Xcell Testing Solutions (Life & Health) Final 150 Question and Answers Exam 2024.
When can a policy owner change a revocable beneficiary? - correct
... [Show More] answer Anytime
M purchased an Accidental Death and Dismemberment (AD&D) policy and named his
son as beneficiary. M has the right to change the beneficiary designation at anytime.
What type of beneficiary is his son? - correct answer Revocable
How would a contingent beneficiary receive the policy proceeds in an Accidental Death
and Dismemberment (AD&D) policy? - correct answer If the primary beneficiary dies
before the insured
What is the underlying concept regarding level premiums? - correct answer The early
years are charged less than what is needed
A policy owner is able to choose the frequency of premium payments through what
policy feature? - correct answer Premium Mode
Any changes made on an insurance application requires the initials of whom? - correct
answer Applicant
All of these are considered sources of underwriting information about an applicant
EXCEPT - correct answer Rating Services
Q applied for life insurance and submitted the initial premium on January 1. The policy
was issued February 1, but it was not delivered by the agent until February 7. Q is
dissatisfied and returns the policy February 13. How will the insurer handle this
situation? - correct answer Policy was returned within the free-look period, premium will
be fully refunded
M completes an application for life insurance but does not pay the initial premium. All of
these actions must occur before M's policy goes into effect EXCEPT - correct answer
free-look period has expired
What action should a producer take if the initial premium is NOT submitted with the
application? - correct answer Forward the application to the insurer without the initial
premium
Which of the following is an important underwriting principle of group life insurance? -
correct answer Everyone must be covered in the group
Which requirement must be met for an association to be eligible for a group life plan? -
correct answer Group was formed for a purpose other than acquiring insurance
When an employee is terminated, which statement about a group term life conversion is
true? - correct answer Policy proceeds will be paid if the employee dies during the
conversion period
Under a trustee group life policy, who would be eligible for a certificate of coverage? -
correct answer Corporation
N, age 50, recently bought an annuity that will pay a guaranteed $2,000/month at age
70 for life. What type of annuity did N purchase? - correct answer Fixed Deferred
S recently received a $500,000 lump sum retirement buyout from her employer. She
would like to buy an annuity that will immediately furnish her with a guaranteed income
for life. What type of annuity is best suited for her situation? - correct answer Single
Premium
Which of these is an element of a Single Premium annuity? - correct answer Lump-sum
payment . [Show Less]