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Final Exam XCEL VA Study Guide with Complete Solutions

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Final Exam XCEL VA Study Guide with Complete Solutions The free-look period for a new Medicare Supplement policy is - Answer️️ -30 days Al surrenders his life insurance policy for its cash value. The total of the premiums paid into the policy minus total dividends received in cash or used...

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  • August 30, 2024
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SophiaBennett
©SOPHIABENNETT@2024-2025 Monday, August 26, 2024 6:09 AM




Final Exam XCEL VA Study Guide with
Complete Solutions

The free-look period for a new Medicare Supplement policy is -
Answer✔️✔️-30 days

Al surrenders his life insurance policy for its cash value. The total of the
premiums paid into the policy minus total dividends received in cash or
used to offset premiums is referred to as the - Answer✔️✔️-cost basis

All of these are duties that a producer may be required to perform when
delivering an insurance policy EXCEPT - Answer✔️✔️-leave a conditional
receipt with client

which of these would likely be considered an Unfair Claims Settlement
practice? - Answer✔️✔️-offering settlements that are less than the fair value
to offset insurer expenses

Kelly purchases a health insurance policy issued on a conditionally
renewable basis. The insurance company has a right to refuse renewal of
the policy for - Answer✔️✔️-specific reasons stated in the contract

The automatic premium loan provision can be accurately described as a -
Answer✔️✔️-provision that provides a policy loan to pay any premiums by
the end of the grace period




1

, ©SOPHIABENNETT@2024-2025 Monday, August 26, 2024 6:09 AM



An insured files for an accident and health insurance policy claim eight
days after the premium due date. The benefit payable is $500 and the
overdue premium is $200.

Assuming that the policy pays on a first-dollar basis and contains the
unpaid premium provision, how much will the insurer pay? - Answer✔️✔️-
$300

What effect can a long-term care benefit rider have on a life insurance
policy - Answer✔️✔️-reduced death benefit

Jerome is covered by a disability income policy that does NOT provide
benefits for losses occurring as the result of his employment. What kind of
coverage is this? - Answer✔️✔️-nonoccupational coverage

insurable Interest in one's own life is legally considered as - Answer✔️✔️-
generally unlimited

under what circumstance does an accident and health insurer have the
right to request an autopsy - Answer✔️✔️-when not prohibited by state law

The pre-existing conditions exclusion under a small employer medical plan
- Answer✔️✔️-may be partially or fully satisfied by having creditable
coverage with a previous employer

major medical plans typically exclude coverage for which of the following
benefits - Answer✔️✔️-custodial care




2

, ©SOPHIABENNETT@2024-2025 Monday, August 26, 2024 6:09 AM



An employee welfare plan exempt from ERISA regulations would be -
Answer✔️✔️-church plans

which of the following is not an intended use of an annuity - Answer✔️✔️-
Create new funds upon the death of a wage-earner

Which of these statements about traditional individual retirement accounts
is accurate? - Answer✔️✔️-10% penalty is applied to withdrawals prior to
age 59 1/2

The reason for backdating a policy is - Answer✔️✔️-to obtain a premium
rate based on an earlier age

in a disability income contract, an insured is considered to be totally
disabled under the presumptive disability provision if he/she -
Answer✔️✔️-loses the ability to speak

Dan has a major medical expense policy with a $200 deductible and an
80/20 coinsurance provision. He incurs covered medical expenses of $100
in November and $400 in January. Under the carryover provision, what
will the insurer pay? - Answer✔️✔️-$240

a prepaid dental plan has an agreement in place with a network of dentists
which - Answer✔️✔️-accepts an established amount as payment in full for
the dental service rendered

which of the following best describes the presumptive disability provision?
- Answer✔️✔️-waives the typical total disability requirements


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