XCEL SOLUTIONS - FINAL EXAM EXAM QUESTIONS

PDF Download

XCEL SOLUTIONS - FINAL EXAM EXAM QUESTIONS

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

-Format: Multiple-choice / Flashcard

Question 1: What type of renewability guarantees premium rates and renewability?

Answer:

Noncancellable Question 2: Within how many days after policy delivery can a Long-term Care policy be returned for a 100% premium refund?

Answer:

30 Question 3: On a life insurance policy, who is qualified to change the beneficiary designation?

Answer:

Policyowner Question 4: Which of these is NOT considered to be a cost connected with an individual's death?

Answer:

Business expenses Question 5: T has a Disability Income policy that pays a monthly benefit of $5,000. If T becomes partially disabled, what can he likely expect?

Answer:

Less than $5,000 per month benefit regardless of the cause

Question 6: A domestic insurance company in Nevada MUST

Answer:

be incorporated and formed in Nevada Question 7: What must be signed by both the producer and applicant when an existing life insurance policy is being reissued with a reduction in cash value?

Answer:

Notice regarding replacement Question 8: Which of the following is a requirement to attain a nonresident producer license?

Answer:

Be licensed as a producer in the person's state of domicile Question 9: What is the required renewability status of all Medicare supplement policies?

Answer:

Guaranteed renewable Question 10: M becomes disabled and is unable to work for six months. M dies soon after from complications arising from this disability. M has a Disability Income policy that pays $2,000 a month. Which of the following statements BEST describes what is owed to her estate?

Answer:

Earned, but unpaid benefits Question 11: D is an architect receiving Disability Income benefits who is not able to return to work full time, but can work on a part-time basis. Which of these features would allow D to continue receiving benefits?

Answer:

Residual Benefit clause Question 12: Which statement regarding the Change of Beneficiary provision is true?

Answer:

The policyowner can change the beneficiary

Question 13: Any criminal charges taken against a producer must be reported to the Commissioner of Insurance by the producer within how many days of the final disposition?

Answer:

30 Question 14: The Notice of Claims provision requires a policy owner to:

Answer:

notify an insurer of a claim within a specified time Question 15: N has a Major Medical policy that only pays a portion of N's medical expenses. N is responsible for paying the remaining balance. This provision is known as

Answer:

coinsurance Question 16: Which of the following actions is NOT required when a producer is replacing a Medicare Supplement policy?

Answer:

Producer must notify the Commissioner of replacement

Question 17: What does a Medicare Supplement policy cover?

Answer:

allowable amounts under Medicare Part B

Question 18: A Long-Term Care policy sold in Nevada MUST be

Answer:

guaranteed renewable Question 19: Which health policy clause specifies the amount of benefits to be paid?

Answer:

Insuring Question 20: J is a producer who has induced an insured through misrepresentation to surrender an existing insurance policy. What is J guilty of?

Answer:

Twisting

Question 21: Which of these is considered a true statement regarding Medicaid?

Answer:

funded by both state and federal governments Question 22: According to Nevada law, when must an agent deliver the Outline of Coverage to a Medicare Supplement applicant?

Answer:

At the time application Question 23: A non-disabled individual is first eligible for a Medicare Supplement policy at age

Answer:

65 Question 24: What kind of insurance policy supplies an income stream over a set period of time that starts when the insured dies?

Answer:

Family Maintenance policy Question 25: D was actively serving in the Marines when he was killed in an automobile accident while on leave. His $100,000 Whole life policy contains a War Exclusion clause. How much will D's beneficiary's receive?

Answer:

the full face amount Question 26: XYZ Company pays the entire premium for its group health plan. The MINIMUM percentage of eligible employees that must be covered is

Answer:

100% Question 27: Which of the following statements does NOT accurately describe the tax treatment of premiums and benefits of individual Accident and Health insurance?

Answer:

Disability income policy premiums are tax-deductible