XCEL

Replacement correct answers A transaction in which a new life insurance policy is purchased and an existing life insurance policy is surrenderred is called? tax-deductible to the employer correct answers The premiums paid by an employer for his employee's group life insurance are usually conside...

Which of these is NOT considered to be a common life insurance nonforfeiture option? a. Cash surrender b. Extended term insurance c. Reduced paid-up insurance d. Life income annuity correct answers d. Life income annuity Which of these would NOT be considered a presumptive disability? ...

What does the Consolidated Omnibus Budget Reconciliation Act (COBRA) of 1985 allow an employee to do? A. In the event of employment termination, group health insurance can be kept if the employee pays the premiums B. Receive a tax credit to help offset the cost of health insurance C. Remain on th...

Under a Modified Endowment Contract, what are the likely tax consequences? correct answers •Pre-death distributions will become taxable To receive proceeds from a death benefit, a minor correct answers •must have an appointed guardian Under a Modified Endowment Contract, what are the likel...

What type of license is required for an individual who charges a fee to review an insured's existing life insurance policy ? a) Adjuster b) Life and disability counselor c) Life and disability analysis d) Life agent correct answers c) What is an insurance solicitor authorized to do ? a...

Under group health insurance, a certificate of coverage is issued to the correct answers employee Which of the following actions may an insurance company NOT do in a health policy that contains a guaranteed renewable premium benefit? correct answers Increase the premiums on an individual basis ...

Who does a life settlement broker represent? correct answers Individual wanting to sell their life policy to a third party What is the insurance term the State of California uses for an insurer that is eligible to transact business in this state? correct answers Admitted Most U.S. life insuran...

Irrevocable beneficiary correct answers What kind of life insurance beneficiary requires his/her consent when a change of beneficiary is made? Anytime correct answers When can a policy-owner change a revocable beneficiary? Daughter correct answers K has a life insurance policy where her husban...

A partial surrender is allowed in which of the following life policies? correct answers Universal life All of the following riders can increase the death benefit amount EXCEPT correct answers Waiver of Premium A health insurance policy where the insurer has the right to terminate the policy fr...

What is the primary purpose of a rating service company such as A.M Best? correct answers Determine financial strength of an insurance company What is considered to be the primary reason for buying life insurance? correct answers Provide death benefits Which of the following is NOT considered ...

Johns owns an insurance policy that gives him the right to share in the insurer's surplus. What kind of policy is this? correct answers Participating A participating company is also referred to as which type of insurer? correct answers Mutual insurer Which of the following is NOT a benefit of...

S filed a written Proof of Loss for a Disability Income claim on September 1. The insurance company did not respond to the claim. S can take legal action against the insurer beginning: correct answers November 1 What is the excise tax rate the IRS imposes on individuals aged 70 1/2 or older who d...

Which of the following requires insurers to disclose when an applicant's consumer or credit history is being investigated: correct answers 1970 - Fair Credit Reporting Act What type of reinsurance contract involves two companies automatically sharing their risk exposure? correct answers Treaty ...