XCEL Georgia Life, Accident, & Sickness Exam
Simulator Includes Accurate And Verified Questions
Tailored For Life, Health, Property, And Casualty
Insurance Licensing Exams Across Various States. It
Mirrors The Actual Testing Experience With Modules
On Insurance Terms, Policy Types, Underwriting, State-
Specific Regulations, Ethics, And Claims Handling
A policy owner may generate taxable income from which of the following
Dividend Options?
A) Nonforfeiture
B) Cash
C) Accumulation at Interest
D) Reduced Premium - ANSWER--C) Accumulation at Interest
While policy dividends are not taxable, any interest paid on them is taxable income
in the year the interest is credited to the policy.
N is a 40-year old applicant who would like to retire at age 70. He is looking to
buy a life insurance policy with level premiums, permanent protection, and be
paid-up at retirement. Which of these should N purchase?
A) 30 Pay Life
B) Term to Age 70
C) Universal Life
D) Adjustable Life - ANSWER--A) 30 Pay Life
, XCEL Georgia Life, Accident, & Sickness Exam
Simulator Includes Accurate And Verified Questions
Tailored For Life, Health, Property, And Casualty
Insurance Licensing Exams Across Various States. It
Mirrors The Actual Testing Experience With Modules
On Insurance Terms, Policy Types, Underwriting, State-
Specific Regulations, Ethics, And Claims Handling
Limited pay whole life policies have level premiums that are limited to a certain
period.
The coordination of benefits (COB) provision exists in order to
A) Avoid duplication of benefit payments
B) Avoid excessive hospitalization
C) Lower insurance premiums
D) Maximize patient care - ANSWER--A) Avoid duplication of benefit payments
The purpose of the coordination of benefits (COB) provision, found only in group
health plans, is to avoid duplication of benefit payments.
In health insurance policies, a waiver of premium provision keeps the coverage in
force without premium payments:
A) Whenever an insured is unable to work
B) During the time an insured is confined in a hospital
C) Following an accidental injury, but not during sickness
D) After an insured has become totally disabled as defined in the policy -
ANSWER--D) After an insured has become totally disabled as defined in the
policy
, XCEL Georgia Life, Accident, & Sickness Exam
Simulator Includes Accurate And Verified Questions
Tailored For Life, Health, Property, And Casualty
Insurance Licensing Exams Across Various States. It
Mirrors The Actual Testing Experience With Modules
On Insurance Terms, Policy Types, Underwriting, State-
Specific Regulations, Ethics, And Claims Handling
The waiver of premium provision keeps the coverage in force without premium
payments if the insured has become totally disabled as defined in the policy.
Q is looking to buy a life insurance policy that will provide the greatest amount of
protection for a temporary time period. Which of these policies should Q purchase?
A) Term life
B) Straight life
C) Endowment
D) Annuity - ANSWER--A) Term life
Term life provides the greatest amount of protection for a temporary period.
With Optionally Renewable Health policies, the insurer may:
A) Renew the policy only if no claims have been filed the previous year
B) Renew the policy only with the insured's consent
C) Review the policy whenever they please and determine whether or not to renew
it
, XCEL Georgia Life, Accident, & Sickness Exam
Simulator Includes Accurate And Verified Questions
Tailored For Life, Health, Property, And Casualty
Insurance Licensing Exams Across Various States. It
Mirrors The Actual Testing Experience With Modules
On Insurance Terms, Policy Types, Underwriting, State-
Specific Regulations, Ethics, And Claims Handling
D) Review the policy annually and determine whether or not to renew it -
ANSWER--D) Review the policy annually and determine whether or not to renew
it
With Optionally Renewable Health policies, the insurance company may review
the policy annually and choose whether or not to renew it.
M has a Major Medical insurance policy with a $200 flat deductible and an 80%
Coinsurance clause. If M incurs a $2,200 claim for an eligible medical expense,
how much will M receive in payment for this claim?
A) $2,000
B) $1,760
C) $1,600
D) $400 - ANSWER--C) $1,600
$2,200 - $200 deductible x 80% = $1,600.
How long does an individual have to "rollover" funds from an IRA or qualified
plan?
