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XCEL Final Version 1 Newest 2025 Actual Questions
And Correct Detailed Answers (verified
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a producer's fiduciary responsibility includes which of the following activities? :- answers - :recording the receipt and distribution of premiums due to an insurer an agent show use reasonable accounting methods to record funds received in his or her fiduciary capacity including the receipt and distribution of all premiums do each of his or her insurers. all of the following occurrences may result in license revocation EXCEPT :- answers - :producing in an adequate amount of new premium CORRECT: having been convicted of a felony, forging another's name to an application for insurance, failing to meet court-ordered child support obligations a proposed insured for a health insurance policy was treated for heart disease within the past year. When applying for health insurance, the heart disease treatment :- answers - :indicates a pre-existing condition for what purpose is a life insurance application backdated? :- answers - :to reduce the premium what is the name of the provision which states that a copy of the application must be attached to the policy when issued? :- answers - :entire contract
a renewable term life insurance policy can be renewed :- answers - :at a predetermined date or age, regardless of the insurance health Joanne has a $100,000 whole life policy with an accumulated $25,000 of cash value. She would like to borrow $15,000 against the cash value. Which of the following statements is TRUE? :- answers - :net death benefit will be reduced if the loan is not repaid a life insurance policy normally contains a provision that restricts coverage in the event of death under all of the following situations EXCEPT :- answers - :fare-paying passenger CORRECT: pilot of personal airplane, suicide, War the above may not be covered or have restrictions. which of the following signatures is not required on an individual insurance application? :- answers - :insurer Which of the following decisions would a Health Savings Account (HSA) owner NOT to be able to make? :- answers - :the amount contributed by the employer CORRECT: the amount contributed by the owner, the underlying account Investments used, the medical expenses paid for by the HSA an individual with a Health Savings a Account (HAS) can make all of these decisions except how much the employer will contribute.
in the state of Michigan, a licensed producer :- answers - :represents the insurer which of these would NOT considered a presumptive disability? :- answers - :loss of a leg or arm CORRECT: loss of vision and speech, loss of hearing, loss of leg and arm in Michigan, a small employer is comprised of :- answers - :2 to 50 employees which of the following would be considered a possible application and contract policy holder for group health benefits? :- answers - :employer an employer would be a possible application and contract policyholder of a single Master contract or Master policy for group health benefits. Bill requires some nursing care and supervision but NOT full-time care. Which of these nursing home options would best serve him? :- answers - :Assisted Living Tim has a health insurance with a deductible of $500 and an 80/20 coinsurance. How much will she pay if she incurs a loss of $1,500? :- answers - :$ in this situation, the insured will pay $500 deductible plus $200 coinsurance = $700. $1500-$500=$ $1000×20%=$ $500+$200=$
which of the following is a requirement for ANY change in an insurance application? :- answers - :change must be initialed by the applicant what does the Consolidated Omnibus Budget Reconciliation act COBRA of 1985 allow an employee to do? :- answers - :in the event of an employment termination, group health insurance can be kept at the employee pays the when a decreasing term policies purchased, it contains a decreasing death benefit and :- answers - :level premiums major medical expense Plants provide coverage for each of the following EXCEPT :- answers - :work-related injuries CORRECT: medically necessary surgery, diagnostic tests, blood in urine lab screens a form of medical health insurance covering the treatment and care of gum disease is called :- answers - :Dental expense insurance in what form do disability income policies typically pay benefits? :- answers - :periodic income which of these techniques will remove the risk of losing money in the stock market by never purchasing stocks? :- answers - :risk avoidance health insurance involves two parents, accident and _______ :- answers - :sickness continuous 24-hour care provided by licensed medical professionals under the direct supervision of a physician is called :- answers - :skilled nursing care
the results Claus States the insurer is excused from paying the amount only the death as a result of War. the unfair trade practice of using threat or Force to restrict fair trade in the transaction of insurance is called :- answers - :intimidation Preferred Risk policies with reduced premiums are issued by insurance companies because the insured has :- answers - :better than average mortality or morbidity experience in a long term care policy, activities of daily living (ADL's) can be each of the following EXCEPT :- answers - :talking CORRECT: Dressing, transferring, feeding oneself a producer who knowingly submits a FALSE statement in support of a claim.may be found guilty of :- answers - :fraud who were Keogh plans designed to provide pension benefits for? :- answers - :the self-employed A policyholder's unmarried child is incapable of self support due to physical disability. the child is provided medical care coverage under the parent's policy :- answers - :until policy term with proof of incapacity written proof of disability and dependcy is required to prove a mental or physical handicap for a dependent child. All of the following are characteristics of a Group Life Insurance Plan EXCEPT :- answers - :individual underwriting
