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XCEL Life and Health Insurance Test Review Complete Guide

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XCEL Life and Health Insurance Test Review Complete Guide Which annuity payout option allows the policyowner to select a pre-determined number of benefit payments? Period Certain Which annuity payout option provides no further payments regardless of when the annuitant passes away? ...

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  • 15 août 2024
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XCEL Life and Health Insurance Test Review Complete Guide
Which annuity payout option allows the policyowner to select a pre-determined number of benefit
payments?

✔ Period Certain



Which annuity payout option provides no further payments regardless of when the annuitant passes
away?

✔️ Life only annuity



What term refers to a professional liability for which agents can be sued for mistakes made in putting a
policy into effect?

✔️ Errors and Omissions



What type of beneficiary requires the beneficiary's signature for any changes to the designation?

✔️ Irrevocable beneficiary



What are the statements made by an insurance applicant on an application called?

✔️ Representations



What do life insurance policies guarantee the beneficiary upon the death of the insured?

✔️ A specified amount of money



What is a common exclusion found in dental policies?

✔️ Endodontics



Which type of long-term care benefit would be the most suitable for a stroke victim who needs speech
therapy at home?

✔️ Home health care

,According to the Affordable Care Act, any plan that existed prior to what date is considered a
grandfathered plan?

✔️ March 23, 2010



Which of the following is NOT categorized as a Medicare Advantage Plan?

✔️ Social Security Disability Income (SSDI)



Which plan does the Coordination of Benefits regulation not apply to?

✔️ Preferred Provider Organization plan (PPO)



How many days do both long-term care insurance and Medicare Supplement policies offer for a full
refund if returned by the insured?

✔️ 30 days



Which type of coverage provides a daily payment for hospitalization directly to the insured, regardless of
other health insurance?

✔️ Hospital Indemnity



What kind of health insurance policies can exclusively cover low-frequency diseases?

✔️ Limited Policies



What type of injury would NOT be covered by a health insurance policy?

✔️ Work-related



Without a Section 125 Plan in place, what would happen to an employee’s payroll contribution to an
HSA?

✔️ It would be considered taxable income to the employee



How can a single premium cash value policy be described?

✔️ A policy that is paid up after only one payment

, What is required for someone to become eligible for Part D: Prescription Drug coverage?

✔️ Must have Medicare coverage



What is an example of endodontic treatment?

✔️ Root canal



Under US Code 1033, who prosecutes crimes affecting persons involved in the insurance business
impacting interstate commerce?

✔️ US Attorney General



What would be an expense factor in an insurance program?

✔️ Mortality costs



Which of the following signatures is not needed on an individual insurance application?

✔️ Insurer



Which of the following is NOT defined as supplemental health insuring corporation (HIC) services?

✔️ Outpatient medical services



What does "Maximum benefits" refer to in an insurance context?

✔ The upper limit of the total lifetime benefits the insurance company will pay



Whose signature is NOT required from the following on an insurance application?

✔️ The beneficiary



What happens to the coverage under a children's term rider when the child reaches a specified age?

✔️ Coverage is eliminated

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