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Xcel Practice Chapter Exam Questions with 100% Correct Answers

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Xcel Practice Chapter Exam Questions with 100% Correct Answers A whole life insurance policyownet foes not wish to continue making premium payments. Which of the following enables the policyowner to call the policy for more than its cash value? - Life-Settlement Contract P owns a 25,000 Life p...

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  • October 25, 2024
  • 22
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Xcel
  • Xcel
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JOSHCLAY
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
Xcel Practice Chapter Exam Questions

with 100% Correct Answers


A whole life insurance policyownet foes not wish to continue making

premium payments. Which of the following enables the policyowner to call

the policy for more than its cash value? - ✔✔Life-Settlement Contract

P owns a 25,000 Life policy that pays the face amount to him if he lives to

age 70, or to his beneficiary if he dies before age 70. What kind of policy

does P own? - ✔✔Endowment at Age 70

Which type of life policy contains a monthly mortality charge as well as self-

directed investment choices? - ✔✔Variable Universal Life

A policy if adhesion can only be modified by whom? - ✔✔The Insurance

company

Which of the following consists of an offer, acceptance, and consideration?

- ✔✔Contract

What type of annuity has a cash value that is based upon the performance

of it's underlying investment funds? - ✔✔Variable

,©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
Which of the following statements is CORRECT regarding the tax treatment

of a lump-sum payment paid to a life insurance policy's primary

beneficiary? - ✔✔All proceeds are income tax free in the year they are

recieved

A life insurance application may be rejected on the basis of all of these

factors EXCEPT: - ✔✔Gender

Term Insurance has which of the following characteristics? - ✔✔Expires at

the end of the policy period

A student pilot can pay regular premium costs for her life insurance policy

with the addition of which of the following? - ✔✔Aviation Exclusion

In a life insurance policy, which provision states who may select policy

options, designate and name a beneficiary, and be the policy? -

✔✔Owner's Rights

The entity whose sole purpose is sharing medical data among its member

companies is called the - ✔✔Medical Information Bureau (MIB)

M completes an application for life insurance but does not pay the initial

premium. All of these actions must occur before M's policy goes into effect

EXCEPT - ✔✔Free-look period has expired

, ©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
The cash value in a(n)_________________ Life policy may fluctuate to

reflect changing assumptions regarding mortality cost, interest, and

expense factors. - ✔✔A Universal Life policy

An employee with 25,000 group term life coverage was recently fired. This

employee's group coverage may be converted to a: - ✔✔25,000 Individual

Whole Life policy

P is blinded in an industrial accident. Which provision of his life insurance

policy will pay a stated benefit amount? - ✔✔Accidental Death and

Dismemberment clause

Q is severely injured in an automobile accident and becomes totally

disabled. How many months must Q be disabled before being able to apply

for Social Security disability benefits? - ✔✔5

Which statement regarding the Misstatement of Age provision is

considered to be true? - ✔✔Coverage will be adjusted to reflect the

insured's true age if a misstatement of age is discovered

Which of the following is an important wunderwriting principle of group life

insurance. - ✔✔Everyone must be covered in the group

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