Xcell Testing Solutions (Life & Health) Final 150 Question and Answers Exam 2024.

Xcell Testing Solutions (Life & Health) Final 150 Question and Answers Exam 2024. When can a policy owner change a revocable beneficiary? - correct answer Anytime M purchased an Accidental Death and Dismemberment (AD&D) policy and named his son as beneficiary. M has the right to change the beneficiary designation at anytime. What type of beneficiary is his son? - correct answer Revocable How would a contingent beneficiary receive the policy proceeds in an Accidental Death and Dismemberment (AD&D) policy? - correct answer If the primary beneficiary dies before the insured What is the underlying concept regarding level premiums? - correct answer The early years are charged less than what is needed A policy owner is able to choose the frequency of premium payments through what policy feature? - correct answer Premium Mode Any changes made on an insurance application requires the initials of whom? - correct answer Applicant All of these are considered sources of underwriting information about an applicant EXCEPT - correct answer Rating Services 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? - correct answer Policy was returned within the free-look period, premium will be fully refunded M completes an application for life insurance but does not pay the initial premium. All of these actions must occur before M's policy goes into effect EXCEPT - correct answer free-look period has expired What action should a producer take if the initial premium is NOT submitted with the application? - correct answer Forward the application to the insurer without the initial premium Which of the following is an important underwriting principle of group life insurance? - correct answer Everyone must be covered in the group.