XCEL Simulator FL Exam 2023/2024 Questions and Answers (100%Verified) Rated A+.

XCEL Simulator FL Exam 2023/2024 Questions and Answers (100%Verified) Rated A+. S recently received a $500,000 lump sum retirement buyout from her employer. She would like to buy an annuity that will immediately furnish herguaranteed income for life. What type of annuity is best suited for her situation? - Answer Single Premium. Immediate Annuities are purchasedsingle lump sum payment and will start providing income payments within the first year, but usually starting 30 days from the purchase date. What type of group plan involves employees sharing the cost? - Answer contributory plan. Which of these circumstances is a Business Disability Buy-Sell policy designed to help in the sale of a business? - Answer Business owner becoming disabled. A business Disability Buy-Sell policy is signed to assist in the sale of a business when one of the owners becomes disabled. On August 6, D submitted an application for a $50,000 Life Insurance policy and did not pay the initial premium. On August 18, D went to his doctor complaining of chest pains and some tests were given by the doctor. The life policy was delivered by the producer on August 20 and D explains what had recently taken place with the doctor. What action should the producer then take? - Answer Collect initial premium along with a signed health statement. in this situation, the producer should deliver the policy and obtain the premium payment alongsigned health statement. On a life insurance policy, who is qualified to change the beneficiary designation? - Answer Policyowner. However, consent may be needed by the current beneficiary if designated as irrevocable. Generally, how long is a benefit period for a major medical expense plan? - Answer One year. Which of these life products is NOT considered interest-sensitive? -Variable universal life -Modified whole life -Interest sensitive whole life -Variable life - Answer Modified Whole Life. The following ARE interest sensitive: -Variable universal life -Interest sensitive whole life -Variable life XCEL Simulator FL Exam 2023/2024 Questions and Answers (100%Verified) Rated A+ XCEL Exam Simulator FL How does an indexed annuity differ from a fixed annuity? - Answer indexed annuity owners receive credited interest tied to the fluctuations of the linked index. Which mode of payment is NOT used by health insurance policies? - Answer Single premium A Disability Income policyowner suffers a disability which was due to the same cause as a previous disability. Both disabilities occurred within a five-month period. The insurer may cover the second disability without a new elimination period under the - Answer Recurrent Disability provision. In this situation, the insurer will provide the same benefits without a new elimination period under the recurrent disability provision. In Major Medical Expense policies, what is the intent of a Stop Loss provision? - Answer limits an insured's out-of-pocket medical expenses What must an insurer obtain to conduct an HIV test? - Answer written consent All the following are Nonforfeiture options EXCEPT a) Reduced paid-up b) Automatic Premium loan option c) Cash surrender d) Extended term - Answer Automatic Premium loan option Which of these is NOT considered to be a right given to a policyowner? -Surrendering the policy's cash value -Modify a provision in the insurance contract -Assignment of ownership -Change the beneficiary, if revocable - Answer Modify a provision in the insurance contract According to Florida Law, in which of the following situations would a dependent handicapped child NOT be covered under a Family Health policy? -The handicapped child has reached the limiting age -The premiums for the handicapped child are not paid -The handicapped child becomes a full-time student -The family moves outside the provider network - Answer The premiums for the handicapped child are not paid Additional coverage can be added to a Whole Life policy by adding a(n) - Answer decreasing term rider XCEL Exam Simulator FL Many small business owners worry how their business would survive financially if the owner becomes disabled. The policy which BEST addresses this concern is -Business overhead expense -disability income -key employee life -contributory - Answer Business overhead expense Which of these options can an individual use their medical flexible spending account to pay for? -vitamins and supplements -prescription drugs -household expenditures -cosmetic procedures - Answer prescription drugs P died five years after purchasing a Life policy. While investigating the claim, the insurer discovered material misrepresentations made by P during the application process. Which of these actions will the insurer take? -beneficiary will be denied the claim -beneficiary will be denied the claim and refunded all paid premiums -beneficiary will be paid the death benefit -beneficiary will be paid a partial death benefit - Answer beneficiary will be paid the death benefit. the incontestable clause prevents the insurer from canceling the contract even for a material misrepresentation. In regards to representations or warranties, which of these statements is TRUE? -warranties are statements considered to be true to the best of the applicant's beliefs -if material to the risk, false representations will void a policy -representations are statements guaranteed to be true in every aspect -if material to the risk, false representations will NOT void a policy - Answer if material to the risk, false representations will void a policy Defamation occurs when an agent makes a false statement intended to - Answer Malign another insurer Which of the following are NOT managed care organizations? -Point of service plan (POS) -Preferred provider organization (PPO) -Medical Information Bureau (MIB) -Health maintenance organization (HMO) - Answer Medical Information Bureau (MIB).