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Xcel Life Insurance Final Exam With All CORRECT ANSWERs
Question 1:
K has a life insurance policy where her husband is beneficiary and her daughter is contingent beneficiary. Under the Common Disaster clause, if K and her husband are both killed in an automobile accident, where would the death proceeds be directed?
CORRECT ANSWER : Daughter
Question 2:
When is a Group Health policy required to provide coverage for a newborn child?
CORRECT ANSWER : At the moment of birth
Question 3:
What is the required renewability status of all Medicare supplement policies?
CORRECT ANSWER : Guaranteed renewable
Question 4:
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Who issues Medicare Supplement policies?
CORRECT ANSWER : insurance companies
Question 5:
P is the insured on a participating life policy. Which statement is true if P's premiums are waived due to disability?
CORRECT ANSWER : P will still receive declared dividends
Question 6:
What type of policy would offer a 40-year old the quickest accumulation of cash value?
CORRECT ANSWER : 20-pay life
Question 7:
The Nevada Insurance Guaranty Association
CORRECT ANSWER : protects Nevada insurance policy
owners in the event an insurance company becomes insolvent
Question 8:
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The most important factor to consider when determining whether to convert term insurance at the insured's attained age
or to the insured's original age is:
CORRECT ANSWER : the cost
Question 9:
A Medicare Supplement policy may be cancelled for which of the following reasons?
CORRECT ANSWER : The premiums has not been paid by the
insured
Question 10:
A noncontributory group term life plan is characterized by:
CORRECT ANSWER : The entire cost of the plan is paid for by
the employer
Question 11:
Variable annuities may invest premiums in each of the
following, EXCEPT:
CORRECT ANSWER : Insurer's corporate business account
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Question 12:
Which of the following costs would a Basic Hospital/Surgical policy likely cover?
CORRECT ANSWER : Surgically removing a facial birthmark
Question 13:
Information obtained from a phone conversation to the proposed insured can be found in which of these reports?
CORRECT ANSWER : Inspection report
Question 14:
T is receiving $3,000/month from a Disability Income policy in which T's employer has pad the premiums. How are the $3,000 benefit payments taxable?
CORRECT ANSWER : Benefits are taxable to T.
Question 15:
What kind of insurance policy supplies an income stream over a set period of time that starts when the insured dies?