CORRECT: group underwriting, master contract, probationary period All of the following statements correctly describe the purpose of Social Security EXCEPT :- answers - :it provides a source of income for a meaningful standard of living during retirement CORRECT: It provides havoc protection against financial problems accompanying death, disability and retirement, it augments a sound personal insurance plan, it provides a time in survivor benefits to a worker and the workers family the authority granted to a licensed producer is provided via the :- answers - :law of agency according to the law of agency, the producer/agent represents the principal/insurer and is guaranteed actual, implied and apparent authority to act on behalf of the insurer. the law of agency makes the principal responsible for these acts of the agent. All of the following riders can increase the death benefit amount EXCEPT :- answers - :waiver of premium CORRECT: Cost of living, accidental deathrider, guaranteed insurability an insurer must furnished to a claimant forms for filing proof of loss within _____ days upon receiving a notice of claim. :- answers - : 15 which of these is not subject to income taxation under a modified endowment contract (MEC)? :- answers - :death benefit CORRECT: loan against the cash value, policy withdrawal, policy dividend
CORRECT: attracting quality employees by offering a group Life Plan, funding and entity buy-sell agreement, protecting the business by covering team plays with life insurance Shirley has a Medigap policy, which is designed to pay costs associated with :- answers - :Medicare Parts A & B what is the purpose of the medical information Bureau (MIB)? :- answers - :to help Underwriters evaluate risk the IRS allows a taxpayer to deduct medical expenses that exceed 7.5% of their adjusted gross income. Which of the following is considered a tax deductible medical expense under this rule? :- answers - :long-term care insurance premiums which of these annuities require premium payments that vary from year to year? :- answers - :flexible premium deferred annuity which of the following is considered to be an alternative to a life settlement? :- answers - :accelerated death benefit Rider Joe has a life insurance policy that has a face amount of $300,000. After a number of years, the policy's cash value accumulates the $50,000 and the face amount becomes $350,000. What kind of policy is this? :- answers - :universal life policy which annuity payout option allows the policyowner to choose a predetermined number of benefit payments? :- answers - :period certain the double indemnity provision in a life insurance policy pertains to an insurance death caused by an :- answers - :accident
call the following are examples of a business continuation plan EXCEPT :- answers - :deferred compensation CORRECT: key person Insurance, cross purchase agreement, stock Redemption plan in addition to the actual policy, an entire contract includes which of the following? :- answers - :application which type of policy combines the flexibility of a universal policy with investment choices? :- answers - :variable universal life policy without a section 125 plan in place, what would happen to an employee's payroll contribution to an HSA? :- answers - :it would be considered taxable income to the employee and insurer, in general business practice, fails to promptly provide a reasonable explanation for the denial of a claim. This is considered to be :- answers - :an unfair claim Settlement practice in Michigan, legal action can be taken against insurer for failure to pay LIFE insurance claims for a period not to exceed :- answers - :6 years The purpose of Medicare supplement insurance is to address gaps in Medicare coverage, which can include :- answers - :Medicare in hospital deductible a Securities license is required for life insurance provider to sell :- answers - :variable life insurance which of the following nursing home options would BEST suit an individual who needs some nursing Care and supervision but NOT full-time care? :- answers - :assisted living facilities
the elimination period under a hospital Indemnity plan is :- answers - :the specified number of days in insured must wait before becoming eligible to receive benefits for each hospitalization Group insurance premiums made by an employer under the terms of a taft-hartley trust or paid directly to the :- answers - :trust after an insured gives notice of loss, what must he or she do if the insurer does not furnish forms? :- answers - :file written proof of loss which of these describes the result of a modified endowment contract that failed to meet the seven pay test? :- answers - :pre-death distributions are typically taxable group dental plans with frequently place a limit on annual benefits in order to minimize :- answers - :adverse selection Rehabilitation benefit is intended to :- answers - :prepare the insured to return to employment which of these premium payment frequencies is not typically available to a policyowner? :- answers - :bi-weekly CORRECT: monthly, quarterly, semi annual Pharmacy benefit covers prescription drugs derived from a list called a :- answers - :drug formulary a health insurance policy that allows an insurer to change the policy owners premiums, but NOT cancel the policy is called :- answers - :guaranteed renewable policy
