XCEL Solutions: Virginia 150 Questions Weighted Real Time Exam. Questions with accurate answers. Graded A. 2023/2024

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XCEL Solutions: Virginia 150 Questions Weighted Real Time Exam. Questions with accurate answers. Graded A. 2023/2024 An accident and Health insurance applicant who fails to includes material medi ... cal information on an application would be reason for the insurer to - ✔✔deny any future claims and to refund the premium S has a Whole Life Policy with a premium payment due soon. Which provision would keep the policy in force if S does not make the required payment and the policy has adequate cash value from which the premium payment can be made? - ✔✔Automatic Policy Loan In order for coverage on a non-medical insurance application to take effect the same day, the producer must collect a signed application and - ✔✔the initial premium M has a Major insurance policy with a $200 flat deductible and an 80% Coinsurance clause. If M incurs a $2,200 claim for an eligible medical expense, how much will M receive in payment for this claim? - ✔✔$1,600 What benefit does the Payor clause on a Juvenile Life policy provide ? - ✔✔Premiums are waived if payor becomes disabled An agent offers an applicant something of value not mentioned in the contract as an inducement to purchase an insurance policy. The illegal act is called - ✔✔rebating If an individual has an Accidental Death and Dismemberment policy and dies, an autopsy can be performed in all these situations EXCEPT: - ✔✔When the state prohibits this by law Which plan is intended to be used by a sole proprietor and the employees of that business? - ✔✔Keogh Plan A policy owner's rights are limited under which beneficiary designation? - ✔✔Irrevocable T circulated false statements that were maliciously critical of an insurer's financial condition. T may be found guilty of - ✔✔Defamation The phrase "This policy will only pay for semi-private room" is an example of a(n) - ✔✔Internal limit All of the following are limited plans, EXCEPT: - ✔✔Life Insurance Policies Which of the following does NOT qualify as a creditable coverage under the Health Insurance Portability and Accountability Act (HIPAA)? - ✔✔Accident Plans For which of the following expenses does a Basic Hospital policy pay? - ✔✔Hospital room and board If an agent holds 1 license type, the biennial continuing education requirement is _____ hours. - ✔✔16 hrs Which of the following health policy provisions state that the producer does NOT have the authority to change the policy or waive any of its provisions? - ✔✔Entire Contract Which of the following statements is true about most Blue Cross/Blue Shield organizations? - ✔✔They are a nonprofit organization Life insurance coverage will frequently contain an Accelerated Benefits rider attached to the policy. What would be considered a ' quality event" under these riders? - ✔✔Medical condition resulting in a significantly-short lifespan Which of the following types of policies Best identifies one in which the cash value may fluctuate to reflect changing assumptions regarding cost, interest, and expense factors? - ✔✔Universal Life A potential client, age 40, would like to purchase a whole life policy that 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? - ✔✔20-Pay Life accumulates cash value faster than Straight Life With whom may an agent share commissions with? - ✔✔A licensed agent with the same license type From which authority derives the requirement that an insurance application contains a disclosure stating that an investigative consumer report may be obtained on an application? - ✔✔Fair Credit Reporting Act Which of these require an offer, acceptance, and consideration? - ✔✔Contract In an insurance contract, the insurer is the only party who makes a legally enforceable promise. What kind of contract is this? - ✔✔Unilateral An insured's inability to perform two or more activities of daily living may trigger which type of policy rider? - ✔✔Long term care An individual Disability Income insurance applicant may be required to submit all of the following information EXCEPT - ✔✔Spouse's occupation How does group insurance differ from individual insurance? - ✔✔Premiums are lower An individual received a quote from an insurance company that is a different rate from individuals in the same risk class. The insurance may be accused of - ✔✔Unfair Discrimination A long-term care rider in a life insurance policy pays a daily benefit in the event of which of the following? - ✔✔Inability of the insurer to perform more than 2 Activities of Daily Living (ADL'S) A noncontributory group term life plan is characterized by: - ✔✔The entire cost of the plan is paid for by the employer In Virginia, Long-Term Care insurance - ✔✔m [Show More]

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