XCEL LIFE INSURANCE INDIANA FINAL EXAM

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XCEL LIFE INSURANCE INDIANA FINAL EXAM

NEWEST ACTUAL EXAM COMPLETE 100

QUESTIONS AND CORRECT DETAILED

ANSWERS (VERIFIED ANSWERS) |ALREADY

GRADED A+

Question: At what age can an IRA owner start making

withdrawals and NOT be subjected to a tax penalty?

ANSWER: 59 1/2

Question: What is an insurance company formed in a country

other than the United States called?

ANSWER: Alien

Question: In Indiana, what must be delivered to a policy owner

upon the sale of an individual life insurance policy?

ANSWER: A Policy Summary and Buyer's Guide

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Question: Who must provide an insured with proper disclosure

concerning the replacement of a life insurance policy?

ANSWER: producer

Question: What type of term life policy is normally used when

covering an insured mortgage balance?

ANSWER: Decreasing

Question: P, age 50, purchased an annuity that P will fund with

$500/month for 15 years. The annuity will then pay P retirement payments after the 15 years. Which type of annuity did P purchase?

ANSWER: deferred

Question: What must a domestic insurance company in Indiana

do?

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ANSWER: Be organized under Indiana insurance laws

Question: J is issued a Life Insurance policy with a death benefit

of $100,000. She pays $600 per year in premium for the first 5 years. The premium then increases to $900 per year in the sixth year, and remains level thereafter. The policy's death benefit also remains at $100,000. Which type of Life Insurance policy is this?

ANSWER: Modified Premium Life

Question: What is an important underwriting principle of group

life insurance in Indiana?

ANSWER: Everyone must be covered in the group

Question: Which statement regarding a key employee life policy

is NOT true?

ANSWER: The beneficiary is named by the key employee

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Question: If its employees share in the cost of insurance, what

type of group life insurance plan would a corporation have?

ANSWER: Contributory

Question: Which of the following life insurance policies

combine term insurance with an investment element?

ANSWER: Universal Life

Question: T, age 70, withdraws cash from a profit-sharing plan

and purchases a Straight Life Annuity. What will this transaction provide?

ANSWER: Income that cannot be outlived by the owner