Exam (elaborations)
XCEL LIFE AND HEALTH INSURANCE TEST REVIEW 2024/2025
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XCEL LIFE AND HEALTH INSURANCE TEST REVIEW 2024/2025
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XCEL LIFE AND HEALTH INSURANCE TEST REVIEWPeriod Certain - Answers- Which annuity payout option allows the policy owner to
choose a pre-determined number of benefit payments?
Life only annuity - Answers- Which annuity payout option has no additional payouts
regardless of when the annuitant dies
Errors and Omissions - Answers- a professional liability for which producers can be
sued for mistakes of putting a policy into effect
irrevocable beneficiary - Answers- requires the beneficiary's signature for any change
to the beneficiary
representations - Answers- statements made by an insurance applicant on an
application
a specified amount of money - Answers- life insurance policies guarantee the
beneficiary what upon the death of the insured
Endodontics - Answers- common exclusion on a dental policy
Home health care - Answers- Which type of long-term care benefit would be most
appropriate for a stroke victim who requires speech therapy administered at her home?
March 23, 2010 - Answers- According to the Affordable Care Act, any plan in existence
prior to which date is considered a grandfathered plan?
Social Security Disability Income (SSDI) - Answers- Which of the following is NOT a
type of Medicare Advantage Plan?
Preferred Provider Organization plan (PPO) - Answers- Coordination of Benefits
regulation applies to all of the following plans EXCEPT
30 days - Answers- Both long-term care insurance and Medicare Supplement policies
may be returned by the insured for a full refund within
Hospital Indemnity - Answers- Which type of coverage pays an amount per day for
hospitalization directly to the insured regardless of the insured's other health insurance?
Limited Policies - Answers- Low frequency diseases can be exclusively covered by
what kind of health insurance policies?
Work-related - Answers- What type of injury would NOT be covered under a health
insurance policy?
,It would be considered taxable income to the employee - Answers- Without a Section
125 Plan in place, what would happen to an employee's payroll contribution to an HSA?
a policy that is paid up after only one payment - Answers- A single premium cash value
policy can be described as
Must have Medicare coverage - Answers- How does one become eligible for Part D:
Prescription Drug coverage?
root canal - Answers- An example of endodontic treatment is a
US Attorney General - Answers- Under US Code 1033, crimes by or affecting persons
engaged in the business of insurance which affect interstate commerce are prosecuted
by the
Mortality costs - Answers- What would be an expense factor in an insurance program?
Insurer - Answers- Which of the following signatures is not required on an individual
insurance application?
outpatient medical services - Answers- All of the following are defined as supplemental
health insuring corporation (HIC) services EXCEPT
upper limit of the total lifetime benefits the insurance company will pay - Answers-
"Maximum benefits" refers to the
the beneficiary - Answers- Signatures for an insurance application MUST be obtained
by the producer from all of the following sources EXCEPT
Coverage is eliminated - Answers- What happens to the coverage under a children's
term rider when that child reaches a certain specified age?
increase the premiums on an individual basis - Answers- Which of the following actions
may an insurance company NOT do in a health policy that contains a guaranteed
renewable premium benefit?
issue a cease and desist order against the agent - Answers- When the superintendent
believes an agent is causing substantial and material harm, the superintendent has the
authority to
A good health statement - Answers- Upon policy delivery, which of the following must a
producer have an applicant sign if no initial premium was collected with the life
insurance application?
, Hedge against inflation - Answers- Index whole life insurance contains a securities
component that acts as a(n)
It provides benefits for nonoccupational illnesses and injuries - Answers- Which of the
following statements regarding Group Disability Income insurance is TRUE?
Employee must be able to make unlimited contributions - Answers- Which of the
following is NOT a federal requirement of a qualified plan?
Own occupation clause - Answers- Which clause defines total disability as being unable
to perform the major duties of the insured's regular occupation?
not tax deductible - Answers- How are premiums paid by the insured for personally
owned disability income insurance treated for tax purposes?
lifetime protection - Answers- A limited payment whole life policy provides
when contribution or participation rules have been violated - Answers- When can a
group health policy renewal be denied according to the Health Insurance Portability and
Accountability Act (HIPAA)?
100 days - Answers- Medicare Part A does not pay for medical benefits provided for
treatment in a skilled nursing facility beyond
blood test for HIV - Answers- An insurer has a right to screen applicants for HIV in
which of the following ways?
100% of the billed amount - Answers- A closed network plan offers a a primary
physician copay of $25. If a subscriber chooses a primary care physician outside of the
network, the subscriber will likely pay
provides a greater choice of providers - Answers- When comparing an HIC to a PPO,
the PPO
an individual the means to replace wages - Answers- Loss of income insurance
provides
guaranteed renewable policy - Answers- A health insurance policy that allows an
insurer to change the policyowner's premiums, but NOT cancel the policy is called a(n)
grace period - Answers- An insurer will accept a premium from the insured and
continue the coverage in full force as though it was NOT late during which time period?
fraud - Answers- A deliberate lie by an insured to the insurer to obtain a lower premium
is an example of
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