XCEL SOLUTIONS FINAL EXAM PRACTICE
QUESTIONS AND VERIFIED ANSWERS
100% CORRECT A GRADE
QUESTION
Whole Life Insurance is sometimes referred to as "Straight Life" What does the word
straight indicate when using this phrase?
Answer:
The duration of premium payments
QUESTION
A producer that only sells insurance to family members is said to be engaging in
Answer:
Controlled business
QUESTION
K is looking to purchase Renewable Term insurance. Which of these types of Term
insurance may be renewable?
Answer:
Level
QUESTION
An IRA owner can start making withdrawals and NOT be subjected to a tax penalty
beginning at what age?
Answer:
59 1/2
,QUESTION
D the agent met with a prospect and ended up selling an insurance policy. While filling
out the insurance application, D makes a mistake. In this situation, D MUST
Answer:
Correct the information and have the prospect initial the change
QUESTION
Which of these provisions require proof of insurability after a policy has lapsed?
Answer:
Reinstatement
QUESTION
All of these are considered to be a benefit under Social Security, EXCEPT for:
Answer:
unemployment
QUESTION
Which of the following best describes a contingent beneficiary?
Answer:
Person designated by the insured to receive policy proceeds in the event that the
primary beneficiary dies before the insured
QUESTION
Which of these is NOT an element of Life insurance premiums?
,Answer:
Morbidity Rate
QUESTION
What type of life policy has a death benefit that adjusts periodically and is written for a
specific period of time?
Answer:
Decreasing term
QUESTION
t is given a receipt after completing a life insurance application and paying the initial
premium. Under this situation, T's coverage is
Answer:
Conditional, depending on the insurer's underwriting guidelines.
QUESTION
In an insurance contract, the insurer is the only party who makes a legally enforceable
promise. What kind of contract is this?
Answer:
Unilateral
QUESTION
A noncontributory group term life plan is characterized by:
Answer:
the entire cost of the plan is paid for by the employer
QUESTION
, Upon delivery of a rated life insurance policy, the Producer must obtain each of the
following EXCEPT:
Answer:
Signed HIPAA disclosure
QUESTION
Which of the following statements regarding the Notice Regarding Replacement of Life
Insurance is CORRECT?
Answer:
A copy of the Notice must be signed by the applicant and submitted with the application
QUESTION
Which is true concerning a Variable Universal Life policy?
Answer:
Policyowner controls where the investment will go and selects the amount of the
premium payment
QUESTION
Which of these are NOT an example of a Nonforfeiture option?
Answer:
Life Income
QUESTION
The free-look provision begins
Answer:
Upon receipt of the policy by the policyowner
QUESTIONS AND VERIFIED ANSWERS
100% CORRECT A GRADE
QUESTION
Whole Life Insurance is sometimes referred to as "Straight Life" What does the word
straight indicate when using this phrase?
Answer:
The duration of premium payments
QUESTION
A producer that only sells insurance to family members is said to be engaging in
Answer:
Controlled business
QUESTION
K is looking to purchase Renewable Term insurance. Which of these types of Term
insurance may be renewable?
Answer:
Level
QUESTION
An IRA owner can start making withdrawals and NOT be subjected to a tax penalty
beginning at what age?
Answer:
59 1/2
,QUESTION
D the agent met with a prospect and ended up selling an insurance policy. While filling
out the insurance application, D makes a mistake. In this situation, D MUST
Answer:
Correct the information and have the prospect initial the change
QUESTION
Which of these provisions require proof of insurability after a policy has lapsed?
Answer:
Reinstatement
QUESTION
All of these are considered to be a benefit under Social Security, EXCEPT for:
Answer:
unemployment
QUESTION
Which of the following best describes a contingent beneficiary?
Answer:
Person designated by the insured to receive policy proceeds in the event that the
primary beneficiary dies before the insured
QUESTION
Which of these is NOT an element of Life insurance premiums?
,Answer:
Morbidity Rate
QUESTION
What type of life policy has a death benefit that adjusts periodically and is written for a
specific period of time?
Answer:
Decreasing term
QUESTION
t is given a receipt after completing a life insurance application and paying the initial
premium. Under this situation, T's coverage is
Answer:
Conditional, depending on the insurer's underwriting guidelines.
QUESTION
In an insurance contract, the insurer is the only party who makes a legally enforceable
promise. What kind of contract is this?
Answer:
Unilateral
QUESTION
A noncontributory group term life plan is characterized by:
Answer:
the entire cost of the plan is paid for by the employer
QUESTION
, Upon delivery of a rated life insurance policy, the Producer must obtain each of the
following EXCEPT:
Answer:
Signed HIPAA disclosure
QUESTION
Which of the following statements regarding the Notice Regarding Replacement of Life
Insurance is CORRECT?
Answer:
A copy of the Notice must be signed by the applicant and submitted with the application
QUESTION
Which is true concerning a Variable Universal Life policy?
Answer:
Policyowner controls where the investment will go and selects the amount of the
premium payment
QUESTION
Which of these are NOT an example of a Nonforfeiture option?
Answer:
Life Income
QUESTION
The free-look provision begins
Answer:
Upon receipt of the policy by the policyowner
