Xcel Solutions Final Exam Prep : Q&A for Insurance Licensing

Xcel Solutions Final Exam Practice Questions and
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Verified Answers 100% Correct
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(2026-2027) n




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QUESTION n


nWholenLifenInsurancenisnsometimesnreferredntonasn"StraightnLife"nWhatndoesnthenwordnstr

aightnindicatenwhennusingnthisnphrase?n
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Answer:n
Thendurationnofnpremiumnpaymentsn
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QUESTION n


Anproducernthatnonlynsellsninsurancentonfamilynmembersnisnsaidntonbenengagingninn
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Answer:n
Controllednbusinessn
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QUESTION n


KnisnlookingntonpurchasenRenewablenTermninsurance.nWhichnofnthesentypesnofnTermninsur
ancenmaynbenrenewable?n
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Answer:n
Leveln
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QUESTION n


AnnIRAnownerncannstartnmakingnwithdrawalsnandnNOTnbensubjectedntonantaxnpenaltynbegi
nningnatnwhatnage?n
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Answer:n
59n1/2n
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QUESTION n


Dnthenagentnmetnwithnanprospectnandnendednupnsellingnanninsurancenpolicy.nWhilenfillingno
utntheninsurancenapplication,nDnmakesnanmistake.nInnthisnsituation,nDnMUSTn
n
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Answer:n
Correctntheninformationnandnhaventhenprospectninitialnthenchangen

,n
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QUESTION n


Whichnofnthesenprovisionsnrequirenproofnofninsurabilitynafternanpolicynhasnlapsed?n
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Answer:n
Reinstatement
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QUESTION n


AllnofnthesenarenconsideredntonbenanbenefitnundernSocialnSecurity,nEXCEPTnfor:n
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Answer:n
unemploymentn
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QUESTION n


Whichnofnthenfollowingnbestndescribesnancontingentnbeneficiary?n
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Answer:n
Personndesignatednbyntheninsuredntonreceivenpolicynproceedsninntheneventnthatnthenprimary
nbeneficiaryndiesnbeforentheninsuredn
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QUESTION n


WhichnofnthesenisnNOTnannelementnofnLifeninsurancenpremiums?n
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Answer:n
MorbiditynRaten
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QUESTION n


Whatntypenofnlifenpolicynhasnandeathnbenefitnthatnadjustsnperiodicallynandnisnwrittennfornansp
ecificnperiodnofntime?n
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Answer:n
Decreasingntermn
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QUESTION n


tnisngivennanreceiptnafterncompletingnanlifeninsurancenapplicationnandnpayingntheninitialn
premium.nUndernthisnsituation,nT'sncoveragenisn
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, n

Answer:n
Conditional,ndependingnonntheninsurer'snunderwritingnguidelines.n
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QUESTION n




Innanninsurancencontract,ntheninsurernisnthenonlynpartynwhonmakesnanlegallynenforceablenpr
omise.nWhatnkindnofncontractnisnthis?n
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Answer:n
Unilateraln
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QUESTION n


Annoncontributoryngroupntermnlifenplannisncharacterizednby:n
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Answer:n
thenentirencostnofnthenplannisnpaidnfornbynthenemployern
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QUESTION n


Uponndeliverynofnanratednlifeninsurancenpolicy,nthenProducernmustnobtainneachnofnthenfollo
wingnEXCEPT:n
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Answer:n
SignednHIPAAndisclosuren
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QUESTION n


WhichnofnthenfollowingnstatementsnregardingnthenNoticenRegardingnReplacementnofnLifenI
nsurancenisnCORRECT?n
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Answer:n
AncopynofnthenNoticenmustnbensignednbynthenapplicantnandnsubmittednwithnthenapplicationn
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QUESTION n


WhichnisntruenconcerningnanVariablenUniversalnLifenpolicy?n
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Answer:n
Policyownerncontrolsnwherentheninvestmentnwillngonandnselectsnthenamountnofnthenpremiu
mnpaymentn
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