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Final Exam XCEL VA Questions and Answers
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Final Exam XCEL VA Questions and Answers
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Final Exam XCEL VA Questions andAnswers
The free-look period for a new Medicare Supplement policy is - Answers -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 - Answers -cost basis
All of these are duties that a producer may be required to perform when delivering an
insurance policy EXCEPT - Answers -leave a conditional receipt with client
which of these would likely be considered an Unfair Claims Settlement practice? -
Answers -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 - Answers -
specific reasons stated in the contract
The automatic premium loan provision can be accurately described as a - Answers -
provision that provides a policy loan to pay any premiums by the end of the grace period
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? - Answers -$300
What effect can a long-term care benefit rider have on a life insurance policy - Answers
-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? -
Answers -nonoccupational coverage
insurable Interest in one's own life is legally considered as - Answers -generally
unlimited
under what circumstance does an accident and health insurer have the right to request
an autopsy - Answers -when not prohibited by state law
, The pre-existing conditions exclusion under a small employer medical plan - Answers -
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 -
Answers -custodial care
An employee welfare plan exempt from ERISA regulations would be - Answers -church
plans
which of the following is not an intended use of an annuity - Answers -Create new funds
upon the death of a wage-earner
Which of these statements about traditional individual retirement accounts is accurate? -
Answers -10% penalty is applied to withdrawals prior to age 59 1/2
The reason for backdating a policy is - Answers -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 - Answers -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? - Answers -
$240
a prepaid dental plan has an agreement in place with a network of dentists which -
Answers -accepts an established amount as payment in full for the dental service
rendered
which of the following best describes the presumptive disability provision? - Answers -
waives the typical total disability requirements
if an existing medicare supplement policy is being replaced by a new policy, who is
required to sign the notice of replacement - Answers -agent and applicant
the insurance coverage in a variable life insurance policy may vary based on the value
of - Answers -its underlying investments
After an insurance application has been originated, the producer normally - Answers -is
the major personal contact to the insured
a policyowner has a life insurance policy where she had listed her age on the
application as 5 years younger than her actual age. If she dies and the insurer discovers
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