Xcel Life Insurance Exam

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have to pay if she, not having met any of her deductible, visits the doctor and receives a bill for $125? Kate has a Major Medical Plan with a 75/25 coinsurance and a deductible of $25. How much will she

$50.00

the policy equals $250,000. Rob recently died at age 60. The death benefit would be insurance agent told him the policy would be paid up if he reached age 100. The present cash value of Rob purchased a standard whole life policy with a $500,000 death benefit when he was age 30. His

$500,000

The typical long-term care insurance policy is designed to provide a minimum of__________ year(s) of coverage

1

A disability policy where the premiums are due monthly require a grace period of

10 days

Kathy pays a monthly premium on her health insurance policy. How long is her grace period?

10 days

The free look period provided in a life insurance policy is usually

10 days

Group accident and health insurance policies issued in New York must generally include an unmarried dependent child who is_____ years old or younger.

19

After year(s) from date of issue, an individual health insurance policy can no longer be cancelled by the insurer for misstatements (except for fraud).

2

An individual life insurance policy becomes incontestable after it has been in force for

2 years

Employees are required to work at least _________hours per week to become eligible for a small employer health plan

20

An employer may qualify for health care tax credits through SHOP Marketplace if that employer has fewer than how many employees?

25

Which of the following is NOT an eligible dependent on an Accident and Health policy?

27 year old married child

Upon meeting company requirements, a lapsed life insurance policy may be reinstated within_______ year(s).

3

Which of the following is considered to be an alternative to a life settlement?

Accelered death benefit rider

How does life insurance create an immediate estate?

After first premium is paid, the face amount may be available to the beneficiary

When does an immediate annuity begin making payments?

After multiple premiums have been paid

The is responsible for determining the appropriateness of a Medicare Supplement policy for an applicant.

Agent

Which of the following is INELIGIBLE to participate in a Section 125 Plan?

An S-Corp Owner with a greater than 2% share

A disability policyowner is injured and becomes totally disabled. The benefits pay for 2 years, starting from the date of the injury. What is this time period called?

Benefit period

With a scheduled dental policy, how are covered expense paid?

Benefits are limited to a specific maximum dollar amount per procedure

How are health plans classified according to the Affordable Care Act?

Bronze, Silver, Gold, Platinum

The coverage, conditions, and limitations in the master policy of a group contract can be found in which document?

Certificate of coverage and benefits

Which of the following is included in the entire contract according ti the entire contract provison?

Clauses

with the same insurer Tim is covered under a group plan and would like to change his group coverage to an individual policy because of employment termination. Which of these describes the change that will take place?

Conversion

Which of the following statements is NOT true regarding a Critical Illness Plan?

Coverage is limited to a single devastating disease

In group health care, what is the purpose of the coordination of benefits provision?

Determines what is paid by the primary and secondary insurers in the event of a claim

Which of the following is NOT a duty of the Superintendent?

Establish rates for the insurers

Which of these would limit a company's liability to provide insurance coverage?

Exclusion

All of these are characteristics of a universal life insurance policy EXCEPT

Fixed surrender value

Which of these statements about Medicaid is CORRECT?

Funded by federal, state, and local taxes

Under the Affordable Care Act, which of these plans is designed to provide coverage that is actuarially equivalent to 80% of the full actuarial value of the benefits provided under the plan?

Gold

Which type of long-term care benefit would be most appropriate for a stroke victim who requires speech therapy administered at her home?

Home health care

Which of these is a method of determining the level of funds required for ongoing support in the event of the breadwinner's death?

Human life value

Which approach predicts a person's earning potential and determines how much of that amount would be devoted to dependents?

Human life value approach

Which of these is considered a major tax advantage of life insurance?

Income tax is typically not owed on proceeds paid directly to a beneficiary

Health insurance will typically cover which of the following perils?

Injury due to accident

In regards to a life insurance contract, which of the following statements is NOT true regarding the concept of insurable interest?

Insurable interest can be established sufficiently by sentimental attachment alone

Which type of annuity stops all payments upon the death of the annuitant?

Life annuity

Which settlement option pays a stated amount to an annuitant, but no residual value to a beneficiary?

Life income

The purpose of Medicare Supplement Insurance is to address gaps in Medicare coverage, which can include

Medicare in-hospital deductible

All of the following are typically included in a life insurance policy illustration EXCEPT

Names of the beneficiaries

How are contributions made to a Roth IRA handled for tax purposes?

Not tax deductible

Within how many days must a rollover be completed in order to avoid being taxed as current income?

O 60

Which of the following is NOT covered by New York workers compensation laws?

OOn-the-job injury that was both intentional and self-inflicted

Which of the following is NOT covered under Workers' Compensation?

Pain and suffering

A policyowner suffers an injury that renders him incapable of performing one or more important job duties. Any decrease in income resulting from this injury would make him eligible for benefits under which provision?

