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XCEL Solutions Exam Questions with Verified Answers The authority granted to a licensed producer is provided via the - ANSWER-Law of Agency What makes an insurance policy a unilateral contract? - ANSWER-Only the insurer is legally bound All of the following are elements of an insurance policy EXCEPT - ANSWER-claim forms Insurable interest does NOT occur in which of the following relationships? - ANSWER-business owner and business client A professional liability for which produce...

XCEL Solutions Exam Questions and Answers Fair Credit Reporting Act - ANSWER-a federal law requiring an individual to be informed if she is being investigated by an inspection company. The law also outlines the sharing and impact of such information and requires individuals to be notified prior to being investigated. Buyer's Guide - ANSWER-an informational consumer guide books that explain insurance policies and insurance concepts: in many states, they are required to be given to appl...

Xcel Solutions Exam 2 Questions and Answers An immediate annuity has been purchased with a single premium. When does the annuitant typically begin receiving benefit payments? 1 month 6 months 12 months 24 months - ANSWER-1 month A nonparticipating policy will provide a return of premium provide tax advantages not pay dividends give policyowners special privileges - ANSWER-not pay dividends In Michigan, legal action may be taken against an insurer for up to ______ years for...

XCEL Solutions 2-15 Exam-Ch. 15 Questions and Answers Medicare Part C (Medicare Advantage) - ANSWER-Offer people with Medicare additional benefits such as eye exams, hearing aids, dental care, etc -Does NOT cover long-term care Medicare Part D - ANSWER-Prescription drug coverage -Available through private prescription drug plans (POPs) or Medicare Advantage (PPO) plans Long-Term Care Insurance - ANSWER-Refers to the broad range of medical and personal services for individuals who ...

XCEL Solutions - Social Security Review Exam Questions and Answers Calculating Benefits - ANSWER-- Based on individual's average monthly wage during his working years - The Primary Insurance Amount (PIA) is used to establish the benefit. It is equal to the worker's full retirement benefit at age 65 - If a worker retires early, his retirement benefits will be 80% of his PIA and will remain lower for the covered worker's life - The PIA is based on the average earnings over your li...

XCEL SOLUTIONS - FINAL EXAM QUESTIONS AND ANSWERS Which life insurance rider typically appears on a Juvenile life insurance policy? - ANSWER-payor benefit rider What is the excise tax rate the IRS imposes on individuals aged 70 1/2 or older who do not take the required minimum distributions from their qualified retirement plan? - ANSWER-50% An individual has a Major Medical policy with a $5,000 deductible and an 80/20 Coinsurance clause. How much will the INSURED have to pay if a tota...

XCEL Pre - Licensing FINAL Exam Prep Questions and Answers Variable Whole Life Insurance can be described as: - ANSWER-both an insurance and securities product Which of these types of coverage is best described as a short term medical policy? -interim coverage -provisional coverage -transitional coverage -conversion coverage - ANSWER-interim coverage The automatic premium loan provision is designed to: - ANSWER-avoid a policy lapse If a retiree on Medicare required five h...

XCEL practice exams questions with complete answers All of these statements about Equity Indexed Life Insurance are correct, EXCEPT: - ANSWER-The premiums can be lowered or raised, based on investment performance M purchases a $70,000 Life Insurance Policy with premium payments of $550 a year for the first 5 years. At the beginning of the sixth year, the premium will increase to $800 per year but will remain level thereafter. The face amount will remain at $70,000 throughout the life of th...

Xcel Life, Accident, Health License Exam Questions with 100% Correct Answers an insurer having a large number of similar exposure units is considered important because - The greater the number insured the more premiums it collects - The greater the number insured, the more accurately the insurer can predict losses and set appropriate premiums - The insurer can decrease its reserves - its financial rating will improve - ANSWER-The greater the number insured, the more accurately the ins...

Xcel Life Insurance Exam Questions with Verified Answers Which type of annuity stops all payments upon the death of the annuitant? - ANSWER-Life annuity Decreasing term life insurance is often used to - ANSWER-provide coverage for a home mortgage What does a life insurance policy guarantee to the stated beneficiary upon the death of the insured? - ANSWER-Specified amount of money Major medical insurance will typically cover medical expenses that result from - ANSWER-a negative reac...

