Xcel Laws and Rules Pertinent to Insurance Exam Questions With Correct Answer
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Course
Xcel
Institution
Xcel
Xcel Laws and Rules Pertinent to Insurance
Exam Questions With Correct Answer
What must an agent sign when an existing Life Insurance policy is being reissued with a
reduction in cash value?
Policy Summary
Buyer's Guide
Affidavit
Notice Regarding Replacement of Life Insurance or Annuity - an...
Xcel Laws and Rules Pertinent to Insurance
Exam Questions With Correct Answer
What must an agent sign when an existing Life Insurance policy is being reissued with a
reduction in cash value?
Policy Summary
Buyer's Guide
Affidavit
Notice Regarding Replacement of Life Insurance or Annuity - answer✔✔Notice Regarding
Replacement of Life Insurance or Annuity
Which of these circumstances requires an agent to make reasonable efforts to obtain information
concerning the suitability of an annuity?
Agent helps a client with the purchase of an annuity
Agent sets up sales appointment
Agent purchases advertisement regarding a new annuity product
Agent helps a client with the purchase of an annuity - answer✔✔Agent helps a client with the
purchase of an annuity
Life Insurance coverage will frequently contain an Accelerated Benefits rider attached to the
policy. What would be considered a "qualifying event " under these riders?
Seasonal unemployment
Short-term Disability
Medical condition resulting in a significantly- shortened lifespan
Divorce - answer✔✔Medical condition resulting in a significantly- shortened lifespan
J the agent makes false statements to a perspective client about the projected dividends for a
policy. J may be found guilty of:
Defamation
Twisting - answer✔✔Misrepresentation
Which of the following is the requirement for an individual to perform the duties of an insurance
agent?
Be bonded and insured
Reside in the state for 1 year
Be duly licensed
Keep an annual sales quota - answer✔✔Be duly licensed
Which of the following is a valid reason for suspending our revoking an insurance agent's
license?
Not meeting a sales quota
Filed for bankruptcy
Participating in the act of twisting
Convicted of misdemeanor - answer✔✔Participating in the act of twisting
J is an insurance agent who maintains premiums in a fiduciary account. Which of the following
expenses may NOT be paid from using funds withdrawn from this account?
Return premiums due to insureds
Personal medical expenses
Commissions due to other licensees
Premiums due to insurers - answer✔✔Personal medical expenses
Under the Affordable Care Act (ACA):the coverage provided for dependents up to the age of:
18
21
25
26 - answer✔✔26
What is the qualification for being considered a small group in Virginia?
Three employees
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