Xcell Testing Solutions (Life & Health) Final 150 Question Practice Exam
Xcell Testing Solutions (Life & Health) Final
150 Question Practice Exam
When
... [Show More] can a policy owner change a revocable beneficiary?
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?
Revocable
How would a contingent beneficiary receive the policy proceeds in an Accidental
Death and Dismemberment (AD&D) policy?
If the primary beneficiary dies before the insured
What is the underlying concept regarding level premiums?
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?
Premium Mode
Any changes made on an insurance application requires the initials of whom?
Applicant
All of these are considered sources of underwriting information about an applicant
EXCEPT
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?
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
free-look period has expired
What action should a producer take if the initial premium is NOT submitted with
the application?
Forward the application to the insurer without the initial premium
Which of the following is an important underwriting principle of group life
insurance?
Everyone must be covered in the group
Which requirement must be met for an association to be eligible for a group life
plan?
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?
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?
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? [Show Less]