XCEL PRACTICE EXAMS EXAM QUESTIONS

PDF Download

XCEL PRACTICE EXAMS EXAM QUESTIONS

Actual Qs and Ans - Expert-Verified Explanation -Guaranteed passing score -99 Questions and Answers

-Format: Multiple-choice / Flashcard

Question 1: dismemberment

Answer:

All of these are considered to be a benefit under Social Security, EXCEPT for:

Question 2: Full benefits are payable under the Master contract

Answer:

An employee with $25,000 group term life coverage was recently fired. This employee's group coverage

may be converted to a:

Question 3: All of these statements about Equity Indexed Life Insurance are correct, EXCEPT:

Answer:

The premiums can be lowered or raised, based on investment performance

Question 4: The early years are charged more than what is needed

Answer:

C is trying to determine whether to convert her convertible term life policy to whole life insurance using her original age or attained age. What factor would affect her decision the most?Question 5: M has an insurance policy that also has an outstanding policy loan at the time of

M's death. The insurer will deduct the outstanding loan balance from the:

Answer:

policy proceeds

Question 6: What is the Suicide provision designed to do?

Answer:

safeguard the insurer from an applicant who is contemplating suicide

Question 7: $2,500

Answer:

All of the following statements about traditional individual retirement accounts are false EXCEPT

Question 8: Variable annuity

Answer:

Which of the following is NOT included in an annuity contract?Question 9: A variable insurance policy:

Answer:

does not guarantee a return on its investment accounts

Question 10: 10% penalty is applied to withdrawals before age 59 1/2

Answer:

In a qualified retirement plan, the yearly contributions to an employee's account:

Question 11: beneficiary

Answer:

An agent gives a conditional receipt to a client for an insurance policy after collecting the initial premium.When will the policy become effective?

Question 12: accidental

Answer:

What is considered to be a characteristic of an immediate annuity?

Question 13: unemployment

Answer:

Q is severely injured in an automobile accident and becomes totally disabled. How many months must Q be disabled before being able to apply for Social Security disability benefits?

Question 14: are restricted to maximum levels set by the IRS

Answer:

Post-tax dollar contributions are found in:

Question 15: the cost

Answer:

When can a policyowner change a revocable beneficiary?Question 16: A policy loan is made possible by which of these life insurance policy features?

Answer:

Cash value provision

Question 17: Life Annuity with Period Certain

Answer:

Which of the following annuities pays benefits based on units rather than specific dollar amounts?Question 18: A potential client, age 40, would like to purchase a Whole Life policy that will accumulate cash value at a faster rate in the early years of the policy. Which of these statements made by the producer would be correct?

Answer:

20-Pay Life accumulates cash value faster than Straight Life Question 19: What does a Face Amount Plus Cash Value Policy supposed to pay at the insured's death?

Answer:

Face amount plus the policy's cash value

Question 20: detect and deter terrorism

Answer:

An applicant's medical information received from the Medical Information Bureau (MIB) may be

furnished to the:

Question 21: Variable Life products require a producer to

Answer:

hold a Life Insurance license and a Securities license

Question 22: Group was formed for a purpose other than acquiring insurance

Answer:

Under a trustee group life policy, who would be eligible for a certificate of coverage?

Question 23: A minimum number of employees is required to participate

Answer:

Which requirement must be met for an association to be eligible for a group life plan?

Question 24: irrevocable

Answer:

On a life insurance policy, who is qualified to change the beneficiary designation?

Question 25: AD&D rider

Answer:

The type of annuity that can be purchased with one monetary deposit is called a(n): Question 26: Policy proceeds will be paid if the employee dies during the conversion period

Answer:

If its employees share in the cost of insurance, what type of group life insurance plan would a corporation have?

Question 27: Testing positive for marijuana use from a previous screening

Answer:

What is the purpose of the U.S.A. Patriot Act?Question 28: What kind of special need would a policyowner require with an Adjustable Life insurance policy?

Answer:

flexible premiums

Question 29: Prior use of marjuana

Answer:

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