Xcel Life Insurance Exam Already Graded A+
Insurance Questions and Answers
1. Replacement Regulation Purpose:
Answer: Policyowners from misrepresentation and loss of benefits - This regulation aims to protect policyholders from deceptive practices when replacing existing
policies.
2. ...
Xcel Life Insurance Exam Already Graded A+
Insurance Questions and Answers
1. Replacement Regulation Purpose:
Answer: Policyowners from misrepresentation and loss of benefits
- This regulation aims to protect policyholders from deceptive practices when replacing existing
policies.
2. Health Benefit Plans Issued After January 1, 2014:
Answer: Preventative health services
- Such plans are required to include coverage for preventative health services.
3. Highest Monthly Payout Upon Annuitization:
Answer: Straight life
- A straight life annuity offers the highest monthly payout since it pays benefits only during the
annuitant's lifetime.
4. Included in the Entire Contract According to the Entire Contract Provision:
Answer: Clauses
- The entire contract includes all clauses and riders attached to the policy.
5. Alternative to a Life Settlement:
Answer: Accelerated death benefit rider
- This rider allows a policyowner to receive a portion of their death benefit while still alive under
certain conditions.
6. Coverage Payment Under Scheduled Dental Policy:
Answer: Benefits are limited to a specific maximum dollar amount per procedure
- Scheduled policies set specific limits on what can be paid per procedure.
, 7. Coordination of Benefits Regulation Exceptions:
Answer: Preferred Provider Organization plan
- Coordination of benefits typically does not apply to PPOs in the same way it does to other plans.
8. Approach Predicting Earning Potential for Dependents:
Answer: Human life value approach
- This approach estimates the financial value of an individual's potential earnings for their dependents.
9. Policy That Does NOT Build Cash Value:
Answer: Term
- Term life insurance provides coverage for a specific period without accumulating cash value.
10. Method for Determining Ongoing Support Funds:
Answer: Human life value
- This method assesses the financial needs of dependents based on the breadwinner's potential
earnings.
11. Free Look Period Duration for Life Insurance Policy:
Answer: 10 days
- Typically, the free look period allows policyowners to review their policy for 10 days.
12. What "SHOP" Stands for in SHOP Exchange:
Answer: Small Business Health Options Program
- This program facilitates health insurance options for small businesses.
13. Group Medical Insurance Policy Issuance:
Answer: Master policy
- A master policy is issued to an employer, outlining the group coverage benefits.
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