Xcell Testing Solutions (Life & Health) Final 150 Question Practice Exam

Xcell Testing Solutions (Life & Health) Final 150 Question Practice Exam Xcell Testing Solutions (Life & Health) Final 150 Question Practice Exam When can a policy owner change a revocable beneficiary? Anytime M purchased an Accidental Death and Dismemberment (AD&D) policy and named his son as beneficiary. M has the right to change the beneficiary designation at anytime. What type of beneficiary is his son? Revocable How would a contingent beneficiary receive the policy proceeds in an Accidental Death and Dismemberment (AD&D) policy? If the primary beneficiary dies before the insured What is the underlying concept regarding level premiums? The early years are charged less than what is needed A policy owner is able to choose the frequency of premium payments through what policy feature? Premium Mode Any changes made on an insurance application requires the initials of whom? Applicant All of these are considered sources of underwriting information about an applicant EXCEPT Rating Services Q applied for life insurance and submitted the initial premium on January 1. The policy was issued February 1, but it was not delivered by the agent until February 7. Q is dissatisfied and returns the policy February 13. How will the insurer handle this situation? Policy was returned within the free-look period, premium will be fully refunded M completes an application for life insurance but does not pay the initial premium. All of these actions must occur before M's policy goes into effect EXCEPT free-look period has expired What action should a producer take if the initial premium is NOT submitted with the application? Forward the application to the insurer without the initial premium Which of the following is an important underwriting principle of group life insurance? Everyone must be covered in the group Which requirement must be met for an association to be eligible for a group life plan? Group was formed for a purpose other than acquiring insurance When an employee is terminated, which statement about a group term life conversion is true? Policy proceeds will be paid if the employee dies during the conversion period Under a trustee group life policy, who would be eligible for a certificate of coverage? Corporation N, age 50, recently bought an annuity that will pay a guaranteed $2,000/month at age 70 for life. What type of annuity did N purchase?