Xcel chapter 6 - Study guides, Class notes & Summaries

XCEL Chapter 7 Test Questions with Correct Answers When does a life insurance policy typically become effective? A. When the policy is issued B. When initial premium is collected and policy is issued C. When the application is completed and signed D. When the completed application is signed and initial premium is collected - Answer-When initial premium is collected and policy is issued What is the purpose of the Medical Information Bureau (MIB)? A. To accept or decline insurance app...

XCEL Chapter 7 Review Practice Test. When does a life insurance policy typically become effective? A. When the policy is issued B. When initial premium is collected and policy is issued C. When the application is completed and signed D. When the completed application is signed and initial premium is collected - CORRECT ANSWER When initial premium is collected and policy is issued What is the purpose of the Medical Information Bureau (MIB)? A. To accept or decline insurance applican...

XCEL Chapter 2 - Nature of Insurance Already Graded A+ 1. How do insurers predict the increase of individual risks? ️ Law of large numbers 2. Which of the following is considered to be an event or condition that increases the probability of an insured's loss? ️ Hazard 3. An example of risk sharing would be: ️ Doctors pooling their money to cover malpractice exposures 4. All of the following are examples of pure risk EXCEPT? ️ Losing money at a casino 5. What ...

Xcel Practice Chapter Exam Practice Questions and Answers A whole life insurance policyownet foes not wish to continue making premium payments. Which of the following enables the policyowner to call the policy for more than its cash value? - Answer️️ -Life-Settlement Contract P owns a 25,000 Life policy that pays the face amount to him if he lives to age 70, or to his beneficiary if he dies before age 70. What kind of policy does P own? - Answer️️ -Endowment at Age 70 Which type...

XCEL Chapter 11 Chapter Exam 1. Maria the insurance producer completes a sale by collecting the required signatures on the application and obtaining the initial premium. Afterwards, she deposited the check into a personal checking account. Maria committed what crime? ️ Fraud 2. Making a statement that is false and maliciously critical of the financial condition of the insurer is known as: ️ Defamation 3. Which of the following statements is true about an insurer's right ...

EXCEL CHAPTER 6 STUDY GUIDE TRUE OR FALSE

XCEL Chapter 7 Test Questions with Correct Answers (1) When does a life insurance policy typically become effective? A. When the policy is issued B. When initial premium is collected and policy is issued C. When the application is completed and signed D. When the completed application is signed and initial premium is collected - Answer- When initial premium is collected and policy is issued What is the purpose of the Medical Information Bureau (MIB)? A. To accept or decline insurance a...

XCEL Chapter 11 chapter exam Practice Questions and Answers Maria the insurance producer completes a sale by collecting the required signatures on the application and obtaining the initial premium. Afterwards, she deposited the check into a personal checking account. Maria committed what crime? - Answer️️ -Fraud Making a statement that is false and maliciously critical of the financial condition of the insurer is known as - Answer️️ -Defamation Which of the following statements i...

Xcel comprehensive of life and health insurance Final Exam_ 2022/2032. Typically, Long-Term Disability benefits are coordinated with which benefit plan? The focus of major medical insurance is providing coverage for An insured under a Major Medical expense plan with a zero deductible and 80/20 coinsurance provision files a $1,000 claim. How much of this claim is the insured responsible for? An insured has a stop-loss limit of $5,000 and an 80/20 coinsurance. The insured incurs $25...

XCEL Chapter 7 Test Questions with Correct Answers When does a life insurance policy typically become effective? A. When the policy is issued B. When initial premium is collected and policy is issued C. When the application is completed and signed D. When the completed application is signed and initial premium is collected - Answer- When initial premium is collected and policy is issued What is the purpose of the Medical Information Bureau (MIB)? A. To accept or decline insurance applica...