Xcel Laws and Rules Pertinent to Insurance Guaranteed Success
5 views 0 purchase
Course
Xcel Laws and Rules Pertinent to Insurance
Institution
Xcel Laws And Rules Pertinent To Insurance
Xcel Laws and Rules Pertinent to Insurance Guaranteed Success
1. What must an agent sign when an existing Life Insurance policy is being reissued with a reduction in
cash value? - A) Policy Summary - B) Buyer’s Guide - C) Affidavit - D) ️ Notice Regarding Replacement of Life Insuran...
Xcel Laws and Rules Pertinent to Insurance Guaranteed Success
1. What must an agent sign when an existing Life Insurance policy is being reissued with a reduction in
cash value?
- A) Policy Summary
- B) Buyer’s Guide
- C) Affidavit
- D) ✔️ Notice Regarding Replacement of Life Insurance or Annuity
2. Which of these circumstances requires an agent to make reasonable efforts to obtain information
concerning the suitability of an annuity?
- A) ✔️ Agent helps a client with the purchase of an annuity
- B) Agent sets up sales appointment
- C) Agent purchases advertisement regarding a new annuity product
- D) Agent helps a client with the purchase of an annuity
3. Life Insurance coverage will frequently contain an Accelerated Benefits rider attached to the policy.
What would be considered a "qualifying event" under these riders?
- A) Seasonal unemployment
- B) Short-term Disability
- C) ✔️ Medical condition resulting in a significantly shortened lifespan
- D) Divorce
4. J, the agent, makes false statements to a prospective client about the projected dividends for a policy.
J may be found guilty of:
- A) Defamation
- B) ✔️ Misrepresentation
- C) Subrogation
- D) Twisting
, 5. Which of the following is the requirement for an individual to perform the duties of an insurance
agent?
- A) Be bonded and insured
- B) Reside in the state for 1 year
- C) ✔️ Be duly licensed
- D) Keep an annual sales quota
6. Which of the following is a valid reason for suspending or revoking an insurance agent's license?
- A) Not meeting a sales quota
- B) Filed for bankruptcy
- C) ✔️ Participating in the act of twisting
- D) Convicted of misdemeanor
7. J is an insurance agent who maintains premiums in a fiduciary account. Which of the following
expenses may NOT be paid from using funds withdrawn from this account?
- A) Return premiums due to insureds
- B) ✔️ Personal medical expenses
- C) Commissions due to other licensees
- D) Premiums due to insurers
8. Under the Affordable Care Act (ACA), the coverage provided for dependents up to the age of:
- A) 18
- B) 21
- C) 25
- D) ✔️ 26
9. What is the qualification for being considered a small group in Virginia?
- A) Three employees
- B) 1 to 25 members
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller CertifiedGrades. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.39. You're not tied to anything after your purchase.
