XCEL SOLUTIONS IN LIFE INSURANCE FINAL EXAM | LATEST VERSION
14 views 0 purchase
Course
Xcel.
Institution
Xcel.
XCEL SOLUTIONS IN LIFE INSURANCE
FINAL EXAM | LATEST VERSION
P is a producer who is licensed in Indiana , but a resident of Michigan . In Indiana , P is
considered to be a ( n ) __________ producer . - nonresident .
Why would the Insurance Commissioner issue a temporary license ? - To allow the...
XCEL SOLUTIONS IN LIFE INSURANCE
FINAL EXAM | LATEST VERSION
P is a producer who is licensed in Indiana , but a resident of Michigan . In Indiana , P is
considered to be a ( n ) __________ producer . - nonresident .
Why would the Insurance Commissioner issue a temporary license ? - To allow the
personal representative of a deceased producer to provide service to existing
policyowners
Which provision is NOT a requirement in a group life policy ? - Accidental
A ( n ) _________ beneficiary may be changed by the policyowner WITHOUT the
consent of the beneficiary . - Revocable
Which of the following provides funding for the Indiana Life and Health Insurance
Guaranty Association ? - Member company assessments
What is the name of the law that requires insurers to disclose information gathering
practices and where the information was obtained ? - Fair Credit Reporting Act
Any changes made on an insurance application requires the initials of whom ? -
Applicant
An individual working part - time has an annual income of $ 25,000 . If this individual
has an IRA , what isthe maximum deductible IRA contribution allowable ? - $ 6,000
With whom may a producer share commissions with ? - Anyone the producer deems
appropriate
To be eligible for Social Security disability benefits , an employee must be unable to
perform : - any occupation
A Universal Life policy is sometimes referred to as an unbundled Life Policy because
the owner can see the interest earned , cost of insurance , and the - expense charges
Which statement is TRUE in regards to a policy loan ? - Past - due interest on a policy
loan is added to the total debt
As a condition for a loan , a bank requires the borrower to purchase credit insurance
from a specific company What is the bank guilty of ? - Coercion
, Why must an insurance applicant answer all questions on the application ? -
Statements and representations are considered guarantees
T , age 70 , withdraws cash from a profit - sharing plan and purchases a Straight Life
Annuity . What will this transaction provide ? - Income that cannot be outlived by the
owner
Term Life Policies that have the ability to be converted to permanent coverage may do
so during a specific time period . This conversion period - varies according to the
contract
Which of these is NOT considered to be an element of an insurance contract ? -
negotiating
A newly licensed producer must complete 24 hours of continuing education every ___
years . - 2
A ( n ) _________ insurance company is one formed in a country other than the United
States . - alien
K's whole life insurance policy lapsed two months ago due to nonpayment . She would
now like to reinstate the policy . All of these statements are correct about the policy's
reinstatement EXCEPT - K must provide evidence of insurability
An existing life insurance policy is being replaced by a new one . A notice of
replacement must be provided by the _______ to be signed by the applicant . -
producer
Which of the following requires insurers to disclose when an applicant's consumer or
credit history is being investigated : - 1970 - Fair Credit Reporting Act
K is the insured and P is the sole beneficiary on a life insurance policy . Both are
involved in a fatal accident where K dies before P. Under the Common Disaster
provision , which of these statements is true ? - Proceeds will be payable to K's estate if
P dies within a specified time
A policyowner is allowed to pay premiums more than once a year under which provision
? - Mode of Premium
Which of the following is an example of false advertising ? - An insurance company
publishing misleading information about its policy's provisions
A policyowner's rights are limited under which beneficiary designation ? - Irrevocable
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 Mboffin. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.99. You're not tied to anything after your purchase.
