XCEL Final Exam Questions and
Answers Already Graded A+
What kind of life insurance beneficiary requires his/her consent when a change of beneficiary is
made? ✔✔Irrevocable beneficiary
When can a policy-owner change
...
XCEL Final Exam Questions and
Answers Already Graded A+
What kind of life insurance beneficiary requires his/her consent when a change of beneficiary is
made? ✔✔Irrevocable beneficiary
When can a policy-owner change a revocable beneficiary? ✔✔Anytime
K has a life insurance policy where her husband is beneficiary and her daughter is contingent
beneficiary. Under the Common Disaster clause, if K and her husband are both killed in an
automobile accident, where would the death proceeds be directed? ✔✔Daughter
T and S are named co-primary beneficiaries on a $500,000 Accidental Death and
Dismemberment policy insuring their father. Their mother was named contingent beneficiary.
Five years later, S dies of natural causes and the father is killed in a scuba accident shortly
afterwards. How much of the death benefit will the mother receive? ✔✔0
How would a contingent beneficiary receive the policy proceeds in an Accidental Death and
Dismemberment (AD&D) policy? ✔✔If the primary beneficiary dies before the insured
A policy would like to change the beneficiary on a Life insurance policy and make the change
permanent. Which type of designation would fulfill this need? ✔✔Irrevocable
What is the underlying concept regarding level premiums? ✔✔The early years are charged more
than what is needed
A policy-owner is able to choose the frequency of premium payments through what policy
feature? ✔✔Premium Mode
A policy owner is allowed to pay premiums more than once a year under which provision?
✔✔Mode of Premium
An incomplete life insurance application submitted to an insurer will result in which of these
actions? ✔✔Application will be returned to the writing agent.
Any changes made on an insurance application requires the initials of whom? ✔✔Applicant
P is a producer who notices 5 questions on a life application were not answered. What actions
should P take? ✔✔Set up a meeting with the applicant to answer the remaining questions
Q applied for life insurance and submitted the initial premium on January 1. The policy was
issued February 1, but it was not delivered by the agent until February 7. Q is dissatisfied and
returns the policy February 13. How will the insurer handle this situation? ✔✔Policy was
returned within the free-look period, premium will be fully refunded.
Who is NOT required to sign a life insurance application? ✔✔Beneficiary
What action should a producer take if the initial premium is NOT Submitted with the
application? ✔✔Forward the application o the insurer without the initial premium.
An applicant's medical information received from the Medical Information Bureau (MIB) may
be furnished to the ✔✔applicant's physician
What is the purpose of the USA Patriot Act ✔✔To detect and deter terrorism
Which requirement must be met for an association to be eligible for a group life plan? ✔✔The
group was formed for a purpose other than acquiring insurance
[Show More]