Partial disability

Replacement regulation is designed to protect

Policyowners from mirepresentation and loss of benefits

An individual who removes the risk of losing money in the stock market by never purchasing stocks is said to be engaging in

Risk avoidance

Which of the following enables a life policy to be replaced with another life policy and results in the postponement of the tax consequence?

Section 1035 exchange

What does "SHOP" stand in SHOP Exchange?

Small Business Health Options Program

What does a life insurance policy guarantee to the stated beneficiary upon the death of the insured?

Specified amount of money

Which of these will have the highest monthly payout upon annuitization

Straight life

In a Long-Term Care policy, activities of daily living (ADL's) can be each of the following EXCEPT

Talking

Which of the following policies does NOT build cash value?

Term

What is a corridor in relation to a Universal Life insurance policy?

The gap between the total death benefit and the policy's cash value

In which of the following situations would the insurer be liable for a loss?

The insured suffered an injury as an innocent bystander during a bank robbery

Under the Affordable Care Act, how would a grandfathered health plan lose its grandfathered status?

The insurer significantly raises co-insurance charges, deductibles, or co-payment charges

What happens when an insurance policy is backdated?

The policy's effective date is earlier than the present

Which of the following pertains to the analysis of an applicant's personal information and determining whether insurance should be issued or declined?

Underwriting

When does a life insurance policy typically become effective?

When initial premium is collected and policy is issued

When are group disability benefits considered to be tax-free to the insured?

When the recipient pays the premiums

Major Medical expense plans provide coverage for each of the following EXCEPT

Work-related injuries

Major medical insurance will typically cover medical expenses that result from

a negative reaction to prescribed medication

The double indemnity provision in a life insurance policy pertains to an insured's death caused by a(n)

accident

All of these are valid policy dividend options for a life insurance policyowner EXCEPT

accumulate without interest

An insurance consultant is BEST defined as a(n)

agent who charges fees for advice

A life settlement intermediary is a(n)

association which maintains a facility that displays offers and counteroffers for purchasers or sellers of life settlement contracts

The purpose of the Coordination of Benefits provision in group accident and health plans is to

avoid overpayment of claims

A domestic insurance company in New York MUST

be formed under the laws of New York

A disability income policy can prevent an insured from earning a higher income than if he/she were working by utilizing

benefit limits

An accident and health insurer has just received written proof of loss from one of its insureds. The insured must now wait 60 days before

bringing legal action agaínst the insurer

A provision that allows a policyowner to temporarily give up ownership rights to secure a loan is called a(n)

collateral assignment

Life insurance policies will normally pay for losses arising from

commercial aviation

John the agent made public statements that falsely portrayed an insurer as insolvent. John would be likely found guilty of

defamation

An example of a tax-qualified retirement plan would be a(n)

defined contribution plan

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

dies instantly from a car accident

A Medicare Supplement policy must NOT contain benefits which

duplicate Medicare benefits

Purchasing a life insurance policy in order to avoid the forced sale of assets upon death is called

estate conservation

Under a non-qualified annuity, interest is taxed after the

exclusion ratio has been calculated

Premium mode is a term used to describe the

frequency of the premium payment

due date where she can still make payment and avoid Janice forgot to make her insurance premium payment by the due date. The specified period after the discontinuance of her coverage is called the

grace period

The amount received for a life insurance policy in a life settlement is _________ than the death benefit.

less

A life settlement broker is someone who is

licensed to negotiate a life settlement contract

A limited payment whole life policy provides

lifetime protection

An employer is issued a group medical insurance policy. This single contract is known as a(n)

master policy

Prior to conducting an HIV test, the insurer is required to

obtain a written authorization from the proposed insured

Medicaid is intended for

poverty stricken people

The Federal Employees Benefit Program consists of two types of health plans for federal civilian employees. The two plans are fee-for-service and

prepaid

A health insurance policy will typically cover

preventative health services

Decreasing term life insurance is often used to

provide coverage for a home mortgage

An insurance producer is often responsible for field underwriting during the application process. All of these are possible field underwriting roles EXCEPT

providing commission information to the applicant

An example of misrepresentation is

providing incorrect, misleading, incomplete, or materially untrue information in the license application

This MANDATORY health policy provision states that the policy, including endorsements and attached papers, constitutes

the entire insurance contract between the parties

Legal purpose is a term used in contract law meaning

there must be legal reasons for entering into the contract

Tom the agent replaced a client's insurance policy when it was not in the client's best interest. Tom could be found guilty of

twisting

An annuitant dies during the distribution period. What kind of annunity will return to a beneficiary the difference between the annunity value and the income payment already made?

Refund annuity

Coordination of benefits regulation applies to all of the following plans EXCEPT

Preferred provider Organization plan

All Health Benefit Plans issued after January 1, 2014 must provide

Preventative health services

Which of the following provides Medicare supplement policies?

Private insurance companies

What is the purpose of a Disability Income Benefit?

Provide money for living expenses


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