XCEL Final Exam Practice Questions and Answers (100% Pass)
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Course
Xcel
Institution
Xcel
XCEL Final Exam Practice Questions and
Answers (100% Pass)
Irrevocable beneficiary - Answer️️ -What kind of life insurance
beneficiary requires his/her consent when a change of beneficiary is made?
Anytime - Answer️️ -When can a policy-owner change a revocable
beneficiary?
Daughter - ...
XCEL Final Exam Practice Questions and
Answers (100% Pass)
Irrevocable beneficiary - Answer✔️✔️-What kind of life insurance
beneficiary requires his/her consent when a change of beneficiary is made?
Anytime - Answer✔️✔️-When can a policy-owner change a revocable
beneficiary?
Daughter - Answer✔️✔️-K has a life insurance policy where her husband is
beneficiary and her daughter is contingent beneficiary. Under the Common
Disaster clause, if K and her husband are both killed in an automobile
accident, where would the death proceeds be directed?
0 - Answer✔️✔️-T and S are named co-primary beneficiaries on a $500,000
Accidental Death and Dismemberment policy insuring their father. Their
mother was named contingent beneficiary. Five years later, S dies of
natural causes and the father is killed in a scuba accident shortly
afterwards. How much of the death benefit will the mother receive?
If the primary beneficiary dies before the insured - Answer✔️✔️-How would
a contingent beneficiary receive the policy proceeds in an Accidental Death
and Dismemberment (AD&D) policy?
Irrevocable - Answer✔️✔️-A policy would like to change the beneficiary on
a Life insurance policy and make the change permanent. Which type of
designation would fulfill this need?
The early years are charged more than what is needed - Answer✔️✔️-What
is the underlying concept regarding level premiums?
Premium Mode - Answer✔️✔️-A policy-owner is able to choose the
frequency of premium payments through what policy feature?
Mode of Premium - Answer✔️✔️-A policy owner is allowed to pay
premiums more than once a year under which provision?
Application will be returned to the writing agent. - Answer✔️✔️-An
incomplete life insurance application submitted to an insurer will result in
which of these actions?
Applicant - Answer✔️✔️-Any changes made on an insurance application
requires the initials of whom?
Set up a meeting with the applicant to answer the remaining questions -
Answer✔️✔️-P is a producer who notices 5 questions on a life application
were not answered. What actions should P take?
Policy was returned within the free-look period, premium will be fully
refunded. - Answer✔️✔️-Q applied for life insurance and submitted the
initial premium on January 1. The policy was issued February 1, but it was
2
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