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Xcell Testing Solutions (Life & Health) Final 150 Question Practice Exam 1. When can a policy owner change a revocable beneficiary?: Anytime 2. M purchased an Accidental Death and Dismemberment (AD&D) policy and named his son as beneficiary$10.49
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Xcell Testing Solutions (Life & Health) Final 150 Question Practice Exam 1. When can a policy owner change a revocable beneficiary?: Anytime 2. M purchased an Accidental Death and Dismemberment (AD&D) policy and named his son as beneficiary
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Course
Xcel
Institution
Xcel
Xcell Testing Solutions (Life & Health) Final 150 Question Practice Exam
1. When can a policy owner change a revocable beneficiary?: Anytime
2. M purchased an Accidental Death and Dismemberment (AD&D) policy and
named his son as beneficiary
Xcell Testing Solutions (Life & Health) Final 150 Question Practice Exam
1. When can a policy owner change a revocable beneficiary?ANS
Anytime
2. M purchased an Accidental Death and Dismemberment (AD&D) policy and named his son as beneficiary. M
has the right to change the beneficiary designation at anytime. What type of beneficiary is his son?ANS
Revocable
3. How would a contingent beneficiary receive the policy proceeds in an Ac- cidental Death and
Dismemberment (AD&D) policy?ANS
If the primary beneficiary dies before the insured
4. What is the underlying concept regarding level premiums?ANS
The early years are charged less than what is needed
5. A policy owner is able to choose the frequency of premium payments through what policy
feature?ANS
Premium Mode
6. Any changes made on an insurance application requires the initials of whom?ANS
Applicant
7. All of these are considered sources of underwriting information about an applicant EXCEPTANS
Rating Services
8. Q applied for life insurance and submitted the initial premium on January 1. The policy was issued February
1, but it was not delivered by the agent until February 7. Q is dissatisfied and returns the policy February 13.
How will the insurer handle this situation?ANS
Policy was returned within the free-look period, premium will be fully refunded
9. M completes an application for life insurance but does not pay the initial premium. All of these actions
must occur before M's policy goes into effect EXCEPTANS
free-look period has expired
10. What action should a producer take if the initial premium is NOT submitted with the application?ANS
Forward the application to the insurer without the initial premium
11. Which of the following is an important underwriting principle of group life insurance?ANS
Everyone must be covered in the group
12. Which requirement must be met for an association to be eligible for a group life plan?ANS
Group was formed for a purpose other than acquiring insurance
13. When an employee is terminated, which statement about a group term life conversion is true?ANS
Policy proceeds will be paid if the employee dies during the conversion period
14. Under a trustee group life policy, who would be eligible for a certificate of coverage?ANS
Corporation
15. N, age 50, recently bought an annuity that will pay a guaranteed
$2,000/month at age 70 for life. What type of annuity did N purchase?ANS
Fixed Deferred
, Xcell Testing Solutions (Life & Health) Final 150 Question Practice Exam
16. S recently received a $500,000 lump sum retirement buyout from her employer. She would like to buy an
annuity that will immediately furnish her with a guaranteed income for life. What type of annuity is best
suited for her situation?ANS
Single Premium
17. Which of these is an element of a Single Premium annuity?ANS
Lump-sum payment
18. Which of these statements concerning an Individual Straight Life annuity is accurate?ANS
Payments are made to an annuitant for life
19. An individual who purchases a Life annuity is given protection againstANS
the risk of living longer than expected
20. An immediate annuity consists of aANS
single premium
21. All of these are considered to be a benefit under Social Security EXCEPT forANS
unemployment
22. Which product would best serve a retired individual looking to invest a lump-sum of money through
an insurance company?ANS
Annuity
23. Which statement regarding third-party ownership of a life insurance policy is true?ANS
It is used extensively in estate-planning as well as business circumstances
24. Company Z has a Cross Purchase Buy-Sell Agreement in place among its three founding partners. If the
agreement is funded with individual life insurance, what would it require?ANS
Each partner must own a policy on the other partners
25. Who elects the governing body of a mutual insurance company?ANS
policy- holders
26. When does a Guaranteed Insurability Rider allow the insured to buy ad- ditional coverage?ANS
at future dates specified in the contract with no evidence of insurability required
27. S would like to use dividends from her life insurance policy to purchase paid-up additions. All of these
would be factors that determine how much coverage can be purchased EXCEPTANS
beneficiary's age
28. M has an insurance policy that also has an outstanding policy loan at the time of M's death. The insurer
will deduct the outstanding loan balance from theANS
policy proceeds
29. What is the Suicide provision designed to do?ANS
safeguard the insurer from an applicant who is contemplating suicide
30. What provision in a life insurance policy states that the application is considered part of the
contract?ANS
Entire Contract provision
31. The incontestable clause allows an insurer toANS
contest a claim during the contestable period
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