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XCEL Final Version 2 Newest 2025 Actual Questions
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Policy was returned within the free-look period, premium will be fully refunded. :- answers - :Q applied for life insurance and submitted the initial premium on January 1. The policy was issued February 1, but it was not delivered by the agent until February 7. Q is dissatisfied and returns the policy February 13. How will the insurer handle this situation? Beneficiary :- answers - :Who is NOT required to sign a life insurance application? Forward the application o the insurer without the initial premium. :- answers - :What action should a producer take if the initial premium is NOT Submitted with the application? applicant's physician :- answers - :An applicant's medical information received from the Medical Information Bureau (MIB) may be furnished to the To detect and deter terrorism :- answers - :What is the purpose of the USA Patriot Act The group was formed for a purpose other than acquiring insurance. :- answers - :Which requirement must be met for an association to be eligible for a group life plan? The policy proceeds will be paid if the employee dies during the conversion period. :- answers - :When an employee is terminated, which statement about a group term life conversion is true? Certificate :- answers - :A person who is insured within a group contract will be given a
Immediate annuity :- answers - :W is a 39-year old female who just purchased an annuity to provide income for life starting at age 60. All of these would be acceptable annuity choices EXCEPT a(n) Single premium :- answers - :An immediate annuity consists of a Social Security :- answers - :What is Old Age and Survivors Health Insurance (OASDHI) also known as? Individual Retirement Account (IRA) :- answers - :Which of these retirement plans can be started by an employee, even if another plan is in existence? at future dates specified in the contract with no evidence of insurability required. :- answers - :When does a guaranteed Insurability Rider allow the insured to buy additional coverage? Reinstatement :- answers - :Which of these provisions require proof of insurability after a policy has lapsed? the initial premium. :- answers - :The consideration clause in a life insurance policy indicated that a policy owner's consideration consists of a completed application and Entire contract provision :- answers - :what provision in a life insurance policy states that the application is considered part of the contract? Contest a claim during the contestable period :- answers - :The incontestable clause allows an insurer to Must have a terminal illness to qualify :- answers - :Which of the following statements is correct about accelerated death benefits?
30 pay life :- answers - :N is a 40-year old applicant who would like to retire at age 70. He is looking to buy a life insurance policy with level premiums, permanent protection, and be paid- up at retirement. Which of these should N purchase? age 100 :- answers - :How long does the coverage normally remain on a limited-pay life policy? does not guarantee a return on its investment accounts :- answers - :A variable insurance policy issued in an amount not to exceed the amount of the loan :- answers - :Credit life insurance is Expires at the end of the policy period :- answers - :Term insurance has which of the following characteristics? Family Maintenance Policy :- answers - :What kind of insurance policy supplies an income stream over a set period of time that starts when the insured dies? level :- answers - :What kind of premium does a whole life policy have? Level term :- answers - :D needs life insurance that provides coverage for only a limited amount of time while also paying the lowest possible premium. What kind of policy is needed? 20 - pay life :- answers - :What type of policy would offer a 40-year old the quickest accumulation of cash value? Survivor-ship :- answers - :What type of life policy covers two people and pays upon the death of the last insured?
A renewable :- answers - :T has a term policy that allows him to continue the coverage after expiration of the initial policy period. What type of term coverage is this? Investor-Originated Life Insurance :- answers - :which of these arrangements allows one to bypass insurable interest laws? Promise to pay a death benefit :- answers - :What is the consideration given by an insurer in the consideration clause of a life policy? Accidental Death and Dismemberment rider (AD&D) :- answers - :The option that provides an additional death benefit for a limited amount of time at the lowest possible cost is called a(n) Decreasing term policy :- answers - :F needs life insurance that provides coverage for only a limited amount of time with a death benefit that changes regularly according to a schedule. What kind of policy is needed? A family maintenance policy :- answers - :P is looking to purchase a life insurance policy that will pay a stated monthly income to his beneficiaries for 20 years after he dies and a lump sum of $20,000 at the end of that 20 year period. What type of policy should P purchase? describing a universal life policy as a security :- answers - :Which of the following is an example of a misrepresentation? Certificates :- answers - :Which of the following documents are NOT required to mention the Colorado Fraud Statute? 30 :- answers - :An insurer that terminates a producer's appointment must inform the Commissioner within how many days?
