Xcel Life Insurance Exam questions and answers 2023

Replacement regulation is designed to protect - Correct answer-Policyowners from mirepresentation and loss of benefits All Health Benefit Plans issued after January 1, 2014 must provide - Correct answerPreventative health services Which of these will have the highest monthly payout upon annuitization - Correct answer-Straight life Which of the following is included in the entire contract according ti the entire contract provison? - Correct answer-Clauses Which of the following is considered to be an alternative to a life settlement? - Correct answer-Accelered death benefit rider With a scheduled dental policy, how are covered expense paid? - Correct answerBenefits are limited to a specific maximum dollar amount per procedure Coordination of benefits regulation applies to all of the following plans EXCEPT - Correct answer-Preferred provider Organization plan Which approach predicts a person's earning potential and determines how much of that amount would be devoted to dependents? - Correct answer-Human life value approach Which of the following policies does NOT build cash value? - Correct answer-Term Which of these is a method of determining the level of funds required for ongoing support in the event of the breadwinner's death? - Correct answer-Human life value The free look period provided in a life insurance policy is usually - Correct answer-10 days What does "SHOP" stand in SHOP Exchange? - Correct answer-Small Business Health Options Program An employer is issued a group medical insurance policy. This single contract is known as a(n) - Correct answer-master policy Which of the following is NOT covered under Workers' Compensation? - Correct answer-Pain and suffering Which of the following provides Medicare supplement policies? - Correct answer-Private insurance companies A life settlement intermediary is a(n) - Correct answer-association which maintains a facility that displays offers and counteroffers for purchasers or sellers of life settlement contracts An annuitant dies during the distribution period. What kind of annunity will return to a beneficiary the difference between the annunity value and the income payment already made? - Correct answer-Refund annuity The is responsible for determining the appropriateness of a Medicare Supplement policy for an applicant. - Correct answer-Agent The purpose of the Coordination of Benefits provision in group accident and health plans is to - Correct answer-avoid overpayment of claims Medicaid is intended for - Correct answer-poverty stricken people A provision that allows a policyowner to temporarily give up ownership rights to secure a loan is called a(n) - Correct answer-collateral assignment A disability policy where the premiums are due monthly require a grace period of - Correct answer-10 days Tom the agent replaced a client's insurance policy when it was not in the client's best interest. Tom could be found guilty of - Correct answer-twisting Which type of annuity stops all payments upon the death of the annuitant? - Correct answer-Life annuity Decreasing term life insurance is often used to - Correct answer-provide coverage for a home mortgage What does a life insurance policy guarantee to the stated beneficiary upon the death of the insured? - Correct answer-Specified amount of money Major medical insurance will typically cover medical expenses that result from - Correct answer-a negative reaction to prescribed medication The typical long-term care insurance policy is designed to provide a minimum of__________ year(s) of coverage - Correct answer-1 The double indemnity provision in a life insurance policy pertains to an insured's death caused by a(n) - Correct answer-accident Life insurance policies will normally pay for losses arising from - Correct answercommercial aviation The coverage, conditions, and limitations in the master policy of a group contract can be found in which document? - Correct answer-Certificate of coverage and benefits Which type of long-term care benefit would be most appropriate for a stroke victim who requires speech therapy administered at her home? - Correct answer-Home health care A disability policyowner is injured and becomes totally disabled. The benefits pay for 2 years, starting from the date of the injury. What is this time period called? - Correct answer-Benefit period Under the Affordable Care Act, how would a grandfathered health plan lose its grandfathered status? - Correct answer-The insurer significantly raises co-insurance charges, deductibles, or co-payment charges Which of these statements about Medicaid is CORRECT? - Correct answer-Funded by federal, state, and local taxes In group health care, what is the purpose of the coordination of benefits provision? - Correct answer-Determines what is paid by the primary and secondary insurers in the event of a claim Which of the following is NOT a duty of the Superintendent? - Correct answer-Establish rates for the insurers What is the purpose of a Disability Income Benefit? - Correct answer-Provide money for living expenses All of these are characteristics of a universal life insurance policy EXCEPT - Correct answer-Fixed surrender value Upon meeting company requirements, a lapsed life insurance policy may be reinstated within_______ year(s). - Correct answer-3 with the same insurer Tim is covered under a group plan and would like to change his group coverage to an individual policy because of employment termination. Which of these describes the change that will take place? - Correct answer-Conversion When are group disability benefits considered to be tax-free to the insured? - Correct answer-When the recipient pays the premiums Under the Affordable Care Act, which of these plans is designed to provide coverage that is actuarially equivalent to 80% of the full actuarial value of the benefits provided under the plan? - Correct answer-Gold