Xcel Testing Solutions- Life and Health Insurance- Weighted Exam- 150
Questions Already Rated A+
Do Not Call Registry
Which types of calls are exempt from the Do Not Call Registry? Options: a. Insurance sales calls; b.
Charity, political organization, and survey calls
Answer: b. Charity, ...
Xcel Testing Solutions- Life and Health Insurance- Weighted Exam- 150
Questions Already Rated A+
Do Not Call Registry
Which types of calls are exempt from the Do Not Call Registry? Options: a. Insurance sales calls; b.
Charity, political organization, and survey calls
Answer: b. Charity, political organization, and survey calls;
Insurance Policy Types
What type of policy allows the insurer to cancel the policy in the middle of the term by sending a notice
to the insured and refunding advance premiums? Options: a. Cancelable; b. Renewable; c. Convertible;
d. Nonrenewable
Answer: a. Cancelable;
Riders
What type of rider allows the insured to purchase additional insurance at specific dates or events
without evidence of insurability? Options: a. Guaranteed insurability rider; b. Waiver of premium rider;
c. Accidental death benefit rider; d. Disability income rider
Answer: a. Guaranteed insurability rider;
Policy Benefits
Where can policy benefits be found in an insurance policy? Options: a. Policy declarations; b. Policy
schedule; c. Policy summary; d. Policy riders
Answer: a. Policy declarations;
Insurance Errors
,What happens if an insurer discovers that an insured's age was accidentally misstated on an application
for an individual life insurance policy? Options: a. Benefits will be reduced by the amount of premium
paid; b. Benefits will be calculated according to how much coverage the premium paid would have
purchased for the correct age
Answer: b. Benefits will be calculated according to how much coverage the premium paid would have
purchased for the correct age;
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A nonresident of Louisiana who has satisfied the licensing requirements for a line of insurance in the
licensee's state and who wishes to sell that line of insurance in Louisiana, must meet all of the following
requirements EXCEPT: ✅Take the appropriate Louisiana licensing examination
A nonresident licensee from another state is not required to take a licensing examination if they are
already in good standing with their state of residence.
A life insurance policy that has premiums fully paid up within a stated time period is called ✅limited
payment insurance
Limited payment insurance is characterized by premiums that are fully paid up within a stated period,
after which no further premiums are required.
The taxable portion of each annuity payment is calculated using which method? ✅Exclusion Ratio
The Exclusion Ratio is used to determine the taxable portion of each annuity payment.
How are annuities given favorable tax treatment? ✅Gains are taxed at distribution
Annuity gains are typically tax deferred until distribution.
All _____ policies must be guaranteed renewable. ✅long-term care
All long-term care policies must be guaranteed renewable.
Which type of business insurance is meant to cover the costs of continuing to do business while the
owner is disabled? ✅Business overhead expense policy
A form of business disability insurance that is designed to cover the actual costs of continuing to do
business while an insured business owner is disabled is called a business overhead expense policy.
, Which of these is NOT a characteristic of the Accelerated Death Benefit option? ✅The benefit can be
offered as a rider at a specific extra cost or may be at no cost
Accelerated Death Benefit options are offered with NO increase in premium.
What is a condition for which medical advice or treatment was recommended by or received from a
provider of health care service within six months preceding the effective date of an individual long-term
care policy? ✅Pre-existing condition
In an individual long-term care policy, a pre-existing condition is a condition for which medical advice or
treatment was recommended by or received from a provider of health care service within six months
preceding the effective date.
A producer who is licensed in Louisiana but resident in another state is called a ✅nonresident producer
A producer licensed in Louisiana but a resident in another state is called a nonresident producer.
The typical long-term care insurance policy is designed to provide a minimum of __ year(s) of coverage.
✅1
Long-term care insurance in any insurance policy is designed to provide coverage for a minimum benefit
period of 1 year.
To receive an insurance license an applicant must ✅Apply for the license after passing the appropriate
examination
An applicant must apply for the license after passing the appropriate examination in order to receive an
insurance license.
A cease and desist order issued against a producer ✅Prohibits a specific practice listed in the order
A cease and desist order issued against a producer prohibits a specific practice listed in the order.
How are survivorship life insurance policies helpful in estate planning? ✅Provide funds to help pay taxes
Survivorship life insurance policies are useful in estate planning because they can provide money to pay
taxes on assets.
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