Irrevocable beneficiary - Correct answer-What kind of life insurance beneficiary requires
his/her consent when a change of beneficiary is made?
Anytime - Correct answer-When can a policy-owner change a revocable beneficiary?
Daughter - Correct answer-K has a life insurance policy where her husba...
if the primary beneficiary dies before the insured
policy was returned within the free look period
premium will be fully refunded
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XCEL Final Exam
Irrevocable beneficiary - Correct answer-What kind of life insurance beneficiary requires
his/her consent when a change of beneficiary is made?
Anytime - Correct answer-When can a policy-owner change a revocable beneficiary?
Daughter - Correct 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 - Correct answer-T and S are named co-primary beneficiaries on a $500,000
Accidental Death and Dismemberment policy insuring their father. Their mother was
named contingent beneficiary. Five years later, S dies of natural causes and the father
is killed in a scuba accident shortly afterwards. How much of the death benefit will the
mother receive?
If the primary beneficiary dies before the insured - Correct answer-How would a
contingent beneficiary receive the policy proceeds in an Accidental Death and
Dismemberment (AD&D) policy?
Irrevocable - Correct answer-A policy would like to change the beneficiary on a Life
insurance policy and make the change permanent. Which type of designation would
fulfill this need?
The early years are charged more than what is needed - Correct answer-What is the
underlying concept regarding level premiums?
Premium Mode - Correct answer-A policy-owner is able to choose the frequency of
premium payments through what policy feature?
Mode of Premium - Correct answer-A policy owner is allowed to pay premiums more
than once a year under which provision?
Application will be returned to the writing agent. - Correct answer-An incomplete life
insurance application submitted to an insurer will result in which of these actions?
Applicant - Correct answer-Any changes made on an insurance application requires the
initials of whom?
Set up a meeting with the applicant to answer the remaining questions - Correct
answer-P is a producer who notices 5 questions on a life application were not
answered. What actions should P take?
, Policy was returned within the free-look period, premium will be fully refunded. - Correct
answer-Q applied for life insurance and submitted the initial premium on January 1. The
policy was issued February 1, but it was not delivered by the agent until February 7. Q
is dissatisfied and returns the policy February 13. How will the insurer handle this
situation?
Beneficiary - Correct answer-Who is NOT required to sign a life insurance application?
Forward the application o the insurer without the initial premium. - Correct answer-What
action should a producer take if the initial premium is NOT Submitted with the
application?
applicant's physician - Correct answer-An applicant's medical information received from
the Medical Information Bureau (MIB) may be furnished to the
To detect and deter terrorism - Correct answer-What is the purpose of the USA Patriot
Act
The group was formed for a purpose other than acquiring insurance. - Correct answer-
Which requirement must be met for an association to be eligible for a group life plan?
The policy proceeds will be paid if the employee dies during the conversion period. -
Correct answer-When an employee is terminated, which statement about a group term
life conversion is true?
Certificate - Correct answer-A person who is insured within a group contract will be
given a
Immediate annuity - Correct 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 EXCEPT a(n)
Single premium - Correct answer-An immediate annuity consists of a
Social Security - Correct answer-What is Old Age and Survivors Health Insurance
(OASDHI) also known as?
Individual Retirement Account (IRA) - Correct answer-Which of these retirement plans
can be started by an employee, even if another plan is in existence?
at future dates specified in the contract with no evidence of insurability required. -
Correct answer-When does a guaranteed Insurability Rider allow the insured to buy
additional coverage?
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