XCEL LIFE INSURANCE INDIANA FINAL
EXAM TEST | COMPLETE 2025 ACTUAL
EXAM WITH CORRECT VERIFIED ANSWERS
| GUARANTEED A+ EXAM EXCELLENCE
M has an insurance policy that also has an outstanding policy loan at
the time of M's death. The insurer will deduct the outstanding loan
balance from the: - ✔✔✔ Correct Answer > policy proceeds
The stated amount or percent of liquid assets that an insurer must have
on hand that will satisfy future obligations to its policyholders is called:
- ✔✔✔ Correct Answer > Reserves
A nonprofit incorporated society that does not have capital stock and
operates for the sole benefit of its members is known as: - ✔✔✔
Correct Answer > Fraternal Benefit Society
,A provision in a life insurance policy that pays the policyowner an
amount that does surpass the guaranteed cash value is called the: -
✔✔✔ Correct Answer > Policy loan provision
Which life insurance rider typically appears on a juvenile life insurance
policy? - ✔✔✔ Correct Answer > Payor benefits rider
At what point must a life insurance applicant be informed of their rights
that fall under the fair credit reporting act - ✔✔✔ Correct Answer >
Upon completion of the application
Who elects the governing body of a mutual insurance company? -
✔✔✔ Correct Answer > policyholders
,Which of these describes e a participating insurance policy? - ✔✔✔
Correct Answer > Policyowners are entitled to receive dividends
Dividends payable to a policy owner are: - ✔✔✔ Correct Answer >
Declared by the insurance company
What types of reinsurance contract involves two companies
automatically sharing their risk exposure - ✔✔✔ Correct Answer >
Treaty
Which of the following consists of an offer, acceptance and
consideration? - ✔✔✔ Correct Answer > Contract
The part of a life insurance policy guaranteed to be true is called a: -
✔✔✔ Correct Answer > Warranty
, Who makes the legally enforceable promises in a unilateral insurance
policy? - ✔✔✔ Correct Answer > Insurance company
Which of these is NOT a type of agent authority? - ✔✔✔ Correct
Answer > Principal
In an insurance contract, the insurer is the only party who makes a
legally enforceable promise. What kind of contract is this? - ✔✔✔
Correct Answer > Unilateral
Insurance policies are considered aleatory contracts because - ✔✔✔
Correct Answer > Performance is conditions upon a future occurrence
EXAM TEST | COMPLETE 2025 ACTUAL
EXAM WITH CORRECT VERIFIED ANSWERS
| GUARANTEED A+ EXAM EXCELLENCE
M has an insurance policy that also has an outstanding policy loan at
the time of M's death. The insurer will deduct the outstanding loan
balance from the: - ✔✔✔ Correct Answer > policy proceeds
The stated amount or percent of liquid assets that an insurer must have
on hand that will satisfy future obligations to its policyholders is called:
- ✔✔✔ Correct Answer > Reserves
A nonprofit incorporated society that does not have capital stock and
operates for the sole benefit of its members is known as: - ✔✔✔
Correct Answer > Fraternal Benefit Society
,A provision in a life insurance policy that pays the policyowner an
amount that does surpass the guaranteed cash value is called the: -
✔✔✔ Correct Answer > Policy loan provision
Which life insurance rider typically appears on a juvenile life insurance
policy? - ✔✔✔ Correct Answer > Payor benefits rider
At what point must a life insurance applicant be informed of their rights
that fall under the fair credit reporting act - ✔✔✔ Correct Answer >
Upon completion of the application
Who elects the governing body of a mutual insurance company? -
✔✔✔ Correct Answer > policyholders
,Which of these describes e a participating insurance policy? - ✔✔✔
Correct Answer > Policyowners are entitled to receive dividends
Dividends payable to a policy owner are: - ✔✔✔ Correct Answer >
Declared by the insurance company
What types of reinsurance contract involves two companies
automatically sharing their risk exposure - ✔✔✔ Correct Answer >
Treaty
Which of the following consists of an offer, acceptance and
consideration? - ✔✔✔ Correct Answer > Contract
The part of a life insurance policy guaranteed to be true is called a: -
✔✔✔ Correct Answer > Warranty
, Who makes the legally enforceable promises in a unilateral insurance
policy? - ✔✔✔ Correct Answer > Insurance company
Which of these is NOT a type of agent authority? - ✔✔✔ Correct
Answer > Principal
In an insurance contract, the insurer is the only party who makes a
legally enforceable promise. What kind of contract is this? - ✔✔✔
Correct Answer > Unilateral
Insurance policies are considered aleatory contracts because - ✔✔✔
Correct Answer > Performance is conditions upon a future occurrence
