XCEL 2023 TEXAS LIFE INSURANCE EXAM

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XCEL 2023 TEXAS LIFE INSURANCE EXAM

Actual Qs and Ans - Expert-Verified Explanation -Guaranteed passing score -100 Questions and Answers

-Format: Multiple-choice / Flashcard

Question 1: M's insurance company denied a reinstatement application for her lapsed health insurance policy. The company did not notify M of this denial. How many days from the reinstatement application date does the insurance company have to notify M of the denial before the policy will be automatically placed back in force?

Answer:

45 days Question 2: The option that provides an additional death benefit for a limited amount of time at

the lowest possible cost is called a(n):

Answer:

Accidental Death and Dismemberment rider (AD&D) Question 3: S is employed by a large corporation that provides group health coverage for its employees and their dependents. If S dies, the company must allow his surviving spouse and dependents to continue their group health coverage for a maximum of how many months under COBRA regulations?

Answer:

36 Question 4: The Legal Actions provision of an insurance contract is designed to do all of the

following, EXCEPT:

Answer:

protect the producer

Question 5: All of these are considered sources of underwriting information about an applicant,

EXCEPT:

Answer:

Rating Services Question 6: Which of the following policy features allows an insured to defer current health charges to the following year's deductible instead of the current year's deductible?

Answer:

Carryover provision Question 7: An insurer may normally delay the payment of a cash value loan or surrender value for up to

Answer:

• months

Question 8: Premature IRA distributions are assessed a penalty tax of:

Answer:

10% Question 9: At what time must a policyowner have insurable interest on the insured in order for the life policy to be valid?

Answer:

At the time of application Question 10: Upon policy delivery, a signed good health statement is requested from the applicant. Why would this be necessary?

Answer:

The initial premium was NOT submitted with the application Question 11: Which provision allows a portion of any used medical benefits to be restored following a particular amount of benefit has been used, or after the policy has been in effect for a particular period of time?

Answer:

Restoration of used benefit

Question 12: To terminate an agent's appointment, an insurance company must

Answer:

send termination notice to the Texas Department of Insurance

Question 13: Variable Life products require a producer to

Answer:

hold a Life Insurance license and a Securities license Question 14: A temporary agent's license issued by the Commissioner of Insurance is valid for up to days.

Answer:

90 Question 15: The _____ is authorized to assign a Life Insurance policy as collateral for a loan.

Answer:

policyowner Question 16: Which of these is NOT considered to be a right given to a policyowner?

Answer:

Modify a provision in the insurance contract Question 17: On an Accidental Death and Dismemberment (AD&D) insurance policy, who is qualified to change the beneficiary designation?

Answer:

Policyowner Question 18: Which of the following services is NOT included under hospitalization expense coverage?

Answer:

surgical fees Question 19: If the insured and primary beneficiary are both killed in the same accident and it cannot be determined who died first, where are the death proceeds to be directed under the Uniform Simultaneous Death Act?

Answer:

Insured's contingent beneficiary

Question 20: According to the Mandatory Uniform Policy Provisions, what is the maximum amount of time after the premium due date during which the policy remains in force even though the premium has not been paid?

Answer:

31 Days Question 21: What is the monetary penalty for willfully violating a cease-and-desist order?

Answer:

A fine of up to $500

Question 22: Which of these life products is NOT considered interest-sensitive?

Answer:

Modified Whole Life Question 23: All of the following statements regarding group health insurance is true, EXCEPT:

Answer:

An individual policy is given to each member Question 24: Under the USA Patriot Act, insurers are required to report receipt of cash

payments in excess of:

Answer:

$10,000

Question 25: Medicare Part B does NOT cover:

Answer:

inpatient hospital services Question 26: Accidental Death coverage is provided to commercial airline passengers in which of the following types of policies?

Answer:

Blanket Accident policy Question 27: Every 12-months after the initial enrollment period, an HMO must hold an open enrollment period of

Answer:

31 days