Xcel Study guides, Class notes & Summaries

Typically, Long-Term Disability benefits are coordinated with which benefit plan? - Social Security The focus of major medical insurance is providing coverage for - medical and hospitalization expenses An insured under a Major Medical expense plan with a zero deductible and 80/20 coinsurance provision files a $1,000 claim. How much of this claim is the insured responsible for? - $200

What kind of life insurance beneficiary requires his/her consent when a change of beneficiary is made? - Irrevocable beneficiary When can a policy-owner change a revocable beneficiary? - Anytime K has a life insurance policy where her husband is beneficiary and her daughter is contingent beneficiary. Under the Common Disaster clause, if K and her husband are both killed in an automobile accident, where would the death proceeds be directed? - Daughter

XCEL Solutions Exam with Questions and Answers | Graded A+ Reserve - funds held by the company to help future claims. minimum reserves are usually set by the state Department of Insurance. Multi-line insurer - an insurance company or independent agent that provides a one-stop shop for businesses or individuals seeking coverage for all their insurance needs. For example, many large insurers offer individual policies for automobile, homeowner, long-term care, life and health insurance needs

Xcel Solutions Final Exam 2024 with Complete Solutions. Insuring Which health policy clause specifies the amount of benefits to be paid - ANSWER Insuring The investment gains from a universal life policy usually go to - ANSWER The cash value L takes out a life insurance policy and dies 10 years later. During the claim process, the insurer finds out that the applicant misstated their age. What will the insurer do? - ANSWER Adjust the death benefit to a reduced amount An employee is cover...

Xcel Solutions Final Exam 2024 with Complete Solutions. Insuring Which health policy clause specifies the amount of benefits to be paid - ANSWER Insuring The investment gains from a universal life policy usually go to - ANSWER The cash value L takes out a life insurance policy and dies 10 years later. During the claim process, the insurer finds out that the applicant misstated their age. What will the insurer do? - ANSWER Adjust the death benefit to a reduced amount An employee is cover...

Xcel Solutions Final Exam 2024 with Complete Solutions. Insuring Which health policy clause specifies the amount of benefits to be paid - ANSWER Insuring The investment gains from a universal life policy usually go to - ANSWER The cash value L takes out a life insurance policy and dies 10 years later. During the claim process, the insurer finds out that the applicant misstated their age. What will the insurer do? - ANSWER Adjust the death benefit to a reduced amount An employee is cover...

a nonparticipating company is sometimes called a - Answer-stock insurer Fraternal Benefit Society has each other the following characteristics except - Answer-exist for profit The Fair Credit and Reporting Act's main purpose is to - Answer-protect consumers with guidelines regarding credit reporting and distribution A life insurance company has transferred some of its risk to another insurer. The insurer assuming the risk is called the - Answer-reinsurer What kind of life insurance ...

____________ is NOT an element of a valid contract. - Answer-Taxable income. Disability insurance benefits from a group policy paid for by an employer is considered taxable income. "maximum benefits" refers to the - Answer-upper limit of the total lifetime benefits the insurance company will pay A business will typically use which type of life insurance to cover their employees? - Answer-Group policy A clause that allows an insurer the right to terminate coverage at any anniversary...

Irrevocable beneficiary - Answer-What kind of life insurance beneficiary requires his/her consent when a change of beneficiary is made? Anytime - Answer-When can a policy-owner change a revocable beneficiary? Daughter - Answer-K has a life insurance policy where her husband is beneficiary and her daughter is contingent beneficiary. Under the Common Disaster clause, if K and her husband are both killed in an automobile accident, where would the death proceeds be directed? 0 - Answer-T an...

K has a life insurance policy where her husband is beneficiary and her daughter is contingent beneficiary. Under the Common Disaster clause, if K and her husband are both killed in an automobile accident, where would the death proceeds be directed? - Answer-Daughter When is a Group Health policy required to provide coverage for a newborn child? - Answer-At the moment of birth What is the required renewability status of all Medicare supplement policies? - Answer-Guaranteed renewable Who ...