100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
XCEL FINAL EXAM CALIFORNIA LIFE INSURANCE | 2024 QUESTIONS AND ANSWERS $11.99   Add to cart
Quickly navigate to
Preview
  2.  
  3. Xcel
  4.  
  5. Xcel

Exam (elaborations)

XCEL FINAL EXAM CALIFORNIA LIFE INSURANCE | 2024 QUESTIONS AND ANSWERS
 10 views  0 purchase
  • Course
  • Xcel
  • Institution
  • Xcel

XCEL FINAL EXAM CALIFORNIA LIFE INSURANCE | 2024 QUESTIONS AND ANSWERS Which nof nthe nfollowing nis nNOT na ncommon nlife ninsurance npolicy nrider? n- n nExtended nTerm Jerry nis nan ninsured nwho nunderstated nhis nage non nhis nlife ninsurance napplication, npaying n$12 nper n$1,000 n...

[Show more]

Preview 2 out of 7  pages

Document information

  • August 28, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • xcel final exam california life insurance 2024 q

Written for

  • Xcel
  • Xcel

Seller

avatar-seller
Mboffin

Reviews received

Content preview

XCEL FINAL EXAM CALIFORNIA LIFE
INSURANCE | 2024 QUESTIONS AND
ANSWERS

Which nof nthe nfollowing nis nNOT na ncommon nlife ninsurance npolicy nrider? n- n nExtended nTerm

Jerry nis nan ninsured nwho nunderstated nhis nage non nhis nlife ninsurance napplication, npaying
n$12 nper n$1,000 nof ninsurance ninstead nof n$15 nper n$1,000. nIf nhe ndies, nhow nwill nthe

nadjusted ndeath nbenefit nbe ncalculated? n- n n12/15th nof nthe npolicy's nface namount




An ninsurer ncan nbe nprotected nfrom nadverse nselection nwith nwhich npolicy nprovision? n- n
nSuicide nClause




When nan naccidental ndeath nbenefit nis nadded nto na nwhole nlife npolicy, nhow ndoes nthis naffect
nthe npolicy's ncash nvalue? n- n nPolicy's ncash nvalue nis nnot naffected




When na nlife ninsurance nis nsurrendered, nhow ndoes nthe ncost nrecovery nrule napply? n- n nThe
npolicy's ncost nbasis nis nexempt nfrom ntaxation




If nan ninsured ndies nbecause nof nan naccident, nwhich ntype nof nlife ninsurance nrider nwill
nprovide nadditional ncoverage? n- n nAccidental nDeath nRider




How nis na nlife ninsurance npolicy ndividend nlegally ndefined? n- n nA nreturn nof nexcess npremium
nand nnot ntaxable




Mike nand nIke nare n30 nyear nold nidentical ntwins. nBoth nare nin nexcellent nhealth. nEach
nbrother npurchases na nlife npolicy nthat nhas na n$750 nannual npremium. nMike nbuys na n10-year

nrenewable nterm npolicy. nIke npurchases na nwhole nlife npolicy. nAll nof nthe nfollowing

nstatements nare ntrue nEXCEPT n- n nMike nhas nthe noption nof nusing nhis ncash nvalue nto

npurchase na nreduced namount nof npaid-up nwhole nlife ninsurance




What ndoes nthe ngrace nperiod nallow na nlife ninsurance npolicyowner nto ndo? n- n nMake na
npremium npayment nafter nthe ndue ndate nwithout nany nloss nof ncoverage




After na npolicy nhas nlapsed, nwhich nprovision nallows nthe ninsured nto ncontinue ncoverage? n- n
nReinstatement nProvision




What ntime nperiod nallows nan ninsured's nlife ninsurance npolicy nto nremain nin nforce neven nif
nthe npremium nwas nnot npaid non nthe ndue ndate? n- n nGrace nPeriod

, How nare nacts nof nwar nand naviation ntreated nunder na ngroup nlife ninsurance npolicy? n- n nPolicy
nExclusion




In na nlife ninsurance npolicy, nthe nentire namount nconsists nof n- n nPolicy nAnd nAttached
nApplication




Which nof nthe nfollowing ndoes na npolicyowner nNOT nhave na nright nto nchange? n- n nDividend
nSchedule




Which nof nthe nfollowing ntypes nof nlife ninsurance ncombines na nsavings nelement nalong nwith
na nflexible npremium noption? n- n nUniversal nLife




A nlife ninsurance npolicy's nlimit nof nliability nwould nbe n- n nThe npolicy's nface namount

Which nof nthe nfollowing ntypes nof nlife ninsurance nis nnormally nassociated nwith na nmortgage
nloan? n- n nDecreasing nTerm




Which nof nthe nfollowing nis nNOT ntrue nregarding na nfamily npolicy nthat ncovers nchildren? n- n
nConversion nof nchild's ncoverage nto npermanent ninsurance nrequires nevidence nof

ninsurability




Lynn nowns na nlife npolicy nthat nguarantees nthe nright nto nrenew nthe npolicy neach nyear,
nregardless nof nhealth, nbut nat nan nincreased npremium. nWhat nkind nof npolicy nis nthis? n- n

nRenewable nTerm




What nis nthe nproper norder nof ninitial nlife ninsurance npremiums, nfrom nlowest nto nhighest? n- n
nModified nPremium, nOrdinary nLife, nSingle nPremium




An ninsurance npolicy nwritten nafter n1988 nthat nfails nto npass nthe nseven-pay ntest nis nknown
nas n- n nA nModified nEndowment nContract




Mark, nage n45, nhas na nModified nEndowment nContract n(MEC). nWhat nis nthe ntax npenalty nfor
ntaking na nloan nagainst nthis npolicy nprior nto nage n59 n1/2? n- n n10%




A nlife ninsurance npolicy nthat npays nthe nface namount nif nthe ninsured nsurvives nto na nspecified
nperiod nof ntime nis ncalled n- n nEndowment nInsurance




Tom nis nshopping nfor na npolicy nthat ncovers ntwo npeople nand nwould npay nthe nface namount
nONLY nwhen nthe nfirst nperson ndies. nThe ntype nof nlife npolicy nhe nis nlooking nfor nis ncalled na n- n

nJoint nLife nPolicy




Most nU.S. nlife ninsurance ncompanies nbelong nto nthe n- n nMedical nInformation nBureau

The nMedical nInformation nBureau nconsists nof n- n nLife nAnd nHealth nInsurance nCompanies

Which nof nthe nfollowing nrisk nclassifications ncharges nthe nlowest npremium? n- n nPreferred

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

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

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.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

75759 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$11.99
  • (0)
  Add to cart