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XCEL Solutions Life and Health License Exam (CA) Complete Solutions
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XCEL Solutions Life and Health License Exam (CA) Complete Solutions A saving vehicle designed to first accumulate funds and then systematically liquidate the funds ️ Deferred annuity. An annuity backed by a life insurer's separate account ️ Variable Annuity. Cindy buys a 10-year...

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  • August 15, 2024
  • 19
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • xcel solutions life and health license exam ca c

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  • XCEL Solution Life and Health License Exm C
  • XCEL Solution Life and Health License Exm C

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XCEL Solutions Life and Health License Exam (CA) Complete
Solutions
A saving vehicle designed to first accumulate funds and then systematically liquidate the funds

✔️ Deferred annuity.



An annuity backed by a life insurer's separate account

✔️ Variable Annuity.



Cindy buys a 10-year certain annuity with an installment refund. After receiving monthly payments for 5
years, Cindy dies. How many remaining payments will the insurer make to her beneficiary?

✔️ 60 payments.



An annuitant who wants to determine the current value of her annuity multiplies the number of
"accumulation units" she owns by the unit value of the "separate account". What kind of annuity best
matches this description?

✔️ Variable Annuity.



An annuitant who wishes to determine the amount of an annuity distribution exempt from taxation uses
which calculation?

✔️ Exclusion Ratio.



What is a common reason people purchase an annuity?

✔️ To protect against the risk of outliving their financial resources.



Which of the following is NOT a feature of equity annuities?

✔️ Offers a maximum interest rate that increases annually.



When a mutual insurer transitions to a stock company, the process is called

✔️ Demutualization.

,An insurer owned by its policyholders is referred to as a

✔️ Mutual insurer.



Which statement regarding a life insurance policy dividend is TRUE?

✔️ It is the distribution of excess funds accumulated by the insurer on participating policies.



Which of the following types of insurance involves an insurer transferring loss exposure from policies
written for its insureds?

✔️ Reinsurance.



AAA Insurance Company has transferred a portion of its loss exposure to BBB Insurance Company. In this
reinsurance transaction, what is AAA Insurance Company called?

✔️ Primary Insurer.



John owns an insurance policy that entitles him to share in the insurer's surplus. What kind of policy is
this?

✔️ Participating.



Kim is insured under a disability income insurance policy with an "own-occupation" clause. After an
automobile accident, she can no longer perform her job. Kim is considered to be

✔️ Totally disabled.



What do residual disability income insurance payments depend on?

✔️ The amount of the insured's income that is reduced due to the disability.



Dyan is classified as partially disabled by her insurance company. Which of the following BEST describes
her situation?

✔️ She is working part-time and receiving benefits for lost income under her long-term disability
coverage.

, Under a disability income insurance policy, which criteria must be satisfied for "bodily injury" to be
considered accidental?

✔️ The cause may be intentional, but the result must be accidental.



The elimination period in a disability income policy serves the same purpose as a

✔️ Deductible.



Which of the following is NOT a provision in a disability income policy?

✔️ Deductible and coinsurance provision.



Allen has a disability income policy with a $2,500 monthly benefit and a 30-day elimination period. If he
is unable to work for 90 days following an automobile accident, what will the policy pay?

✔️ $5,000 (90 days - 30 days = 60 days, or 2 months; 2 months × $2,500).



The issue of overinsurance is addressed in which health insurance provision?

✔️ Coordination of benefits.



When a claimant has coverage under more than one health plan, which group medical plan provision
applies? ✔️Coordination of benefits



The Consolidated Omnibus Budget Reconciliation Act (COBRA) applies to employers who employ at least
✔️20 employees



Minimum participation standards exist for group health insurance plans in order to ✔️prevent adverse
selection



What percentage of eligible employees must participate in a noncontributory group health plan before it
can be put in effect? ✔️100%

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