XCEL TEST LIFE & HEALTH EXAM QUESTIONS WITH COMPLETE SOLUTIONS VERIFIED
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Course
XCEL
Institution
XCEL
XCEL TEST LIFE & HEALTH EXAM QUESTIONS WITH COMPLETE SOLUTIONS VERIFIED
A policy that becomes a Modified Endowment Contract (MEC):
will loose many of its tax advantages
All of these are characteristics of an Adjustable Life policy, EXCEPT:
face amount can be adjusted using policy dividends...
XCEL TEST LIFE & HEALTH EXAM QUESTIONS WITH COMPLETE
SOLUTIONS VERIFIED
A policy that becomes a Modified Endowment Contract (MEC):
will loose many of its tax advantages
All of these are characteristics of an Adjustable Life policy, EXCEPT:
face amount can be adjusted using policy dividends
The most important factor to consider when determining whether to convert term
insurance at the insured's attained age or the insured's original age is:
the cost
F needs life insurance that provides coverage for only a limited amount of time
with a death benefit that changes regularly according to a schedule. What kind of
policy is needed?
Decreasing term policy
Under a Renewable Term policy,
the renewal premium is calculated on the basis of the insured's attained age
A potential client, age 40, would like to purchase a Whole Life policy that will
accumulate cash value at a faster rate in the early years of the policy. Which of
these statements made by the producer would be correct?
20-Pay Life accumulates cash value faster than Straight Life
Which of these statements describe a Modified Endowment Contract (MEC)?
, Falls below the minimum amount of premium that can be paid into a policy and still have
it recognized as a life insurance contract
What type of life insurance are credit policies issued as?
Term
M purchases a $70,000 Life Insurance Policy with premium payments of $550 a
year for the first 5 years. At the beginning of the sixth year, the premium will
increase to $800 per year but will remain level thereafter. The face amount will
remain at $70,000 throughout the life of the policy. The type of policy that M has
purchased is:
Modified Premiums Life
A father who dies within 3 years after purchasing a life insurance policy on his
infant daughter can have the policy premiums waived under which provision
Payor provision
What type of insurance offers permanent life coverage with premiums that are
payable for life?
Whole Life
Which of these types of life insurance allows the policyowner to have level
premiums and to also choose from a selection of investment options?
Variable Life
How long does the coverage normally remain on a limited-pay life policy?
Age 100
Term insurance has which of the following characteristics?
Expires at the end of the policy
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