XCEL SOLUTIONS IN LIFE INSURANCE FINAL EXAM 2024/2025 WITH 100% CORRECT ANSWERS
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Course
XCEL
Institution
XCEL
P is a producer who is licensed in Indiana , but a resident of Michigan . In Indiana , P is considered to be a ( n ) __________ producer . - correct answer -nonresident .
Why would the Insurance Commissioner issue a temporary license ? - correct answer -To allow the personal representative of a ...
XCEL SOLUTIONS IN LIFE INSURANCE
FINAL EXAM 2024/2025 WITH 100%
CORRECT ANSWERS
P is a producer who is licensed in Indiana , but a resident of Michigan . In Indiana , P is considered to be
a ( n ) __________ producer . - correct answer -nonresident .
Why would the Insurance Commissioner issue a temporary license ? - correct answer -To allow the
personal representative of a deceased producer to provide service to existing policyowners
Which provision is NOT a requirement in a group life policy ? - correct answer -Accidental
A ( n ) _________ beneficiary may be changed by the policyowner WITHOUT the consent of the
beneficiary . - correct answer -Revocable
Which of the following provides funding for the Indiana Life and Health Insurance Guaranty
Association ? - correct answer -Member company assessments
What is the name of the law that requires insurers to disclose information gathering practices and
where the information was obtained ? - correct answer -Fair Credit Reporting Act
Any changes made on an insurance application requires the initials of whom ? - correct answer -
Applicant
An individual working part - time has an annual income of $ 25,000 . If this individual has an IRA , what
isthe maximum deductible IRA contribution allowable ? - correct answer -$ 6,000
With whom may a producer share commissions with ? - correct answer -Anyone the producer deems
appropriate
, To be eligible for Social Security disability benefits , an employee must be unable to perform : - correct
answer -any occupation
A Universal Life policy is sometimes referred to as an unbundled Life Policy because the owner can see
the interest earned , cost of insurance , and the - correct answer -expense charges
Which statement is TRUE in regards to a policy loan ? - correct answer -Past - due interest on a policy
loan is added to the total debt
As a condition for a loan , a bank requires the borrower to purchase credit insurance from a specific
company What is the bank guilty of ? - correct answer -Coercion
Why must an insurance applicant answer all questions on the application ? - correct answer -Statements
and representations are considered guarantees
T , age 70 , withdraws cash from a profit - sharing plan and purchases a Straight Life Annuity . What will
this transaction provide ? - correct answer -Income that cannot be outlived by the owner
Term Life Policies that have the ability to be converted to permanent coverage may do so during a
specific time period . This conversion period - correct answer -varies according to the contract
Which of these is NOT considered to be an element of an insurance contract ? - correct answer -
negotiating
A newly licensed producer must complete 24 hours of continuing education every ___ years . - correct
answer -2
A ( n ) _________ insurance company is one formed in a country other than the United States . - correct
answer -alien
K's whole life insurance policy lapsed two months ago due to nonpayment . She would now like to
reinstate the policy . All of these statements are correct about the policy's reinstatement EXCEPT -
correct answer -K must provide evidence of insurability
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