Xcel Life Insurance Exam Questions and answers, 2022 updates, Graded A+

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Xcel Life Insurance Exam Questions and answers, 2022 updates, 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 of the following is considered to be an alternative to a life settlement? - ✔✔Accelered death benefit rider With a scheduled dental policy, how are covered expense paid? - ✔✔Benefits are limited to a specific maximum dollar amount per procedure Coordination of benefits regulation applies to all of the following plans EXCEPT - ✔✔Preferred provider Organization plan Which approach predicts a person's earning potential and determines how much of that amount would be devoted to dependents? - ✔✔Human life value approach Which of the following policies does NOT build cash value? - ✔✔Term Which of these is a method of determining the level of funds required for ongoing support in the event of the breadwinner's death? - ✔✔Human life value The free look period provided in a life insurance policy is usually - ✔✔10 days What does "SHOP" stand in SHOP Exchange? - ✔✔Small Business Health Options Program An employer is issued a group medical insurance policy. This single contract is known as a(n) - ✔✔master policy Which of the following is NOT covered under Workers' Compensation? - ✔✔Pain and suffering Which of the following provides Medicare supplement policies? - ✔✔Private insurance companies A life settlement intermediary is a(n) - ✔✔association which maintains a facility that displays offers and counteroffers for purchasers or sellers of life settlement contracts An annuitant dies during the distribution period. What kind of annunity will return to a beneficiary the difference between the annunity value and the income payment already made? - ✔✔Refund annuity The is responsible for determining the appropriateness of a Medicare Supplement policy for an applicant. - ✔✔Agent The purpose of the Coordination of Benefits provision in group accident and health plans is to - ✔✔avoid overpayment of claims Medicaid is intended for - ✔✔poverty stricken people A provision that allows a policyowner to temporarily give up ownership rights to secure a loan is called a(n) - ✔✔collateral assignment A disability policy where the premiums are due monthly require a grace period of - ✔✔10 days Tom the agent replaced a client's insurance policy when it was not in the client's best interest. Tom could be found guilty of - ✔✔twisting Which type of annuity stops all payments upon the death of the annuitant? - ✔✔Life annuity Decreasing term life insurance is often used to - ✔✔provide coverage for a home mortgage What does a life insurance policy guarantee to the stated beneficiary upon the death of the insured? - ✔✔Specified amount of money Major medical insurance will typically cover medical expenses that result from - ✔✔a negative reaction to prescribed medication The typical long-term care insurance policy is designed to provide a minimum of__________ year(s) of coverage - ✔✔1 The double indemnity provision in a life insurance policy pertains to an insured's death caused by a(n) - ✔✔accident Life insurance policies will normally pay for losses arising from - ✔✔commercial aviation The coverage, conditions, and limitations in the master policy of a group contract can be found in which document? - ✔✔Certificate of coverage and benefits Which type of long-term care benefit would be most appropriate for a stroke victim who requires speech therapy administered at her home? - ✔✔Home health care A disability policyowner is injured and becomes totally disabled. The benefits pay for 2 years, starting from the date of the injury. What is this time period called? - ✔✔Benefit period Under the Affordable Care Act, how would a grandfathered health plan lose its grandfathered status? - ✔✔The insurer significantly raises co-insurance charges, deductibles, or co-payment charges Which of these statements about Medicaid is CORRECT? - ✔✔Funded by federal, state, and local taxes In group health care, what is the purpose of the coordination of benefits provision? - ✔✔Determines what is paid by the primary and secondary insurers in the event of a claim Which of the following is NOT a duty of the Superintendent? - ✔✔Establish rates for the insurers What is the purpose of a Disability Income Benefit? - ✔✔Provide money for living expenses All of these are characteristics of a universal life insurance policy EXCEPT - ✔✔Fixed surrender value Upon meeting company requirements, a lapsed life insurance policy may be reinstated within_______ year(s). - ✔✔3 with the same insurer Tim is covered under a group plan and would like to change his group coverage to an individual policy because of employment termination. Which of these describes the change that will take place? - ✔✔Conversion When are group disability benefits considered to be tax-free to the insured? - ✔✔When the recipient pays the premiums Under the Affordable Care Act, which of these plans is designed to provide coverage that is actuarially equivalent to 80% of the full actuarial value of the benefits provided under the plan? - ✔✔Gold An insurance producer is often responsible for field underwriting during the application process. All of these are possible field underwriting roles EXCEPT - ✔✔providing commission information to the applicant the policy equals $250,000. Rob recently died at age 60. The death benefit would be insurance agent told him the policy would be paid up if he reached age 100. The present cash value of Rob purchased a standard whole life policy with a $500,000 death benefit when he was age 30. His - ✔✔$500,000 Which of these would limit a company's liability to provide insurance coverage? - ✔✔Exclusion Prior to conducting an HIV test, the insurer is required to - ✔✔obtain a written authorization from the proposed insured How does life insurance create an immediate estate? - ✔✔After first premium is paid, the face amount may be available to the beneficiary A limited payment whole life policy provides - ✔✔lifetime protection This MANDATORY health policy provision states that the policy, including endorsements and attached papers, constitutes - ✔✔the entire insurance contract between the parties A health insurance policy will typically cover - ✔✔preventative health services have to pay if she, not having met any of her deductible, visits the doctor and receives a bill for $125? Kate has a Major Medical Plan with a 75/25 coinsurance and a deductible of $25. How much will she - ✔✔$50.00 An individual life insurance policy becomes incontestable after it has been in force for - ✔✔2 years An individual who removes the risk of losing money in the stock market by never purchasing stocks is said to be engaging in - ✔✔Risk avoidance John the agent made public statements that falsely portrayed an insurer as insolvent. John would be likely found guilty of - ✔✔defamation In which of the following situations would the insurer be liable for a loss? - ✔✔The insured suffered an injury as an innocent bystander during a bank robbery In regards to a life insurance contract, which of the following statements is NOT true regarding the concept of insurable interest? - ✔✔Insurable interest can be established sufficiently by sentimental attachment alone An example of a tax-qualified retirement plan would be a(n) - ✔✔defined contribution plan How are contributions made to a Roth IRA handled for tax purposes? - ✔✔Not tax deductible Which of these is considered a major tax advantage of life insurance? - ✔✔Income tax is typically not owed on proceeds paid directly to a beneficiary All of these are valid policy dividend options for a life insurance policyowner EXCEPT - ✔✔accumulate without interest Under a non-qualified annuity, interest is taxed after the - ✔✔exclusion ratio has been calculated When does an immediate annuity begin making payments? - ✔✔After multiple premiums have been paid Matt is applying for life insurance and requests a double indemnity rider. A double indemnity benefit will be payable to Matt's beneficiary if Matt - ✔✔dies instantly from a car accident Purchasing a life insurance policy in order to avoid the forced sale of assets upon death is called - ✔✔estate conservation An accident and health insurer has just received written proof of loss from one of its insureds. The insured must now wait 60 days before - ✔✔bringing legal action agaínst the insurer [Show More]

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