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XCEL CHAPTER 6 2024 UPDATE COMPREHENSIVE QUESTIONS AND VERIFIED CORRECT ANSWERS MOST TESTED TEST PRACTICE TEST PRACTICE GET IT 100% RIGHT $17.99
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XCEL CHAPTER 6 2024 UPDATE COMPREHENSIVE QUESTIONS AND VERIFIED CORRECT ANSWERS MOST TESTED TEST PRACTICE TEST PRACTICE GET IT 100% RIGHT

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XCEL CHAPTER 6 2024 UPDATE COMPREHENSIVE QUESTIONS AND VERIFIED CORRECT ANSWERS MOST TESTED TEST PRACTICE TEST PRACTICE GET IT 100% RIGHT

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  • June 14, 2024
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XCEL CHAPTER 6 2024 UPDATE
COMPREHENSIVE QUESTIONS AND VERIFIED
CORRECT ANSWERS MOST TESTED TEST PRACTICE
TEST PRACTICE GET IT 100% RIGHT


Expense factor - (correct answer) a measure of what it costs
an insurance company to operate, also known as the loading
charge


Premium mode - (correct answer) the frequency in which a
policyowner elects to pay premiums


Viatical settlement - (correct answer) an agreement under
which the owner of a life insurance policy sells the policy to
another person in exchange for a bargained for payment, which
is generally less than the expected death benefit under the
policy. They typically involve someone with a terminal illness
selling their existing life insurance policy to a third party for a
percentage of the death benefit


interest factor - (correct answer) a factor that is utilized to
provide a simple calculation for determining the amount of

, interest an insurance company can expect earn from investing
insurance premiums




class designation - (correct answer) a beneficiary
designation. Rather than specifying one or more beneficiaries
by name, the policy owner designates a class or group of
beneficiaries. For example, "my children."


beneficiary - (correct answer) the person or entity
designated in the policy to receive the death proceeds.


primary beneficiary - (correct answer) the first in line to
receive death benefit proceeds


secondary beneficiary - (correct answer) second in line to
receive death benefit proceeds


tertiary beneficiary - (correct answer) the third in line to
receive death benefit proceeds. If no one named, death benefit
will go to insured's estate

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