Xcel Testing Solutions- Life and Health Insurance- Weighted Exam- 150 Questions and Verified Correct Answers Guaranteed Success A cease and desist order issued against a producer - Correct Answer: Prohibits a specific practice listed in the order A cease and desist order issued against a producer prohibits a specific practice listed in the order.
A clause that allows an insurer the right to terminate coverage at any anniversary date
is called a(n) - Correct Answer: optional renewability clause
An optional renewability clause allows an insurer the unrestricted right to terminate coverage at any anniversary or at any premium due date.
A disability income policy can prevent an insured from earning a higher income than if
he/she were working by utilizing - Correct Answer: benefit limits
To prevent an insured from earning a higher income than if he or she were working, disability income policies utilize benefit limits.
A guaranteed issue insurance policy has no - Correct Answer: medical underwriting A guaranteed issue policy refers to an insurance policy with no medical underwriting.
A health insurance policy covers the insured, the insured's spouse, and their child. If additional children are born to the family, the health insurance policy must cover the
children - Correct Answer: From the date of birth
In this situation, the health insurance policy must cover the children from the date of birth.
A health insurance policy that allows an insurer to change the policyowner's premiums, but NOT cancel the policy is called a(n) - Correct Answer: guaranteed renewable policy An insurer has the right to change the premium for policyowners with a guaranteed renewable policy, but CANNOT cancel the policy.
A health insurance policy will typically cover - Correct Answer: preventative health services Preventative health services are normally covered under a health insurance policy.
A licensed producer who changes a residential or business address must notify the
Commissioner within how many days? - Correct Answer: 30
A licensed producer who changes a residential or business address must notify the Commissioner within 30 days.
A life insurance illustration showing future premiums being paid out of nonguaranteed
values must disclose that - Correct Answer: The policyowner may need to resume
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A life insurance illustration showing future premiums being paid out of nonguaranteed values must disclose that the policyowner may need to resume premium payments depending on actual results.
A life insurance policy becomes incontestable after it has been in force for - Correct
Answer: 2 years
The contestable period in Louisiana for life insurance policies is 2 years.
A life insurance policy normally contains a provision that restricts coverage in the event of death under all of the following situations EXCEPT - Correct Answer: fare-paying passenger A policy may contain provisions excluding or restricting coverage as specified in the event of death under all of these situations EXCEPT a fare-paying passenger.
A life insurance policy that has premiums fully paid up within a stated time period is
called - Correct Answer: limited payment insurance
Limited payment insurance is characterized by premiums that are fully paid up within a stated period, after which no further premiums are required.
A life insurance policyowner was injured in an automobile accident which results in a total and permanent disability. Which rider would pay a monthly amount because of this
disability? - Correct Answer: Disability income rider
The rider which pays a life insurance policyowner a monthly amount in the event of total and permanent disability is called a disability income rider.
A limited payment whole life policy provides - Correct Answer: lifetime protection Premiums on limited payment whole life insurance are paid for a limited number of years, but the benefits last a lifetime.
A medical provider that accepts Medicare Assignment must - Correct Answer: accept payment based upon a defined Medicare schedule as payment in full A medical provider that accepts Medicare Assignment must accept payment based upon a defined Medicare schedule as payment in full.
A Medicare supplement plan can be canceled by the insurer - Correct Answer: for
nonpayment of premiums An insurer can cancel a Medicare supplement plan after nonpayment of premiums.
A Medicare Supplement Policy is - Correct Answer: designed to fill in the gaps of Part A and Part B Medicare A Medicare Supplement policy is designed to fill in the gaps of Part A and Part B Medicare.
A nonresident of Louisiana who has satisfied the licensing requirements for a line of insurance in the licensee's state and who wishes to sell that line of insurance in 2 / 3
Louisiana, must meet all of the following requirements EXCEPT: - Correct Answer: Take the appropriate Louisiana licensing examination A nonresident licensee from another state is not required to take a licensing examination if they are already in good standing with their state of residence.
A nonresident of Louisiana who has satisfied the licensing requirements for a line of insurance in the licensee's state and who wishes to sell that line of insurance in Louisiana, must meet all of the following requirements EXCEPT: - Correct Answer: Take the appropriate Louisiana licensing examination A nonresident licensee from another state is not required to take a licensing examination if they are already in good standing with their state of residence.
A producer is required to give an applicant for long-term care - Correct Answer: An outline of coverage An outline of coverage must be delivered to a prospective applicant for long-term care insurance at the time of initial solicitation.
A producer who is licensed in Louisiana but resident in another state is called a -
Correct Answer: nonresident producer
A producer licensed in Louisiana but a resident in another state is called a nonresident producer.
A producer's license in Louisiana must be renewed every - Correct Answer: Two years Producer licenses are issued for periods of 2 years.
A provision that allows a policyowner to withdraw a policy's cash value interest free is
a(n) - Correct Answer: partial surrender
A partial surrender allows the policyowner to withdraw the policy's cash value interest free.
A securities license is required for a life insurance producer to sell - Correct Answer: variable life insurance A life insurance producer needs to possess a securities license to sell variable annuities.
A temporary producer's license is effective for - Correct Answer: 180 days
A temporary producer's license is effective for 180 days.
A viatical settlement contract is an agreement between - Correct Answer: A life
insurance policyowner and a viatical settlement provider A viatical settlement contract is an agreement between a life insurance policyowner and a viatical settlement provider.
A waiver of premium rider allows an insured to waive premium payments if the insured is - Correct Answer: completely and permanently disabled
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