policies issued by the
insurer is defined as - ANSWER- an appointment
The agreement between an insurance producer and insurer under which the insurance
producer, for compensation, may sell, solicit, or negotiate policies issued by the insurer is
called an appointment.
Which of these would NOT be considered a presumptive disability? - ANSWER- Loss of a leg or
arm
The loss of ONE arm or a leg is NOT considered a presumptive disability.
A producer's license in Louisiana must be renewed every - ANSWER- Two years
Producer licenses are issued for periods of 2 years.
Bill requires some nursing care and supervision but NOT full-time care. Which of these nursing
home options would best serve him? - ANSWER- Assisted living
An assisted living facility would best suit an individual who needs some nursing care and
supervision but not full-time care.
The open enrollment period for Medicare Supplements begins at age - ANSWER- 65
Open enrollment for Medicare Supplements begins at the age the individual becomes eligible
for Medicare, which is typically age 65.
Mark continues working after the age of 65 and is covered through his employer's group health
plan. Which of the following statements is TRUE? - ANSWER- Medicare is the secondary payer
If an individual continues to work after the age of 65 and keeps the group plan, primary
coverage comes from the group insurance plan and Medicare is considered the secondary
payer.
A whole life policy option where extended term insurance is selected is called a(n) - ANSWER-
nonforfeiture option
A nonforfeiture provision in a whole life policy that uses cash value to purchase term
insurance equal to the existing amount of life insurance is called the extended term option.
The Commissioner must examine the financial affairs of each admitted insurer operating in
Louisiana at least once every how many years? - ANSWER- 5
At the very least, an admitted company shall be examined once every 5 years by the
Commissioner.
When a Medicare supplement policy is purchased during the open enrollment period -
ANSWER- the policy must be issued regardless of health status
