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XCEL Kentucky Life and Health Final UPDATED Actual Exam Questions and CORRECT Answers
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XCEL Kentucky Life and Health Final UPDATED Actual Exam Questions and CORRECT Answers S filed a written Proof of Loss for a Disability Income claim on September 1. The insurance company did not respond to the claim. S can take legal action against the insurer beginning: - CORRECT ANSWER- Nov...

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  • September 16, 2024
  • 45
  • 2024/2025
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XCEL Kentucky Life and Health Final
UPDATED Actual Exam Questions and
CORRECT Answers
S filed a written Proof of Loss for a Disability Income claim on September 1. The insurance
company did not respond to the claim. S can take legal action against the insurer beginning: -
CORRECT ANSWER- ✔✔November 1


What is the excise tax rate the IRS imposes on individuals aged 70 1/2 or older who do not
take the required minimum distributions from their qualified retirement plan? - CORRECT
ANSWER- ✔✔50%


The provision in a Group Health policy that allows the insurer to postpone coverage for a
covered illness 30 days after the policy's effective date is referred to as the: - CORRECT
ANSWER- ✔✔Waiting Period


Which of the following is considered to be the period when the accumulated value in an
annuity is payed out? - CORRECT ANSWER- ✔✔Annuitization Phase


When a premium payment for a life-insurance policy is missed, what provision will dictate
the actions taken by the insurer? - CORRECT ANSWER- ✔✔Grace Period Provision


Which of the following statements does NOT accurately Describe the tax treatment of
premiums and benefits of individual Accident and Health Insurance? - CORRECT
ANSWER- ✔✔Disability income policy premiums are tax-deductible


Which life insurance settlement option pays a stated monthly amount until the proceeds are
gone? - CORRECT ANSWER- ✔✔Fixed Amount Option


Sexual Orientation, religious preference, and geographical location are not allowed to be used
in the underwriting process. Why is this so? - CORRECT ANSWER- ✔✔Considered unfair
discrimination

,The maximum period which a group health plan may exclude benefits for pre-existing
conditions for a participant who is not a late enrollee is: - CORRECT ANSWER- ✔✔12
months


What term is used when agents share the proceeds from the sale of policies? - CORRECT
ANSWER- ✔✔Commission Splitting



Medicare Part A and Part B do NOT pay for: - CORRECT ANSWER- ✔✔Dental Work


Under federal tax laws, what is the tax treatment for an employer providing $50,000 of a
contributory group Term Life plan to all its eligible employees? - CORRECT ANSWER-
✔✔Portion of the premiums paid for by the employer may be a tax deduction


Replacement notices are required for all of the following, EXCEPT? - CORRECT
ANSWER- ✔✔Group Conversion



What is the underlying concept regarding level premiums? - CORRECT ANSWER- ✔✔The
early years are charged more than what is needed


Making any statement, or distributing literature, which is false, or maliciously critical of, or
derogatory to the financial condition of an insurer, and which is intended to injure any person
engaged: - CORRECT ANSWER- ✔✔Defamation


Misrepresenting an insurance policy, or making incomplete comparisons of policies, for the
purpose of inducing someone to change or replace an existing policy is an illegal practice
known as: - CORRECT ANSWER- ✔✔Twisting


The insurance company that shares profits or losses with its investors is called a: -
CORRECT ANSWER- ✔✔Stock Company


If a health insurer fails to issue a premiums rate quote to an individual within 30 days after
receiving a properly completed application requesting a quote, which of the following
statements is true? - CORRECT ANSWER- ✔✔The insurer must issue coverage to the
individual and may not impose any pre-existing conditions exclusions

,The health insurance premiums paid for by each partner in a partnership is considered to be: -
CORRECT ANSWER- ✔✔100% tax deductible


Mike applied for life insurance and was issued a conditional receipt. He is later found to be
insurable and is issued a policy. When does his coverage become effective? - CORRECT
ANSWER- ✔✔Date the conditional receipt was issued


How do benefit payments fluctuate over time in a variable life annuity? - CORRECT
ANSWER- ✔✔Depends on the market value changes in the separate investment account



An insurable risk requires: - CORRECT ANSWER- ✔✔That the chance of loss be calculable


In an individual retirement account (IRA), rollover contributions are: - CORRECT
ANSWER- ✔✔Not limited by dollar amount


A person can receive Medicare Part A Hospital benefits, regardless of age, as long as the
person has received which of the following benefits for at least 24 months? - CORRECT
ANSWER- ✔✔Social Security Disability


Which type of provider is known for stressing preventative medical care? - CORRECT
ANSWER- ✔✔Health Maintenance Organizations (HMO's)


Which of these life products is NOT considered interest-sensitive? - CORRECT ANSWER-
✔✔Modified Whole Life


All of these settlement options would satisfy the conditions of a spendthrift clause, EXCEPT:
- CORRECT ANSWER- ✔✔Lump-Sum Payment



Medicare bases it's eligibility requirements on: - CORRECT ANSWER- ✔✔An individuals
age


Kate received a group accident and health termination notice. How many days does she have
to apply for a converted policy? - CORRECT ANSWER- ✔✔31

, P died five years after purchasing a life policy. While investigating the claim, the insurer
discovered material misrepresentations made by P during the application process. Which of
these actions will the insurer take? - CORRECT ANSWER- ✔✔Beneficiary will be paid the
death benefit


All students attending a large university could be covered by: - CORRECT ANSWER- ✔✔A
blanket policy


A 15-year mortgage is best protected by what kind of life policy? - CORRECT ANSWER-
✔✔15-year decreasing term


How many days does the employee has to convert to an individual policy under the
Conversion Policy? - CORRECT ANSWER- ✔✔31 days


P is the insured on a participating life policy. Which statement is true if P's premiums are
waived due to a disability? - CORRECT ANSWER- ✔✔P will still receive declared
dividends


P is looking to purchase a life insurance policy that will pay a stated monthly income to his
beneficiaries for 20 years after he dies and a lump sum of $20,000 at the end of that 20 year
period. What type of policy should P purchase? - CORRECT ANSWER- ✔✔Family
Maintenance Policy


The Legal Action provision states how much time an insured has to: - CORRECT ANSWER-
✔✔Sue the insurer


A long-term care policy provides coverage for which of the following? - CORRECT
ANSWER- ✔✔Alzheimer's disease


Which of these is NOT relevant when determining the amount of personal life insurance
needed? - CORRECT ANSWER- ✔✔Local unemployment rate


Which of the following spreads the risk of loss from one person to a large number of people
through the pooling of collected premiums? - CORRECT ANSWER- ✔✔Insurance

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