Exam (elaborations)
2024 XCEL SOLUTIONS IN LIFE INSURANCE FINAL EXAM WITH CORRECT ANSWERS
- Course
- Institution
2024 XCEL SOLUTIONS IN LIFE INSURANCE FINAL EXAM WITH CORRECT ANSWERS
[Show more]
Content preview
2024 XCEL SOLUTIONS IN LIFEINSURANCE FINAL EXAM WITH
CORRECT ANSWERS
Why would the Insurance Commissioner issue a temporary license ? -
CORRECT ANSWERS-To allow the personal representative of a deceased
producer to provide service to existing policyowners
Which provision is NOT a requirement in a group life policy ? - CORRECT
ANSWERS-Accidental
An example of rebating would be : - CORRECT ANSWERS-returning a portion
of a premium as inducement to purchase insurance
Life insurance replacement regulation protects the interests of - CORRECT
ANSWERS-the policyowner
When a policy pays dividends to its policyholders , it is said to be - CORRECT
ANSWERS-participating
When a misrepresentation on a life insurance policy application is discovered
, what action may an insurance company take ? - CORRECT ANSWERS-Void
the policy only if it is discovered during the Contestable period and proven to
be material
How do life insurance companies handle cases where the insured commits
suicide within the contract's stated Contestable period ? - CORRECT
ANSWERS-Claims are denied under the Suicide clause of the policy
What is Indiana's definition of Life insurance replacement ? - CORRECT
ANSWERS-A transaction in which a new policy is bought and an old policy is
terminated
Which tax would an IRA participant be subjected to on distributions received
prior to age 59 1/2 ? - CORRECT ANSWERS-Ordinary income tax and a 10 %
tax penalty for early withdrawal
An employee with $ 25,000 group term life coverage was recently fired . This
employee's group coverage may be converted to a : - CORRECT ANSWERS-$
25,000 individual whole life policy
, According to Indiana law , group life insurance conversion privileges must
NOT : - CORRECT ANSWERS-require evidence of insurability .
In life insurance , the needs approach is used mostly to establish : -
CORRECT ANSWERS-how much life insurance a client should apply for
The option that provides an additional death benefit for a limited amount of
time at the lowest possible cost is called a ( n ) : - CORRECT ANSWERS-
Accidental Death and Dismemberment rider ( AD & D )
Who makes the legally enforceable promises in a unilateral insurance
policy ? - CORRECT ANSWERS-Insurance company
When is the face amount of a Whole Life policy paid ? - CORRECT ANSWERS-
When the insured dies or at the policy's maturity date , whichever happens
first
P is a producer who is licensed in Indiana , but a resident of Michigan . In
Indiana , P is considered to be a ( n ) __________ producer . - CORRECT
ANSWERS-nonresident .
A ( n ) _________ beneficiary may be changed by the policyowner WITHOUT
the consent of the beneficiary . - CORRECT ANSWERS-Revocable
Which of the following provides funding for the Indiana Life and Health
Insurance Guaranty Association ? - CORRECT ANSWERS-Member company
assessments
What is the name of the law that requires insurers to disclose information
gathering practices and where the information was obtained ? - CORRECT
ANSWERS-Fair Credit Reporting Act
Any changes made on an insurance application requires the initials of
whom ? - CORRECT ANSWERS-Applicant
An individual working part - time has an annual income of $ 25,000 . If this
individual has an IRA , what isthe maximum deductible IRA contribution
allowable ? - CORRECT ANSWERS-$ 6,000
With whom may a producer share commissions with ? - CORRECT ANSWERS-
Anyone the producer deems appropriate
To be eligible for Social Security disability benefits , an employee must be
unable to perform : - CORRECT ANSWERS-any occupation
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Elitaa. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
78121 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
