Exam (elaborations)
Xcel solutions - Premiums and proceeds Questions and Answers 2024
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Xcel solutions - Premiums and proceeds
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Xcel solutions - Premiums and proceedsM purchased an accidental death and dismemberment (AD&D) policy and named his
son as a beneficiary. M has the right to change the beneficiary designation anytime.
What type of beneficiaries is his son? - answer Revocable
K is the insured and P is the sole beneficiary on a life insurance policy. Both are
involved in a fatal accident where K dies before P. Under the common disaster
provision, which of these statements is true? - answer Proceeds will be payable to K's
estate if P dies within a specified time.
When can a policyowner change a revocable beneficiary? - answer Anytime
A policy owners rights are limited under which beneficiary designation? - answer
Irrevocable
If the insured and primary beneficiary of both killed in the same accident and it cannot
be determined who died first, where are the death proceeds to be directed under the
uniform simultaneous death act? - answer Insured’s contingent estate
T Is the policy owner for a life insurance policy with a Irrevocable beneficiary
designation. If T wishes to change the beneficiary, T must obtain permission from the -
answer Beneficiary
A policy owner is allowed to pay premiums more than once a year under the which
provision? - answer Mode of premium
Who has the right to change a revocable beneficiary? - answerPolicyowner
A policy owner would like to change the beneficiary on a life insurance policy and make
the change permanent. Which type of designation would fulfill this need? -
answerIrrevocable
T and S Our name co-primary beneficiaries on a $500,000 accident or death and
dismemberment policy insuring their father. Their mother was named contingent
beneficiary. Five years later, S Died of natural causes of the fathers killed in a scuba
accident shortly afterwards. How much of the death benefit will the mother receive? -
answer$0
Which of these is NOT an element of Life insurance premiums? - answerMorbidity rate
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