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XCEL Uses of Life Insurance Exam Questions and Answers
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XCEL Uses of Life Insurance Exam Questions and Answers
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XCEL Uses of Life Insurance ExamQuestions and Answers
C is a key employee at ABC Incorporated. If a Key Employee life policy is purchased
on her life, which of these statements would be true? - ANSWER-ABC is the
policyowner, C is the insured, and ABC is the beneficiary
An engineering firm that would suffer financially from the death of a project manager
should purchase a: - ANSWER-Key Person Life Policy
Which of these is NOT considered to be a cost connected with an individual's death?
- ANSWER-business expenses
The federal income tax treatment of employer-provided group Medical Expense
insurance can be accurately described as: - ANSWER-employee's premiums paid by
the employer is tax-deductible to the employer as a business expenditure
K has an Accidental Death and Dismemberment (AD&D) insurance policy where her
husband is beneficiary and her daughter is contingent beneficiary. Under the
Common Disaster clause, if K and her husband are both killed in an automobile
accident, where would the death proceeds be directed? - ANSWER-daughter
S is employed by a large corporation that provides group health coverage for its
employees and their dependents. If S dies, the company must allow his surviving
spouse and dependents to continue their group health coverage for a maximum of
how many months under COBRA regulations? - ANSWER-36
If the insured and primary beneficiary are 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
beneficiary
An insurance company would MOST likely pay benefits under an Accidental Death
and Dismemberment policy for which of the following losses? - ANSWER-loss of
eyesight due to an accidental injury
Which contract permits the remaining partners to buy-out the interest of a disabled
business partner? - ANSWER-Disability Buy-Sell
Which of the following statements BEST describes how a policy that uses the
"accidental bodily injury" definition of an accident differs from one that uses the
"accidental means" definition? - ANSWER-less restrictive
Which statement is true regarding a minor beneficiary? - ANSWER-normally, a
guardian is required to be appointed in the beneficiary clause of the contract
, J has an Accidental Death and Dismemberment policy with a principal sum of
$50,000. While trimming the hedges, J cuts off one of his fingers. What is the
MAXIMUM J will receive from his policy? - ANSWER-$25,000
All of the following statements regarding group health insurance is true, EXCEPT: -
ANSWER-an individual policy is given to each member
Which statement is TRUE regarding a group accident & health policy issued to an
employer? - ANSWER-the employer receives the policy and each employee is
issued a certificate
Dental care coverage is designed to cover the costs of all of the following EXCEPT: -
ANSWER-loss of income
G is an accountant who has ten employees and is concerned about how the
business would survive financially if G became disabled. The type of policy which
BEST addresses this concern is - ANSWER-business overhead expense
On an Accidental Death and Dismemberment (AD&D) insurance policy, who is
qualified to change the beneficiary designation? - ANSWER-policyowner
Which of the following characteristics is associated with a large group disability
income policy? - ANSWER-no medical underwriting
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 paid to P's
estate
P is a new employee and will be obtaining non-contributory group Major Medical
insurance from her employer. Which of the following actions must she take during
the open enrollment period? - ANSWER-sign an enrollment card
A Business Disability Buyout plan policy is designed: - ANSWER-to pay benefits to
the corporation or other shareholders
G is an accountant who has ten employees and is concerned about how the
business would survive financially if G became disabled. The type of policy which
BEST addresses this concern is - ANSWER-business overhead expense
The provision in a Group Health policy that allows the insurer to postpone coverage
for a covered illness 30 days after the policy's effective date is referred to as the -
ANSWER-waiting period
Which of the following medical expenses does Cancer insurance NOT cover? -
ANSWER-arthritis
All students attending a large university could be covered by: - ANSWER-a blanket
policy
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