Xcel solutions life
insurance LIFE
INSURANCE BASICS
EXAM LATEST 2024-
2025 QUESTIONS AND
ANSWERS WELL
VERIFIED GRADED A+
The double indemnity provision in a life
insurance policy pertains to an insureds
death caused by a - ANSWER-accident
Which of the following is considered to be
an event or condition that increases the
probability of an insureds loss? - ANSWERhazard
What does the word "level" in level term
describe? - ANSWER-The face amount
Peter has a policy where 80% to 90% of the
premium is invested in traditional fixed
income securities and the remainder of the
premium is invested in contracts tied to a
stipulated stock index. What kind of policy
is this? - ANSWER-Equity index whole life
What kind of life insurance policy issued by
a mutual insurer provides a return of
divisible surplus? - ANSWER-participating
life insurance policy
All of the following are exempt from the
10% tax penalty for early qualified plan
withdrawals EXCEPT - ANSWERWithdrawing funds from a qualified plan for
the purpose of purchasing stocks or other
securities would trigger a 10% tax penalty.
Julie has a $100,000 30-year mortgage on
her new home. What type of life insurance
could she purchase that is designed to pay
off the loan balance if she dies within the
30-year period? - ANSWER-Decreasing term
insurance is normally used to pay off a
mortgage balance in the event of death of
the insured.
Sharon is the policyowner of a $50,000 life
insurance policy. Her son, Mike, is the
beneficiary. If Sharon MUST obtain Mike's
signature in order to change the
beneficiary, what kind of beneficiary
designation is this? - ANSWER-An
irrevocable beneficiary designation requires
the beneficiary's signature.
Matt is applying for life insurance and
requests a double indemnity rider. A double
indemnity benefit will be payable to Matt's
beneficiary if Matt - ANSWER-Matt's
beneficiary will be provided with the double
indemnity ride if Matt dies instantly from a
car accident.
Which type of policy combines the flexibility
of a Universal Life Policy with investment
choices? - ANSWER-When the structure and
flexibility of a universal life policy are
combined with investment choices, the
result is a variable universal life policy.
Which situation accurately describes a
reduced paid-up nonforfeiture option? -
ANSWER-Policy has a decreased face
amount. With a reduced paid-up
nonforfeiture option, the policy will have a
decreased face amount.
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