Study guides, Class notes & Summaries

S recently received a $500,000 lump sum retirement buyout from her employer. She would like to buy an annuity that will immediately furnish her with a guaranteed income for life. What type of annuity is best suited for her situation? - ️️Single Premium. Immediate Annuities are purchased with a single lump sum payment and will start providing income payments within the first year, but usually starting 30 days from the purchase date. What type of group plan involves employees sharing th...

Xcel Testing Solutions Life and Health Insurance Weighted Exam 150 Questions with 100% Correct Answers | Verified | Latest Update 2024

XCEL FINAL STUDY LOUISIANA LHA INSURANCE 2024 QUESTIONS & ANSWERS SOLVED 100% CORRECT!!

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 ...

A partial surrender is allowed in which of the following life policies? - Answer-Universal life All of the following riders can increase the death benefit amount EXCEPT - Answer-Waiver of Premium A health insurance policy where the insurer has the right to terminate the policy fr reasons other than the insureds health is called - Answer-Conditionally Renewable A proposed insured for a health insurance policy was treated for heart disease within the past year. When applying for health in...