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XCEL Chapter 4 Exam Review (1) Questions and Answers 100% Pass Decreasing term policies - EX. mortgages. Policy amount decreases as the outstanding mortgage balance decreases each year Term policies - Renewable, convertible, or renewable AND convertible Nonforfeiture values - Cash value The MEC tends to be an investment vehicle - Pre-death distributions from a modified endowment contract (MEC) receive different tax treatment than other life insurance policies because Pre-death distribut...

XCEL Chapter 4: Life Insurance Policies - Provisions, Options and Riders Exam Questions and Answers Which statement regarding whole life insurance is accurate? - 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 - 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...

Xcel chapter exams Questions and Answers 100% Pass Which of the following is a contract that involves one party which indemnifies another when a loss arises from an unknown event? - Insurance policy Which of the following is NOT a characteristic of reinsurance? - Increases the unearned premium reserve Which of the following is an insurer established by a parent company for the purpose of insuring the parent company's loss exposures? - Captive insurer A participating company is also re...

Xcel Practice Chapter Exam Questions and Answers 100% Pass A whole life insurance policyownet foes not wish to continue making premium payments. Which of the following enables the policyowner to call the policy for more than its cash value? - Life-Settlement Contract P owns a 25,000 Life policy that pays the face amount to him if he lives to age 70, or to his beneficiary if he dies before age 70. What kind of policy does P own? - Endowment at Age 70 Which type of life policy contains a m...

Xcel Exam Questions and Answers 100% Pass How are contributions made to a Roth IRA handled for tax purposes? - Not tax deductible Simon has purchased a fixed immediate annuity. His payment amount will be dependent upon principal, interest, and the contract's - income period An error was made on Mary's life insurance application. Which of the following areas are errors commonly made on applications for which the incontestable clause does NOT apply? - Age Which of these is NOT consi...

XCEL Exam Simulator FL Questions and Answers 100% Pass S recently received a $500,000 lump sum retirement buyout from her employer. She would like to buy an annuity that will immediately furnish her with a guaranteed income for life. What type of annuity is best suited for her situation? - Single Premium. Immediate Annuities are purchased with a single lump sum payment and will start providing income payments within the first year, but usually starting 30 days from the purchase date. Wh...

XCEL Final Exam California Life Insurance Questions and Answers 100% Pass A savings vehicle designed to first accumulate funds and then systematically liquidates the funds is called a(n) - Deferred Annuity Cindy buys a 10-year certain annuity with an installment refund. After receiving monthly payments for 5 years, Cindy dies. How many remaining payments will the insurer make to her beneficiary? - 60 Payments What distinguishes a deferred annuity from an immediate annuity? - The time at ...

Xcel Final Exam Crunch Questions and Answers 100% Pass Which of these would be the best example of a limited pay life insurance policy? Whole life policy that pays out its cash value over a 20 year period Whole life policy with premiums paid after 20 years Term life policy that returns cash value after 20 years Term life policy with premiums paid up after 20 years - Whole life policy with premiums paid after 20 years Which of these is NOT considered to be a common life insurance nonforfe...

Xcel Final Exam Oklahoma Life and Health Questions and Answers 100% Pass How long does one premium payment cover in a premium whole life policy - Full life of the policy The owner of a single premium deferred annuity (SPDA) - Makes only one premium payment Scott has a life insurance policy in which the dividends are left with the insurance company. This particular policy may be paid up when the cash value plus accumulated dividends - equal the net single premium for the same face amount...

Xcel solutions final exam Questions and Answers 100% Pass Insuring Which health policy clause specifies the amount of benefits to be paid - Insuring The investment gains from a universal life policy usually go to - The cash value L takes out a life insurance policy and dies 10 years later. During the claim process, the insurer finds out that the applicant misstated their age. What will the insurer do? - Adjust the death benefit to a reduced amount An employee is covered under a company g...