Study guides, Class notes & Summaries

Xcel Final Exam/Comprehensive Of Life And Health Insurance With Complete Solution

Xcel Solutions IN Life Insurance Final Exam P is a producer who is licensed in Indiana , but a resident of Michigan . In Indiana , P is considered to be a ( n ) __________ producer . nonresident . Why would the Insurance Commissioner issue a temporary license ? To allow the personal representative of a deceased producer to provide service to existing policyowners Which provision is NOT a requirement in a group life policy ? Accidental A ( n ) _________ beneficiary may be changed by th...

Which dividend option would an insurer invest the policy owner's money and add any interest earnings as the dividends accrue? -Accumulation at Interest Option -Cash Dividend Option -Paid-Up Additions Option -One-Year Term Dividend Option - The Accumulation at Interest Option - invests the policy owner's money and adds interest earnings to the initial amount of the dividends.

Insuring Which health policy clause specifies the amount of benefits to be paid - Insuring The investment gains from a universal life policy usually go to - 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? - Adjust the death benefit to a reduced amount

When can a policy owner change a revocable beneficiary? - Anytime M purchased an Accidental Death and Dismemberment (AD&D) policy and named his son as beneficiary. M has the right to change the beneficiary designation at anytime. What type of beneficiary is his son? - Revocable How would a contingent beneficiary receive the policy proceeds in an Accidental Death and Dismemberment (AD&D) policy? - If the primary beneficiary dies before the insured

An earned premium resulting from the cancellation of a policy is calculated on: - On a pro rata basis, based on the previous year's rate M owns a parking garage & has coverage that states: "We will cover losses regardless if you are legally liable for the loss." This no-fault ideology will be found under: - Excess Direct Coverage An insurance company writing business in a state other than the one in which it is domiciled is called: - a Foreign

a nonparticipating company is sometimes called a - stock insurer Fraternal Benefit Society has each other the following characteristics except - exist for profit The Fair Credit and Reporting Act's main purpose is to - 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 - reinsurer

Xcel Life Insurance Exam with Questions and answers| Graded A+ Replacement regulation is designed to protect - Policyowners from mirepresentation and loss of benefits All Health Benefit Plans issued after January 1, 2014 must provide - Preventative health services Which of these will have the highest monthly payout upon annuitization - Straight life Which of the following is included in the entire contract according ti the entire contract provison? - Clauses

Which dividend option would an insurer invest the policy owner's money and add any interest earnings as the dividends accrue? -Accumulation at Interest Option -Cash Dividend Option -Paid-Up Additions Option -One-Year Term Dividend Option - The Accumulation at Interest Option - invests the policy owner's money and adds interest earnings to the initial amount of the dividends

The Do Not Call Registry offers exemptions for calls placed from all of the following EXCEPT - 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 - cancelable The renewability provision in a cancelable policy allows the insurer to cancel or terminate the policy at any time, si...

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