XcelSolutions Pennsylvania Insurance Test Questions and Answers
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Course
Xcel
Institution
Xcel
XcelSolutions Pennsylvania Insurance
Test Questions and Answers
Stock Insurer - Answer️️ -A nonparticipating company is sometimes
called a
Insurance Sales Calls - Answer️️ -The Do Not Call Registry offers
exemptions for calls placed from all the following EXCEPT
$5,000 - Answer️️ ...
XcelSolutions Pennsylvania Insurance
Test Questions and Answers
Stock Insurer - Answer✔️✔️-A nonparticipating company is sometimes
called a
Insurance Sales Calls - Answer✔️✔️-The Do Not Call Registry offers
exemptions for calls placed from all the following EXCEPT
$5,000 - Answer✔️✔️-Ken is a producer who has obtained Consumer
Information Reports under false pretenses. Under the Fair Credit Reporting
Act, what is the maximum penalty that may be imposed on Ken?
A self-funded plan - Answer✔️✔️-A plan in which an employer pays
insurance benefits from a fund derived from the employer's current
revenues is called
Liquidity - Answer✔️✔️-An insurer's ability to make unpredictable payouts
to policyowners is called
Provide death benefits - Answer✔️✔️-What is considered to be the primary
reason for buying life insurance?
Because dividends are considered to be a return of premium - Answer✔️✔️-
Why are dividends from a mutual insurer not subject to taxation
State Insurance Departments - Answer✔️✔️-An insurer's claim settlement
practices are regulated by the
$10,000 - Answer✔️✔️-Karen is a producer who has obtained personal
information about a client without having a legitimate reason to do so.
Under the McCarran-Ferguson Act, what is the minimum penalty for this?
Reinsurer - Answer✔️✔️-A life insurance company has transferred some of
its risk to another insurer. The insurer assuming the risk is called the
Transference - Answer✔️✔️-Insurance represents the process of risk
Law of Large Numbers - Answer✔️✔️-How do insurers predict the increase
of individual risks?
Losing money at a casino - Answer✔️✔️-All of the following are examples of
pure risk EXCEPT
Law of large numbers and risk pooling - Answer✔️✔️-Insurance companies
determine risk exposure by which of the following
Doctors pooling their money to cover malpractice exposure - Answer✔️✔️-
An example of risk sharing would be
Peril - Answer✔️✔️-What is known as the immediate specific event causing
loss and giving rise to risk?
Claim Forms - Answer✔️✔️-All of the following are elements of an
insurance policy EXCEPT
Representation - Answer✔️✔️-What are an applicants statements concerning
occupation hobbies, and personal health history regarded as?
Law of Agency - Answer✔️✔️-The authority granted to a licensed producer
is provided via the
Express Authority - Answer✔️✔️-When the principal gives the agent
authority in writing, it's referred to as
Unilateral - Answer✔️✔️-In an insurance contract, the insurer is the only
party legally obligated to perform. Because of this, an insurance contract is
considered
Contain an offer and acceptance - Answer✔️✔️-In order for a contract to be
valid, it must
Business owner and business client - Answer✔️✔️-Insurable interest does
NOT occur in which of the following relationships?
All of these are vaild options for an Adjustable Life Policy EXCEPT -
Answer✔️✔️-A nonforfeiture option can be used to increase the death
benefit
At a predetermined date or age, regardless of the insured's health -
Answer✔️✔️-A Renewable Term Life Insurance policy can be renewed
Child term rider - Answer✔️✔️-Jonas is a whole life insurance policyowner
and would like to add coverage for his two children Which of the following
products would allow him to accomplish this?
Provide funds to help pay taxes - Answer✔️✔️-How are survivorship life
insurance policies helpful in estate planning?
When a whole life policy is surrendered, income taxes may be owed -
Answer✔️✔️-All of these statements concerning whole life insurance are
false EXCEPT
Term, whole, and universal life insurance - Answer✔️✔️-What type of life
insurance are normally used for key employee indemnification?
a policy that is paid up after only one payment - Answer✔️✔️-A single
premium cash value policy can be described as
Group Policy - Answer✔️✔️-A business will typically use which type of life
insurance to cover their employees?
The premium for a Modified whole life policy is - Answer✔️✔️-lower than
the typical whole life policy during the first few years and then higher than
typical for the remainder
A Modified Endowment Contract (MEC) is best described as - Answer✔️✔️-
A life insurance contract which accumulated cash values higher than the
IRS will allow
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