Xcel chapter 2 - Study guides, Class notes & Summaries

XCEL LIFE, HEALTH, & ACCIDENT INSURANCE: CHAPTER 1 EXAM | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+ Role of Insurance Correct Answer: To transfer the risk of financial loss from an individual or business to an insurance company Life Insurance Correct Answer: It is designed to protect against the risk of premature death. Health Insurance Correct Answer: It is designed to protect against the severity of financial loss due to illness, disease, short- or long-term d...

XCEL Chapter 10 Exam Questions with Answers (1) Which of the following is NOT a federal requirement of a qualified plan? A. Must benefit a broad cross-section of employees B. Employee must be able to make unlimited contributions C. Vesting schedule must be defined D. Employer establishes the plan - Answer-Employee must be able to make unlimited contributions Which of the following employers is required to follow ERISA regulations? A. A local government with 150 employees B. A church ...

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 Chapter 5 Test with Compete Solutions (2) A non-contributory health insurance plan helps the insurer avoid? A. adverse selection B. state compliance C. the underwriting process D. tax deductions - Answer-adverse selection All of the following are characteristics of a Group Life Insurance Plan EXCEPT? A. Group underwriting B. Master contract C. Individual underwriting D. Probationary period - Answer-Individual underwriting What does the Group Life underwriting risk selection...

XCEL CHAPTER 1 EXAM REVIEW | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+ A non-participating company is also called Correct Answer: Stock insurer Contract that involves one party which indemnifies another when a loss arises from an unknown event Correct Answer: Insurance policy A type of insurer that is owned by its policy owners is called Correct Answer: Mutual Why are dividends from a mutual insurer not subject to taxation? Correct Answer: Because dividends are co...

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 CHAPTER 1 EXAM REVIEW | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+ Stock insurer Correct Answer: A non-participating company is also called Insurance policy Correct Answer: Contract that involves one party which indemnifies another when a loss arises from an unknown event Mutual Correct Answer: A type of insurer that is owned by its policy owners is called Because dividends are considered to be a return of premium Correct Answer: Why are dividends from a mutua...

XCEL SOLUTIONS CHAPTER 1 - BASIC PRINCIPLES EXAM | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+ A nonprofit incorporated society that does not have capital stock and operates for the sole benefits of its members is known as: Correct Answer: A fraternal benefit society Who elects the governing body of a mutual insurance company? Correct Answer: Policyholder Which of these discribe a participating insurance policy? Correct Answer: Policy owners are entitled to recieve ...

XCEL Chapter 4 Questions and Answers Rated A+ John and Mary have a handicapped child that is financially dependent upon them. The death of one of the parents would not be financially disastrous, however the death of both likely would be. Which policy would be best suited for them? Second-to-die policy An insurance policy written after 1988 that fails to pass the seven-pay test is known as a modified endowment contract What is the proper order of initial life insurance premiums, from lowest to...

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 ...