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XCEL INSURANCE EXAM QUESTIONS AND ANSWERS 100% VERIFIED UNIVERSITY OF FLORIDA
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XCEL INSURANCE EXAM QUESTIONS AND ANSWERS 100% VERIFIED UNIVERSITY OF FLORIDA
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XCEL INSURANCE EXAM QUESTIONS ANDANSWERS 100% VERIFIED UNIVERSITY OF
FLORIDA
What type of life insurance gives the greatest amount of coverage at a
limited period of time?
✔✔Term Life
Which of these life insurance riders allows the applicant to have excess
coverage?
✔✔Term rider
What type of life policy has a death benefit that adjusts periodically and is
written for a specific period of time.
✔✔Decreasing Term
A 15-year Mortgage is best prote4ctedd by what kind of life policy?
✔✔15-year decreasing term
Credit life insurance is..
✔✔issued in an amount not to exceed the amount of the loan
What type of life insurance are credit policies issued as?
✔✔Term
What kind of life insurance starts out as temporary coverage but can be
later modified to permanent coverage without evidence of insurability?
✔✔Convertible Term
,T has a term policy that allows him to continue the coverage after
expiration of the initial policy period. What type of term coverage is this?
✔✔Renewable
The most important factor to consider when determining whether to
convert term insurance at the insured's attained age or the insured's
original age is
✔✔The Cost
Which of the following features of a group Term Life policy enables an
individual to leave the group and continue his or her insurance without
providing evidence of insurability?
✔✔Conversion privilege
What kind of life insurance product covers children under their parent's
policy?
✔✔Term Rider
All of these insurance products require an agent to have proper FINRA
securities registration in order to sell them EXCEPT for
✔✔Modified whole Life
A variable insurance policy
✔✔does not guarantee a return on investment accounts
Which of these is an element of a variable Life policy
✔✔A fixed, level premium.
,A life policy with a death benefit that can fluctuate according to the
performance of its underlying investment portfolio is referred to as
✔✔Variable Life
Which policy requires an agent to register with the National Association of
Securities Dealers (NASD) before selling?
✔✔Variable life
How does a typical Variable Life Policy investment account grow?
✔✔Through Mutual funds, stocks, bonds
Which of these life products is NOT considered interest-sensitive?
✔✔Modified whole life
Which of the following statements about Variable Whole Life is CORRECT?
✔✔It provides a minimum guaranteed Death benefit
What type of life insurance incorporates flexible premiums and adjustable
death benefits?
✔✔Universal life
The investments gains from a Universal life Policy usually go toward...
✔✔The Cash Value
Which is true concerning a Variable Universal Life policy?
✔✔The policy owner controls where the investment will go and selects the
amount of the premium payment.
, All of these statements about Equity indexed Life Insurance are correct
EXCEPT....
✔✔The premiums can be lowered or raised based on the investment
performance.
Which type of life policy contains a monthly mortality charge as well as
self-directed investment choices?
✔✔Variable universal life
All of these are characteristics of an Adjustable Life policy EXCEPT
✔✔Face amount can be adjustable using policy dividends
Which of the following actions require a policy owner to provide proof of
insurability in an Adjustable Life Policy
✔✔Increase Face Amount
What kind of special need would a policyowner require with an
Adjustable Life insurance policy?
✔✔Flexible Premiums
What type of life policy covers two people and pays upon the death of the
last insured?
✔✔Joint life policy
When is the face amount paid under a Joint Life and Survivor policy?
✔✔Upon death of the last insured
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