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XCEL Virginia Life insurance Exam Simulator||
Questions And Correct Detailed Answers (verified
Answers)||Already Graded A+||Newest Exam!!!!
With life insurance, the needs approach is used primarily
in determining - ANSWER-how much life insurance a
client should apply for
which of these is not an unfair claims settlement practice -
ANSWER-refusing to pay persons bringing false or
fraudulent claims
all of these statements correctly describe an aleatory
contract except - ANSWER-only one party makes any kind
of legally enforceable offer
insurable interest involves what assumption - ANSWER-
One person benefits from another person's continued life
The premiums paid by an employer for his employee's
group life insurance are usually considered to be -
ANSWER-tax-deductible to the employer
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How do benefit payments fluctuate over time in a variable
life annuity?
Benefit payments stay fixed
Reflects changes in the market value of assets in a
separate account
Annuitant controls any benefit payment changes
Any benefit payment fluctuations have to be approved in
writing by the owner - ANSWER-reflects changes in the
market value of assets in a separate account
which of these is not an advantage of term life insurance -
ANSWER-a cash benefit will be provided if the insured is
alive at the end of the policy period
what are premiums for group life insurance based on -
ANSWER-flat rate unrelated to the borrowers age
a terminally ill policyowner decides to sell his life insurance
policy at a discount to help support his family. This sale is
called - ANSWER-viatical settlement
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which of the following is a true statement regarding
universal life insurance - ANSWER-policy states how
much of each premium is used toward company expenses
What would be the disadvantage of naming a trust as
beneficiary of a life insurance policy? - ANSWER-true
administration fees would reduce policy proceeds
the policy provision that permits an employee to change
from group life coverage to an individual life policy is
called the - ANSWER-conversion provision
XYA Corp has implemented a qualified retirement plan.
This plan may not discriminate - ANSWER-in favor of
highly compensated employees
which of the following would not be appropriate for an
immediate annuity - ANSWER-a parent saving for a child's
college
the automatic premium loan provision can be accurately
described as a - ANSWER-provision that provides a policy
loan to pay any premiums by the end of the grace period
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Greg applies for insurance and makes a false statement
on the application that will influence whether or not the
insurer will accept the risk. Greg's false statement is called
a(n) - ANSWER-material misrepresentation
John has a criminal record in which he was convicted of a
felony that involved dishonesty. Under Federal law, how
would John be able to engage in insurance transactions? -
ANSWER-given written consent by the state insurance
regulatory agency
What is payable to the policyowner if a whole life policy is
surrendered prior to its maturity date? - ANSWER-the
cash value
According to the needs approach, an emergency reserve
fund's primary purpose is to - ANSWER-cover the cost of
unexpected expenses
which of the following is considered an unfair claims
settlement practice - ANSWER-failure to investigate or pay
legitimate claims
which of the following is not an intended use of an annuity
- ANSWER-create new funds upon the death of a wage-
earner
XCEL Virginia Life insurance Exam Simulator||
Questions And Correct Detailed Answers (verified
Answers)||Already Graded A+||Newest Exam!!!!
With life insurance, the needs approach is used primarily
in determining - ANSWER-how much life insurance a
client should apply for
which of these is not an unfair claims settlement practice -
ANSWER-refusing to pay persons bringing false or
fraudulent claims
all of these statements correctly describe an aleatory
contract except - ANSWER-only one party makes any kind
of legally enforceable offer
insurable interest involves what assumption - ANSWER-
One person benefits from another person's continued life
The premiums paid by an employer for his employee's
group life insurance are usually considered to be -
ANSWER-tax-deductible to the employer
,2|Page
How do benefit payments fluctuate over time in a variable
life annuity?
Benefit payments stay fixed
Reflects changes in the market value of assets in a
separate account
Annuitant controls any benefit payment changes
Any benefit payment fluctuations have to be approved in
writing by the owner - ANSWER-reflects changes in the
market value of assets in a separate account
which of these is not an advantage of term life insurance -
ANSWER-a cash benefit will be provided if the insured is
alive at the end of the policy period
what are premiums for group life insurance based on -
ANSWER-flat rate unrelated to the borrowers age
a terminally ill policyowner decides to sell his life insurance
policy at a discount to help support his family. This sale is
called - ANSWER-viatical settlement
,3|Page
which of the following is a true statement regarding
universal life insurance - ANSWER-policy states how
much of each premium is used toward company expenses
What would be the disadvantage of naming a trust as
beneficiary of a life insurance policy? - ANSWER-true
administration fees would reduce policy proceeds
the policy provision that permits an employee to change
from group life coverage to an individual life policy is
called the - ANSWER-conversion provision
XYA Corp has implemented a qualified retirement plan.
This plan may not discriminate - ANSWER-in favor of
highly compensated employees
which of the following would not be appropriate for an
immediate annuity - ANSWER-a parent saving for a child's
college
the automatic premium loan provision can be accurately
described as a - ANSWER-provision that provides a policy
loan to pay any premiums by the end of the grace period
, 4|Page
Greg applies for insurance and makes a false statement
on the application that will influence whether or not the
insurer will accept the risk. Greg's false statement is called
a(n) - ANSWER-material misrepresentation
John has a criminal record in which he was convicted of a
felony that involved dishonesty. Under Federal law, how
would John be able to engage in insurance transactions? -
ANSWER-given written consent by the state insurance
regulatory agency
What is payable to the policyowner if a whole life policy is
surrendered prior to its maturity date? - ANSWER-the
cash value
According to the needs approach, an emergency reserve
fund's primary purpose is to - ANSWER-cover the cost of
unexpected expenses
which of the following is considered an unfair claims
settlement practice - ANSWER-failure to investigate or pay
legitimate claims
which of the following is not an intended use of an annuity
- ANSWER-create new funds upon the death of a wage-
earner