Limited Lines Credit :- answers - :Continuing education is required of individuals licensed to sell which of the following types of insurance? Life insurance :- answers - :Continuing education requirements in Colorado apply to which of the following persons? Resident producers :- answers - :Continuing education requirements in Colorado apply to which of the following persons? 5k :- answers - :If a producer knowingly violates the Unfair Trade Practices Laws of Colorado, the Office of the Insurance commissioner may fine the producer a MAXIMUM of which of the following amounts per violation? is incorporated and formed in CO :- answers - :In Colorado, a domestic insurance company is defined as a company that 2 yrs :- answers - :In Colorado, a producer's license must be renewed every an insurance company :- answers - :In Colorado, an individual producer is considered to represent enforce all laws of the state governing insurance companies and to make rules and regulations relating to the business of insurance. :- answers - :The duty of the Commissioner of Insurance in Colorado is to determine the solvency of the company :- answers - :The insurance Commissioner may examine the records of an insurance company in order to
protect the public :- answers - :The primary reason that Colorado requires insurance producers to be licensed is to ensure that claims filed against insolvent companies will be paid :- answers - :The purpose of Guaranty Fund is to Collecting premiums and paying then to the insurance company :- answers - :Which of the following basics is a producer's fiduciary responsibility? Writing primarily controlled business :- answers - :Which activity may result in suspension or revocation of a producer's license? Certificates of authority :- answers - :According to the Colorado Fraud Statute, all of the following must contain a warning against insurance fraud except w/in 5 business days of the insurer receiving the application :- answers - :If an annuity application was not taken in person, an insurer must provide the applicant a Buyer's Guide 20k :- answers - :On June 1, 2004 G takes out a $20,000 Whole Life insurance policy with an Accidental Death and Dismemberment rider. On July 15, 2005 G intentionally overdoses on sleeping pills and takes her own life. What will G's beneficiary receive as a death benefit? Communication or materials used within an insurer's own organization :- answers - :All of the following are considered a form of advertisement Except 1 yr :- answers - :Under the suicide clause, a life insurance claim cannot be denied due to suicide after a period of ___ from the policy's effective date.
interest to the insurer is decreased while the administrative costs are increased :- answers - :Quarterly premium payments increase the annual cost of insurance because Child term rider :- answers - :Which rider provides coverage for a child under a parent's life insurance policy? prior use of marjuana :- answers - :A Medical Information Report (MIB) report may disclose which of the following Whole life and Increasing term :- answers - :A Return of Premium Life insurance policy is Insurer's corporate business account :- answers - :Variable annuities may invest premiums in each of the following except Accumulation at Interest :- answers - :Which of the following Dividend options results in taxable income to the policyowner? Irrevocable beneficiary :- answers - :What kind of life insurance beneficiary requires his/her consent when a change of beneficiary is made? Anytime :- answers - :When can a policy-owner change a revocable beneficiary? Daughter :- answers - :K has a life insurance policy where her husband is beneficiary and her daughter is contingent beneficiary. Under the Common Disaster clause, if K and her husband are both killed in an automobile accident, where would the death proceeds be directed? 0 :- answers - :T and S are named co-primary beneficiaries on a $500,000 Accidental Death and Dismemberment policy insuring their father. Their mother was named contingent beneficiary.
Five years later, S dies of natural causes and the father is killed in a scuba accident shortly afterwards. How much of the death benefit will the mother receive? If the primary beneficiary dies before the insured :- answers - :How would a contingent beneficiary receive the policy proceeds in an Accidental Death and Dismemberment (AD&D) policy? Irrevocable :- answers - :A policy would like to change the beneficiary on a Life insurance policy and make the change permanent. Which type of designation would fulfill this need? The early years are charged more than what is needed :- answers - :What is the underlying concept regarding level premiums? Premium Mode :- answers - :A policy-owner is able to choose the frequency of premium payments through what policy feature? Mode of Premium :- answers - :A policy owner is allowed to pay premiums more than once a year under which provision? Application will be returned to the writing agent. :- answers - :An incomplete life insurance application submitted to an insurer will result in which of these actions? Applicant :- answers - :Any changes made on an insurance application requires the initials of whom? Set up a meeting with the applicant to answer the remaining questions :- answers - :P is a producer who notices 5 questions on a life application were not answered. What actions should P take?