A) 60 days
Simulator Includes Accurate And Verified Questions
Tailored For Life, Health, Property, And Casualty
Insurance Licensing Exams Across Various States. It
Mirrors The Actual Testing Experience With Modules
On Insurance Terms, Policy Types, Underwriting, State-
Specific Regulations, Ethics, And Claims Handling
A policy owner may generate taxable income from which of the following
Dividend Options?
A) Nonforfeiture
B) Cash
C) Accumulation at Interest
D) Reduced Premium - ANSWER--C) Accumulation at Interest
While policy dividends are not taxable, any interest paid on them is taxable income
in the year the interest is credited to the policy.
N is a 40-year old applicant who would like to retire at age 70. He is looking to
buy a life insurance policy with level premiums, permanent protection, and be
paid-up at retirement. Which of these should N purchase?
A) 30 Pay Life
B) Term to Age 70
C) Universal Life
D) Adjustable Life - ANSWER--A) 30 Pay Life
, XCEL Georgia Life, Accident, & Sickness Exam
Simulator Includes Accurate And Verified Questions
Tailored For Life, Health, Property, And Casualty
Insurance Licensing Exams Across Various States. It
Mirrors The Actual Testing Experience With Modules
On Insurance Terms, Policy Types, Underwriting, State-
Specific Regulations, Ethics, And Claims Handling
Limited pay whole life policies have level premiums that are limited to a certain
period.
The coordination of benefits (COB) provision exists in order to
A) Avoid duplication of benefit payments
B) Avoid excessive hospitalization
C) Lower insurance premiums
D) Maximize patient care - ANSWER--A) Avoid duplication of benefit payments
The purpose of the coordination of benefits (COB) provision, found only in group
health plans, is to avoid duplication of benefit payments.
In health insurance policies, a waiver of premium provision keeps the coverage in
force without premium payments:
A) Whenever an insured is unable to work
B) During the time an insured is confined in a hospital
C) Following an accidental injury, but not during sickness
D) After an insured has become totally disabled as defined in the policy -
ANSWER--D) After an insured has become totally disabled as defined in the
policy
, XCEL Georgia Life, Accident, & Sickness Exam
Simulator Includes Accurate And Verified Questions
Tailored For Life, Health, Property, And Casualty
Insurance Licensing Exams Across Various States. It
Mirrors The Actual Testing Experience With Modules
On Insurance Terms, Policy Types, Underwriting, State-
Specific Regulations, Ethics, And Claims Handling
The waiver of premium provision keeps the coverage in force without premium
payments if the insured has become totally disabled as defined in the policy.
Q is looking to buy a life insurance policy that will provide the greatest amount of
protection for a temporary time period. Which of these policies should Q purchase?
A) Term life
B) Straight life
C) Endowment
D) Annuity - ANSWER--A) Term life
Term life provides the greatest amount of protection for a temporary period.
With Optionally Renewable Health policies, the insurer may:
A) Renew the policy only if no claims have been filed the previous year
B) Renew the policy only with the insured's consent
C) Review the policy whenever they please and determine whether or not to renew
it
, XCEL Georgia Life, Accident, & Sickness Exam
Simulator Includes Accurate And Verified Questions
Tailored For Life, Health, Property, And Casualty
Insurance Licensing Exams Across Various States. It
Mirrors The Actual Testing Experience With Modules
On Insurance Terms, Policy Types, Underwriting, State-
Specific Regulations, Ethics, And Claims Handling
D) Review the policy annually and determine whether or not to renew it -
ANSWER--D) Review the policy annually and determine whether or not to renew
it
With Optionally Renewable Health policies, the insurance company may review
the policy annually and choose whether or not to renew it.
M has a Major Medical insurance policy with a $200 flat deductible and an 80%
Coinsurance clause. If M incurs a $2,200 claim for an eligible medical expense,
how much will M receive in payment for this claim?
A) $2,000
B) $1,760
C) $1,600
D) $400 - ANSWER--C) $1,600
$2,200 - $200 deductible x 80% = $1,600.
How long does an individual have to "rollover" funds from an IRA or qualified
plan?
A) 60 days
