XCEL Arizona Life insurance Exam Simulator
XCEL ARIZONA LIFE INSURANCE EXAM SIMULATOR
INCLUDES ACCURATE AND VERIFIED QUESTIONS TAILORED
FOR LIFE, HEALTH, PROPERTY, AND CASUALTY INSURANCE
LICENSING EXAMS ACROSS VARIOUS STATES.
which of these is NOT considered the responsibility of a producer during the underwriting
process
collecting additional medical information if needed
promptly sending the completed application to the insurance company
forwarding any material personal observations to the insurer
selecting the final approval date - ANSWER-selecting the final approval date
which of the following is NOT guaranteed in a whole life policy
settlement options
nonforfeiture options
dividend scale
policy loan values - ANSWER-dividend scale
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, XCEL Arizona Life insurance Exam Simulator
all of these duties that a producer may be required to perform when delivering an insurance
policy EXCEPT
acquire a statement of good health signature
gather the initial premium
review policy with applicant
leave a conditional receipt with client - ANSWER-leave a conditional receipt with client
laura added a children`s rider to her life insurance policy. what type of coverage was added
level term
increasing term
decreasing term
juvenile term - ANSWER-level term
what would be the disadvantage of naming a trust as a beneficiary of a life insurance policy
trusts cannot be formed for life insurance purposes
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, XCEL Arizona Life insurance Exam Simulator
trust administrations fees would reduce policy proceeds
trusts cannot be used if a minor is the beneficiary
trustee must be a bank or brokerage - ANSWER-trust administrations fees would reduce policy
proceeds
what does a fixed life annuity offer protection against
inflation
premature death
inadequate retirement planning
savings depletion due to longevity - ANSWER-savings depletion due to longevity
a trustee-to-trustee transfer of rollover funds in a qualified plan allows a participant to avoid
mandatory income tax withholding on the amount transferred
paying transfer fees
paying trustee fees
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, XCEL Arizona Life insurance Exam Simulator
ever paying income taxes on the distributions - ANSWER-mandatory income tax withholding on
the amount transferred
what happens when a policy owner borrows against the cash value of his life insurance policy
the policy proceeds would be reduced by the outstanding loan balance
no additional loans can be taken out in the future
the amount borrowed is added to the policy owners gross income for tax purposes
the interest on the loan is tax deductible - ANSWER-the policy proceeds would be reduced by
the outstanding loan balance
straight whole life insurance can be accurately described in all of these statements EXCEPT
policy protection normally expires at age 65
nonforfeiture values are available to the policy owner
provides level protection with level premiums
cash value loans are permitted - ANSWER-policy protection normally expires at age 65
which statement regarding the joint and survivor life insurance settlement options is NOT true
4|Page
XCEL ARIZONA LIFE INSURANCE EXAM SIMULATOR
INCLUDES ACCURATE AND VERIFIED QUESTIONS TAILORED
FOR LIFE, HEALTH, PROPERTY, AND CASUALTY INSURANCE
LICENSING EXAMS ACROSS VARIOUS STATES.
which of these is NOT considered the responsibility of a producer during the underwriting
process
collecting additional medical information if needed
promptly sending the completed application to the insurance company
forwarding any material personal observations to the insurer
selecting the final approval date - ANSWER-selecting the final approval date
which of the following is NOT guaranteed in a whole life policy
settlement options
nonforfeiture options
dividend scale
policy loan values - ANSWER-dividend scale
1|Page
, XCEL Arizona Life insurance Exam Simulator
all of these duties that a producer may be required to perform when delivering an insurance
policy EXCEPT
acquire a statement of good health signature
gather the initial premium
review policy with applicant
leave a conditional receipt with client - ANSWER-leave a conditional receipt with client
laura added a children`s rider to her life insurance policy. what type of coverage was added
level term
increasing term
decreasing term
juvenile term - ANSWER-level term
what would be the disadvantage of naming a trust as a beneficiary of a life insurance policy
trusts cannot be formed for life insurance purposes
2|Page
, XCEL Arizona Life insurance Exam Simulator
trust administrations fees would reduce policy proceeds
trusts cannot be used if a minor is the beneficiary
trustee must be a bank or brokerage - ANSWER-trust administrations fees would reduce policy
proceeds
what does a fixed life annuity offer protection against
inflation
premature death
inadequate retirement planning
savings depletion due to longevity - ANSWER-savings depletion due to longevity
a trustee-to-trustee transfer of rollover funds in a qualified plan allows a participant to avoid
mandatory income tax withholding on the amount transferred
paying transfer fees
paying trustee fees
3|Page
, XCEL Arizona Life insurance Exam Simulator
ever paying income taxes on the distributions - ANSWER-mandatory income tax withholding on
the amount transferred
what happens when a policy owner borrows against the cash value of his life insurance policy
the policy proceeds would be reduced by the outstanding loan balance
no additional loans can be taken out in the future
the amount borrowed is added to the policy owners gross income for tax purposes
the interest on the loan is tax deductible - ANSWER-the policy proceeds would be reduced by
the outstanding loan balance
straight whole life insurance can be accurately described in all of these statements EXCEPT
policy protection normally expires at age 65
nonforfeiture values are available to the policy owner
provides level protection with level premiums
cash value loans are permitted - ANSWER-policy protection normally expires at age 65
which statement regarding the joint and survivor life insurance settlement options is NOT true
4|Page
