Xcel chapter 7 - Study guides, Class notes & Summaries

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 ...

Chapter 3 (215) XCEL Final Exam Prediction Questions & Answers. Which type of policy is considered to be overfunded, as stated by IRS guidelines? - CORRECT ANSWER The correct answer is "Modified Endowment Contract". A policy that is overfunded to where it does not meet the 7-pay test is considered a Modified Endowment Contract. A(n) _______ _______ Life policy combines investment choices with a form of Term coverage - CORRECT ANSWER The correct answer is "Variable Universal". Variable Un...

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...

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 ...

XCEL Chapter 11 Exam Questions with Correct Answers (1) What does the Consolidated Omnibus Budget Reconciliation Act (COBRA) of 1985 allow an employee to do? A. In the event of employment termination, group health insurance can be kept if the employee pays the premiums B. Receive a tax credit to help offset the cost of health insurance C. Remain on their current coverage for 30 months D. In the event of employment termination, group health insurance can be kept if the employer pays the pre...

XCEL Testing Chapter 4: Life Insurance - Provisions, Options, and Riders 2023 Entire Contract - ANSWER-States the insurance policy itself, any riders and endorsements/amendments and the application comprise the entire contract between all parties. Insurance cannot make changes to a policy. The entire contract provision is found at the beginning of every insurance policy issued. Only an authorized officer of the insurer is permitted to make changes to the contract. We cannot send you additiona...

30 XCEL Chapter 11 Exam Questions with 100% Correct Answers Document Content and Description Below 30 XCEL Chapter 11 Exam Questions with 100% Correct Answers What does the Consolidated Omnibus Budget Reconciliation Act (COBRA) of 1985 allow an employee to do? A. In the event of employment term ination, group health insurance can be kept if the employee pays the premiums B. Receive a tax credit to help offset the cost of health insurance C. Remain on their current coverage for 30 months D. In ...

30 XCEL Chapter 11 Exam Questions with 100% Correct Answers What does the Consolidated Omnibus Budget Reconciliation Act (COBRA) of 1985 allow an employee to do? A. In the event of employment termination, group health insurance can be kept if the employee pays the premiums B. Receive a tax credit to help offset the cost of health insurance C. Remain on their current coverage for 30 months D. In the event of employment termination, group health insurance can be kept if the employer pays ...

XCEL Chapter 11 Exam Questions with Correct Answers What does the Consolidated Omnibus Budget Reconciliation Act (COBRA) of 1985 allow an employee to do? A. In the event of employment termination, group health insurance can be kept if the employee pays the premiums B. Receive a tax credit to help offset the cost of health insurance C. Remain on their current coverage for 30 months D. In the event of employment termination, group health insurance can be kept if the employer pays the premiu...

30 XCEL Chapter 11 Exam Questions with 100% Correct Answers What does the Consolidated Omnibus Budget Reconciliation Act (COBRA) of 1985 allow an employee to do? A. In the event of employment termination, group health insurance can be kept if the employee pays the premiums B. Receive a tax credit to help offset the cost of health insurance C. Remain on their current coverage for 30 months D. In the event of employment termination, group health insurance can be kept if the employer p...