Xcel chapter 7 test - 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 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 12 - NEVADA LAWS AND ETHICS PERTINENT TO INSURANCE EXAM 2024/2025 An agent's license can be suspended or revoked by: a) writing primarily controlled business b) not meeting annual sales quota c) replacing an existing insurance policy with a new one d) issuing a binding receipt - Precise Answer a) writing primarily controlled business All of the following actions are considered rebating, EXCEPT: a) sharing commissions with other licensed and appointed agents ...

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 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...

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 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 ...