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

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Xcel Testing Solutions (Life & Health) Final 150 Question Practice Exam When can a policyowner change a revocable beneficiary? Answer: Anytime. M purchased an Accidental Death and Dismemberment (AD&D) policy and designated his son as the beneficiary. What type of beneficiary is his son,...

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  • August 15, 2024
  • 17
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • xcel testing solutions life health final 150 q

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


When can a policyowner change a revocable beneficiary?

Answer: Anytime.



M purchased an Accidental Death and Dismemberment (AD&D) policy and designated his son as the
beneficiary. What type of beneficiary is his son, given that M has the right to change the beneficiary
designation at any time?

Answer: Revocable.



Under what condition would a contingent beneficiary receive the policy proceeds from an Accidental
Death and Dismemberment (AD&D) policy?

Answer: If the primary beneficiary dies before the insured.



What is the main principle behind level premiums?

Answer: The early years are charged less than what is needed.



Through what policy feature can a policyowner decide on the frequency of premium payments?

Answer: Premium Mode.



Who must initial any changes made on an insurance application?

Answer: Applicant.



All of the following are sources of underwriting information about an applicant EXCEPT:

Answer: Rating Services.



Q applied for life insurance and submitted the initial premium on January 1. The policy was issued on
February 1 but not delivered until February 7. Q returned the policy on February 13. How will the insurer
address this?

,Answer: The policy was returned within the free-look period, and the premium will be fully refunded.



M filled out a life insurance application but did not pay the initial premium. All the following actions
must occur before M's policy becomes effective EXCEPT:

Answer: Free-look period has expired.



What should a producer do if the initial premium is NOT included with the application?

Answer: Forward the application to the insurer without the initial premium.



Which principle is crucial in underwriting group life insurance?

Answer: Everyone must be covered in the group.



What requirement must an association fulfill to qualify for a group life plan?

Answer: The group was formed for a purpose other than acquiring insurance.



After an employee is terminated, which statement about converting group term life insurance is true?

Answer: Policy proceeds will be paid if the employee dies during the conversion period.



Under a trustee group life policy, who qualifies for a certificate of coverage?

Answer: Corporation.



N, age 50, has purchased an annuity that guarantees a payment of $2,000 per month starting at age 70
for life. What type of annuity has N acquired?

Answer: Fixed Deferred.



After receiving a $500,000 lump-sum retirement buyout from her employer, S wants to buy an annuity
that will immediately provide her with guaranteed income for life. What type of annuity is best suited
for her situation?

Answer: Single Premium.

, Which of the following is an element of a Single Premium annuity?

Answer: Lump-sum payment.



Which statement about an Individual Straight Life annuity is correct?

Answer: Payments are made to an annuitant for life.



What protection does an individual who purchases a Life annuity receive?

Answer: Protection against the risk of living longer than expected.



An immediate annuity consists of a:

Answer: Single premium.



All of the following are considered benefits under Social Security EXCEPT for:

Answer: Unemployment.



Which product would be the most suitable for a retired individual wanting to invest a lump sum of
money through an insurance company?

Answer: Annuity.



Which statement about third-party ownership of a life insurance policy is true?

Answer: It is used extensively in estate-planning as well as business circumstances.



If Company Z has a Cross Purchase Buy-Sell Agreement among its three founding partners and the
agreement is funded with individual life insurance, what is required?

Answer: Each partner must own a policy on the other partners.



Who elects the governing body of a mutual insurance company?

Answer: Policyholders.

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