Xcel Laws and Rules Pertinent to Insurance
1. What must an agent sign when an existing Life Insurance policy is
being reissued with a reduction in cash value?
Policy
Summary
Buyer's Guide
Affidavit
Notice Regarding Replacement of Life Insurance or Annuity: Notice
Regard- ing Replacement of Life Insurance or Annuity
2. Which of these circumstances requires an agent to make
reasonable efforts to obtain information concerning the suitability of
an annuity? Agent helps a client with the purchase of an annuity
Agent sets up sales appointment
Agent purchases advertisement regarding a new annuity product
Agent helps a client with the purchase of an annuity: Agent helps a client
with the purchase of an annuity
3. Life Insurance coverage will frequently contain an Accelerated
Benefits rider attached to the policy. What would be considered a
"qualifying event " under these riders?
Seasonal
unemployment Short-
term Disability
Medical condition resulting in a significantly- shortened lifespan
Divorce: Medical condition resulting in a significantly- shortened
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,lifespan
4. J the agent makes false statements to a perspective client about
the projected dividends for a policy. J may be found guilty of:
Defamation
Misrepresentation
Subrogation
Twisting: Misrepresentation
5. Which of the following is the requirement for an individual to perform
the duties of an insurance agent?
Be bonded and insured
Reside in the state for 1
year Be duly licensed
Keep an annual sales quota: Be duly licensed
6. Which of the following is a valid reason for suspending our revoking
an insurance agent's license?
Not meeting a sales quota
Filed for bankruptcy
2/9
, Participating in the act of twisting
Convicted of misdemeanor: Participating in the act of twisting
7. J is an insurance agent who maintains premiums in a fiduciary
account. Which of the following expenses may NOT be paid from using
funds with- drawn from this account?
Return premiums due to insureds
Personal medical expenses
Commissions due to other licensees
Premiums due to insurers: Personal medical expenses
8. Under the Affordable Care Act (ACA):the coverage provided for
depen- dents up to the age of:
18
21
25
26: 26
9. What is the qualification for being considered a small group in
Virginia? Three employees
1 to 25 members
2 to 50 members
75 members: 2 to 50 members
10. Which of the following will happen if a licensed resident insurance
agent moves to another state?
Agent will need to forfeit residual commissions in the home state
Agent's license shall terminate immediately
3/9
1. What must an agent sign when an existing Life Insurance policy is
being reissued with a reduction in cash value?
Policy
Summary
Buyer's Guide
Affidavit
Notice Regarding Replacement of Life Insurance or Annuity: Notice
Regard- ing Replacement of Life Insurance or Annuity
2. Which of these circumstances requires an agent to make
reasonable efforts to obtain information concerning the suitability of
an annuity? Agent helps a client with the purchase of an annuity
Agent sets up sales appointment
Agent purchases advertisement regarding a new annuity product
Agent helps a client with the purchase of an annuity: Agent helps a client
with the purchase of an annuity
3. Life Insurance coverage will frequently contain an Accelerated
Benefits rider attached to the policy. What would be considered a
"qualifying event " under these riders?
Seasonal
unemployment Short-
term Disability
Medical condition resulting in a significantly- shortened lifespan
Divorce: Medical condition resulting in a significantly- shortened
1/9
,lifespan
4. J the agent makes false statements to a perspective client about
the projected dividends for a policy. J may be found guilty of:
Defamation
Misrepresentation
Subrogation
Twisting: Misrepresentation
5. Which of the following is the requirement for an individual to perform
the duties of an insurance agent?
Be bonded and insured
Reside in the state for 1
year Be duly licensed
Keep an annual sales quota: Be duly licensed
6. Which of the following is a valid reason for suspending our revoking
an insurance agent's license?
Not meeting a sales quota
Filed for bankruptcy
2/9
, Participating in the act of twisting
Convicted of misdemeanor: Participating in the act of twisting
7. J is an insurance agent who maintains premiums in a fiduciary
account. Which of the following expenses may NOT be paid from using
funds with- drawn from this account?
Return premiums due to insureds
Personal medical expenses
Commissions due to other licensees
Premiums due to insurers: Personal medical expenses
8. Under the Affordable Care Act (ACA):the coverage provided for
depen- dents up to the age of:
18
21
25
26: 26
9. What is the qualification for being considered a small group in
Virginia? Three employees
1 to 25 members
2 to 50 members
75 members: 2 to 50 members
10. Which of the following will happen if a licensed resident insurance
agent moves to another state?
Agent will need to forfeit residual commissions in the home state
Agent's license shall terminate immediately
3/9
