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Xcel Final Exam/Comprehensive Of Life And Health Insurance With Complete Solution

S recently received a $500,000 lump sum retirement buyout from her employer. She would like to buy an annuity that will immediately furnish her with a guaranteed income for life. What type of annuity is best suited for her situation? - ️️Single Premium. Immediate Annuities are purchased with a single lump sum payment and will start providing income payments within the first year, but usually starting 30 days from the purchase date. What type of group plan involves employees sharing th...

Under group health insurance, a certificate of coverage is issued to the - employee Which of the following actions may an insurance company NOT do in a health policy that contains a guaranteed renewable premium benefit? - Increase the premiums on an individual basis A payment system for health care in which the provider is paid for each service given is called - fee-for-service The free look period provided in a life insurance policy is usually - 10 days The free-look provision gives...

Which of the following statements is CORRECT regarding the tax treatment of a lump-sum payment paid to a life insurance policy's primary beneficiary? - All proceeds are income tax free in the year they are received. A(n) _____ insurance company is one formed in a country other than the United States. - Alien Term insurance has which of the following characteristics? - Expires at the end of the policy period. Which Federal law allows an insurer to obtain an inspection report on a potent...

A savings vehicle designed to first accumulate funds and then systematically liquidates the funds is called a(n) - Deferred Annuity Cindy buys a 10-year certain annuity with an installment refund. After receiving monthly payments for 5 years, Cindy dies. How many remaining payments will the insurer make to her beneficiary? - 60 Payments What distinguishes a deferred annuity from an immediate annuity? - The time at which benefit payments start The systematic liquidation of a sum of money...

What is normally the consequence for NOT obtaining preadmission certification prior to receiving inpatient medical care? - A reduction in benefits A group-owned insurance company that is formed to assume and spread the liability risks of its members is known as a - Risk retention group During the application process, a statement made by an applicant that becomes part of the contract is considered to be a(n) - Warranty What is taken into consideration when defining "total disability" i...

in Louisiana, legal action can be taken for up to ___ year(s) against an insurer for failure to pay health insurance claims after proof of loss was submitted. - 1 When does an immediate annuity begin making payments? - After the first premium has been paid Which of the following statements is TRUE about Medicaid? - It is funded by federal, state, and local taxes The deeds and actions of a producer indicate what kind of authority? - apparent Which dividend option would an insurer inve...

In the Michigan Insurance Code, Chapter 45, insurance fraud defines financial loss as all of the following EXCEPT - additional premiums Which of the following statements are NOT true regarding the limited fungi, wet or dry rot , or bacteria coverage - HO 04 26 endorsement is used with HO 03 forms A "repair cost policy" is a home insurance policy in which the insurance carrier bases the coverage - on the property's market value B has a property policy and would like to know the perils...

The Do Not Call Registry offers exemptions for calls placed from all of the following EXCEPT - insurance sales calls Charities, political organizations, and surveys are all offered exemptions from The Do Not Call Registry The type of policy where the insurer can send a notice to the insured that the policy has been cancelled in the middle of the term is called - cancelable The renewability provision in a cancelable policy allows the insurer to cancel or terminate the policy at any time, sim...

Typically, Long-Term Disability benefits are coordinated with which benefit plan? - Social Security The focus of major medical insurance is providing coverage for - medical and hospitalization expenses An insured under a Major Medical expense plan with a zero deductible and 80/20 coinsurance provision files a $1,000 claim. How much of this claim is the insured responsible for? - $200 because this policy has a zero deductible, the insures is only responsible for the 20% coinsurance on th...

Insurance License Practice XCEL Solutions FINAL EXAM #12 - Texas Life Only Questions and answers latest update

Xcel Final Exam Questions and answers latest update