when an accident and health policy requires payment of an additional premium to provide coverage for a newborn, how many days after the birth is the first payment due? :- answers - : 31 a group disability income plan that pays tax free benefits to cover employees is considered :- answers - :fully contributory in order for a contract to be valid, it must :- answers - :contain an offer and an acceptance Krissa purchases a 10 year level term life insurance policy that has a death benefit of $200,000. Which of these statements is true? :- answers - :the face amount and premium will remain constant over the 10-year. what happens to the coverage under a children's term Rider when that child reaches a certain specified age? :- answers - :coverage is eliminated which type of annuity stops all payments upon the death of the annuitant? :- answers - :life annuity all of the following are included as part of the contract in the entire contract provision EXCEPT the :- answers - :changes made by the producer CORRECT: Riders, application, policy under which criteria may a Group Health Plan exclude participation? :- answers - :members part-time employment status CANNOT: members claim history, members current age, members pre-existing condition
A non-contributory health insurance plan helps the insurer avoid :- answers - :adverse selection because all eligible employees are usually covered, non-contributory plans are desirable from an underwriting standpoint because adverse selection is minimized. To qualify for a resident producer license in the state of Michigan, an individual :- answers - :must complete the required pre-licensing education within 12 months of license application Under an expense-incurred individual health policy, what is the MAXIMUM length of time after issuance of the policy that an insurer can exclude coverage for a pre-existing condition? :- answers - :12 months pre-existing conditions may be excluded for a maximum of 12 months from the date of enrollment. An insured has a health plan that pays established amounts in accordance with a list of injuries, surgical procedures, or other losses. This list is called a :- answers - :benefit schedule benefits schedule set predetermined limits or maximums on how much money and insured can be reimbursed for a covered loss. Who is the individual paid on a fee-for-service basis? :- answers - :Provider Which of the following is NOT an illegal inducement? :- answers - :Giving the insured an article of merchandise printed with the producer's name costing $ $5 or less of tokens or merchandise to applicants is allowed.
Making a statement that is false or maliciously critical of the financial condition of an insurer is known as :- answers - :defamation Which of the following is NOT a required provision in an accident and health insurance policy? :- answers - :change of occupation the change of occupation provision is considered an OPTIONAL provision Which of these statements about Medicaid is CORRECT? :- answers - :Funded by federal, sate, and local taxes Medicaid is funded by federal, state, and local taxes but is administered by each state. All of these are considered key factors in underwriting life insurance EXCEPT :- answers - :Marital Status Correct: tobacco use, health history, age The time limit for filing claim disputes is addressed in which provision of an accident and health policy? :- answers - :legal actions All of the following plans allow for employee contributions to be taken on a pre-tax basis EXCEPT :- answers - :Health reimbursement Arrangement plan employers contribute to health reimbursement Arrangement planz (HRA's), not employees. Which of the following gifts from a producer would NOT be considered rebating? :- answers - :$5 pen
Which of these factors would an insurer consider when determining whether to accept a group life plan? :- answers - :average age and insurer would consider the average age when determining whether to accept a group Life Plan. This MANDATORY health policy provision states that the policy, including endorsements and attached papers, constitutes :- answers - :the entire insurance contract between the parties The monthly benefit for an individual disability income policy is usually limited to a percentage of the insured's income in order to avoid :- answers - :over insurance When an insurance licensee changes his or her address under the Michigan Insurance Code, who MUST be notified? :- answers - :the commissioner of the Department of Insurance and financial services (DIFS) Jonas is a whole life insurance policyowner and would like to add coverage for his two children. Which of the following products would allow him to accomplish this? :- answers - :Child term rider A child term rider is a level term insurance that can be added to an existing policy. The typical long-term care insurance policy is designed to provide a minimum of __ year(s) of coverage. :- answers - : 1 How many employees must an employer have for a terminated employee to be eligible for COBRA? :- answers - : 20
Which of the following policies does NOT build cash value? :- answers - :Term CORRECT: straight life, endowment, variable life Which type of annuity stops all payments upon the death of the annuitant? :- answers - :Life annuity The type of annuity in which all payments cease upon the death of an annuitant is referred to as a life annuity. Under the subrogation clause, legal action can be taken by the insurer against the :- answers - :responsible third party Disability Income plans which require that the insurer can NEVER change or alter premium rates are usually considered :- answers - :Noncancellable A noncancellable policy cannot be cancelled nor can its premium rates be increased under any circumstances. Coordination of Benefits regulation applies to all of the following plans EXCEPT :- answers - :preferred provider organization plan CORRECT: group vision plan, self-funded group health plan, group health plan A spouse and child can be added to the primary insured's coverage as what kind of rider? :- answers - :Family term
