XCEL SOLUTIONS - FINAL EXAM

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 issues Medicare Supplement policies? - Answer-insurance companies P is the insured on a participating life policy. Which statement is true if P's premiums are waived due to disability? - Answer-P will still receive declared dividends What type of policy would offer a 40-year old the quickest accumulation of cash value? - Answer-20-pay life The Nevada Insurance Guaranty Association - Answer-protects Nevada insurance policy owners in the event an insurance company becomes insolvent The most important factor to consider when determining whether to convert term insurance at the insured's attained age or to the insured's original age is: - Answer-the cost A Medicare Supplement policy may be cancelled for which of the following reasons? - Answer-The premiums has not been paid by the insured A noncontributory group term life plan is characterized by: - Answer-The entire cost of the plan is paid for by the employer Variable annuities may invest premiums in each of the following, EXCEPT: - Answer-Insurer's corporate business account Which of the following costs would a Basic Hospital/Surgical policy likely cover? - Answer-