Xcel chapter 10 - 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 ...

XCEL Chapter 11 - Laws and Rules Graded A+ ________ is the authority given to a producer to sell, solicit, or negotiate insurance on behalf of the insurer. ️Appointment A Buyer's Guide and Policy Summary ️must be delivered with or prior to policy delivery A Buyer's Guide MUST ️have it's content approved by the commissioner A domestic insurance company in Maryland MUST ️be formed under Maryland insurance laws A licensee must notify the Commissioner of an address change within __...

XCEL Chapter 4: Life Insurance Policies - Provisions, Options and Riders Which statement regarding whole life insurance is accurate? - correct answer Insurance coverage can continue for life When a ten year renewable term life insurance policy issued at age 45 is renewed, the premium rate will be the current rate for - correct answer Ten year term insurance for a person aged 55 When would evidence of insurability be required for a person already covered with a variable universal life poli...

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...

XCEL Chapter 10 Exam Questions with Answers 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 with 30 e...

XCEL SOLUTIONS CHAPTER 3 - POLICY PROVISIONS EXAM | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+ A potential client, age 40, would like to purchase a whole life policy that will accumulate cash value at a faster rate in the early years of the policy. Which of these statements made by the producer would be correct? Correct Answer: 20-pay life accumulates cash value faster than straight life D owns a whole life policy that was purchased 10 years ago. If the premium paym...

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...

A nonparticipating company is sometimes called a(n)? A. alien insurer B. mutual insurer C. reinsurer D. stock insurer stock insurer An insurer's claim settlement practices are regulated by the? A. Securities and Exchange Commission (SEC) B. National Association of Claims Adjusters (NACA) C. National Association of Insurance Commissioners (NAIC) D. State insurance departments State insurance departments What kind of life insurance policy issued by a mutual insurer provide...

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 SOLUTIONS CHAPTER 3 - POLICY PROVISIONS EXAM | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+ A potential client, age 40, would like to purchase a whole life policy that will accumulate cash value at a faster rate in the early years of the policy. Which of these statements made by the producer would be correct? Correct Answer: 20-pay life accumulates cash value faster than straight life D owns a whole life policy that was purchased 10 years ago. If the premium paym...