XCEL Health & Life Insurance EXTRA PRACTICE - Exam Review (Alabama) Questions with Complete Solutions A departing employee has decided to continue his group coverage through COBRA. Who pays the premium in this situation? - ANSWER-Employee A group disability income policy will: - ANSWER-Usually pay short-term benefits of less than 2 years in duration Jan is named irrevocable beneficiary of Jim's life insurance policy. Which of the following statements is correct? - ANSWER-Jim needs ...

XCEL FL TEST STUDY GUIDE QUESTIONS AND ANSWERS R had received full disability income benefits for 6 months. When he returns to work, he is only able to resume half his normal daily workload. Which provision pays reduced benefits to R while he is not working at full capacity? - ANSWER-Residual Disability T sends proof of loss to her insurer for an acceptable medical expense claim under her individual Health Insurance policy. Upon receipt, the insurer must pay the benefits - ANSWER-immedia...

Xcel Final Exam Questions with Correct Answers Jonas is a whole life insurance policyowner and would like to add coverage for his two children. Which of the following products would allow him to accomplish this? - ANSWER-Child term rider A child term rider is a level term insurance that can be added to an existing policy. The typical long-term care insurance policy is designed to provide a minimum of __ year(s) of coverage. - ANSWER-1 How many employees must an employer have for a ...

XCEL Final Exam Questions and Answers The policy proceeds will be paid if the employee dies during the conversion period. - ANSWER-When an employee is terminated, which statement about a group term life conversion is true? Certificate - ANSWER-A person who is insured within a group contract will be given a Immediate annuity - ANSWER-W is a 39-year old female who just purchased an annuity to provide income for life starting at age 60. All of these would be acceptable annuity choices EX...

XCEL Final Exam California Life Insurance Questions with Complete Answers Reasonably necessary acts that an agent must perform for carrying out his/her expressly authorized duties are covered by an agent's - ANSWER-Implied Authority Which principle is accurately described with the statement "Insureds are entitled to recover an amount NOT greater than the amount of their loss"? - ANSWER-Indemnity Which statement is CORRECT when describing a contract of adhesion? - ANSWER-Contrac...

XCEL Exam Simulator FL Exam Questions with Latest Update A licensed agent must be appointed by an insurance company to solicit insurance in Florida. The agent's license will terminate if a certain period of time elapses without being appointed. How long is this period of time? - ANSWER-48 months An agent's license will terminate if the agent allows 48 months to elapse without being appointed for the class or classes of insurance listed on the license. All of the following entri...

XCEL Exam Questions with Latest Update According to the Taft-Hartley Act, group insurance premium payments made by an employer MUST be paid to the a. Trust b. State c. Insurance company d. Administrator - ANSWER-a. Trust 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) a. Guaranteed insurability rider b. Payor rider c. Endowment rider d. Famil...

XCEL Chapter 4 - Health and Accident Insurance Questions and Answers Credit Accident and Health plans are designed to - ANSWER-help pay off existing loans during periods of disability Which of the following would evidence ownership in a participating health insurance contract? - ANSWER-Policy ownership Which of the following decisions would a Health Savings Account (HSA) owner NOT be able to make? - ANSWER-The amount contributed by the employer Health insurance involves two perils,...

Xcel Chapter 3 Exam Questions and Answers Intentional withholding of material facts that would affect an insurance policy's validity is called what? - ANSWER-Concealment. What are an applicant's statements concerning occupation, hobbies, and personal health history regarded as? - ANSWER-Representation. Insurable interest - ANSWER-The applicant must be subject to loss upon the death, illness, or disability of the person being insured and have a reasonable benefit from the other per...

XCEL Chapter 1 Exam Review Questions and Answers Participating policy - ANSWER-John owns an insurance policy that gives him the right to share in the insurer's surplus. What kind of policy is this? Non-participating policy - ANSWER-Does not participate in paying dividends Participating life insurance policy - ANSWER-Contract that allows the policy owner to receive a share of surplus in the form of policy dividends $10,000 or up to 1 year in jail - ANSWER-Minimum penalty under th...