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XCEL Chapter 3 2024 UPDATE TEST PRACTICE MOST TESTED TEST PRACTICE COMPREHENSIVE QUESTIONS AND VERIFIED CORRECT ANSWERS GRADE A+ GET IT RIGHT$17.99
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XCEL Chapter 3 2024 UPDATE
TEST PRACTICE MOST TESTED TEST PRACTICE
COMPREHENSIVE QUESTIONS AND VERIFIED
CORRECT ANSWERS GRADE A+ GET IT RIGHT
Life insurance immediately creates an estate upon the death of
an insured, which of the following policies is characterized by a
guaranteed minimum death benefit - (correct answer)
Credit Life insurance
The investment gains from a Universal Life Policy usually go
toward: - (correct answer) The cash value
A Family Income Policy is a combination of - (correct answer)
Whole life and Decreasing Term Insurance
All of these are characteristics of an Adjustable Life policy
EXCEPT: - (correct answer) Face amount can be adjusted
using policy dividends
Which of the following actions is NOT possible with a Universal
life policy - (correct answer) Premiums may be applied as a
credit against income tax
, If X wants to buy $50,000 worth of permanent protection on
his/her spouse and $25,000 worth of 10-year coverage on X
under the same policy, the applicant should purchased -
(correct answer) A whole life policy with other insured rider
All of these statements about Equity Indexed Life insurance are
correct EXCEPT: - (correct answer) Cash value has a
minimum rate of accumulation
F needs life insurance that provides overage for only a limited
amount of time with a death benefit that changed regularly
according to a schedule. What kind of policy is needed? -
(correct answer) Decreasing term policy
Which statement is TRUE regarding Variable Whole Life policy?
- (correct answer) A minimum guaranteed Death benefit is
provided
S is covered by whole life policy. Which insurance product can
cover his children? - (correct answer) Child term rider
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