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Xcel Solutions - Life Insurance Prep Review Questions Complete Answers A Modified Endowment Contract (MEC) is best described as - ANSWER-a life insurance contract which accumulates cash values higher than the IRS will allow A life insurance policy that is subject to a contract interest rate is referred to as - ANSWER-universal life (or a current annual interest rate) How are survivorship life insurance policies helpful in estate planning? - ANSWER-Provide funds to help pay taxes (o...

Xcel solutions - Final Exam Questions and Answers 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 Susan is insured through her Group Health Insurance plan and changed her coverage to an individual plan with the same insurer after her employment was terminated. This change is called a(n) - ANSWER-conversion A non-resident producer from a state outside of Louisiana may become license...

XCEL Solutions - Basic Principles Review Exam Q&A Home Service Insurers (aka Industrial Insurance) - ANSWER-- Sold by home service or debt life insurance companies - Face amounts are small ($1,000-$2,000) - Premiums paid weekly Government Insurance - ANSWER-- Federal and State Government are also insurers - Provide social insurance programs - Protect against universal risks by redistributing income to help people who can't afford the cost of incurring such losses - Millions are d...

XCEL practice exam 1 questions and answers A life insurance policy that provides a policyowner with cash value along with a level face amount is called: - ANSWER-whole life "A producer does not have the authority to change a policy or waive any of its provisions". The health provision that best describes this statement is called the - ANSWER-entire contract A producer inducing an insured to lapse, forfeit, or surrender insurance through misrepresentation is committing the illegal...

Xcel Nevada Final Exam Questions with Correct Answers An incomplete life insurance application submitted to an insurer will result in which of these actions? Application will be returned to the writing agent Application will be approved with restrictions Application will be pending until a MIB report is sent to the insurer Application will be automatically declined - ANSWER-Application will be returned to the writing agent The Notice of Claims provision requires a policyowner to: prov...

XCEL LIFE, HEALTH, & ACCIDENT INSURANCE Ch1 QUESTIONS AND ANSWERS Mutualization - ANSWER-Stock company converting to a mutual company Demutualization - ANSWER-Mutual company converting to a stock company Lloyd's of London - ANSWER-Association formed to underwrite and issue insurance-like coverage on certain items and areas that might otherwise be uninsurable Mixed Insurer - ANSWER-Insurance company that operates as both a participating and nonparticipating insurer. Dividends...

Xcel Final Exam Questions with Latest Update What does a 401(k) plan generally provide its participants? Tax free distributions Salary deferral distributions Salary deferral contributions A defined retirement benefit - ANSWER-Salary-deferral contributions B the agent recently had her license terminated because she did not meet Continuing education requirements. She may successfully appeal the decision if: Notices were not received Proof of compliance is provided Residence or m...

XCEL - NY Life, Accident, & Health Laws Exam Questions and Answers Life Settlement Broker - ANSWER-a person who, for compensation, solicits, negotiates, or offers to negotiate a life settlement contract Life Settlement Agreement Contract - ANSWER-an agreement in which a life insurance policy owner sells his or her interest in a policy in exchange for an amount that is less than the expected death benefit. Negotiating - ANSWER-involves discussing or offering advice to prospective purchas...

Unit 10 Connecticut Real Estate Complete Answers Applicants who fail a license examination a. Are notified of the results at the examination site. b. Must wait 180 days before a retake. c. Are scheduled for a review session with the Commission. d. Must score 80% on a subsequent retake to pass. - ANSWER-Are notified of the results at the examination site. The initial salesperson's license fee is presently _____, and annual renewals are ______. a. $285/$285 b. $565/$285 c. $285/$...

Unit 10 ~ Connecticut Real Estate License Law Exam Q&A To change broker affiliation, a salesperson must - ANSWER-register to change with the Commission Kathleen accompanies a young couple during an open house on a property listed with her agency. The couple is so impressed with the house and Kathleen's response to their questions that they decide to make an offer. Before the offer is presented to the principal, they as Kathleen's personal opinion as to whether they should require t...

Unit 10 ~ Connecticut Real Estate License Law Exam Questions and Answers All real estate salespersons' licenses - ANSWER-expire annually on May 31. To maintain their licenses, real estate licensees are required to take 12 hours of continuing education every two years All listings in Connecticut must include all of the following EXCEPT - ANSWER-EXCEPT certificate of title insurance. listings must include written confirmation, date of expiration, and signatures of owners and brokers ...

Unit 10 - State portion real estate test questions with correct answers Commissions and Compensation - ANSWER-cannot be shared with unlicensed persons. cannot demand cop unless there is reasonable cause all commissions are negotiable and must stand out in bold type in the agency agreement out of state brokers - ANSWER-CT licensee cannot share commission with a licensee in another state but not licensed in CT. Exception exists for certain commercial transactions but the out of state li...

CONNECTICUT Unit 10 REAL ESTATE LICENSE LAW QUESTIONS AND ANSWERS 15. All listings in Connecticut must include all of the following EXCEPT - ANSWER-An agency agreement must contain all terms and conditions including compensation to be paid, beginning and expiration dates, type of agency agreement, and signatures and addresses of all parties concerned. 16. To change broker affiliation, a salesperson must - ANSWER-A salesperson can change broker affiliation by registering the change with t...

Unit 8 California Legal Aspects of Real Estate Questions and Answers Recovery Account - ANSWER-Account to pay otherwise uncollectible court judgment against licensees, who have committed fraud or misrepresentation in a real estate transaction Real estate broker - ANSWER-Person with a real estate license hook an employee, someone who holds a sales person or a broker license Agent - ANSWER-Role of a broker to his or her client Branch office - ANSWER-Any business location other than the...

Xcel Solutions IN Life Insurance Final Exam Questions and Answers Which statement is TRUE in regards to a policy loan ? - ANSWER-Past - due interest on a policy loan is added to the total debt As a condition for a loan , a bank requires the borrower to purchase credit insurance from a specific company What is the bank guilty of ? - ANSWER-Coercion Why must an insurance applicant answer all questions on the application ? - ANSWER-Statements and representations are considered guarantees ...

US Aviation Final Exam Questions and Answers Simulated engine failures can be conducted as low as _______ AGL unless landing at an airport on the runway. - ANSWER-500' US Aviation ______ hats are the only head gear authorized. - ANSWER-Logo You must have at least _____ minutes of fuel reserve on board for day and night operations per the SOP's - ANSWER-45 who is responsible for reporting an accident or incident? - ANSWER-PIC A score of _______ (_______) on any portion of t...

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