*NURSING > QUESTIONS & ANSWERS > XCEL Exam Questions With accurate answers. Graded A. 2022/2023.. QUESTIONS BANK. aLL QUESTIONS. (ANS (All)

XCEL Exam Questions With accurate answers. Graded A. 2022/2023.. QUESTIONS BANK. aLL QUESTIONS. (ANSWERED)

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XCEL Exam Questions With accurate answers. Graded A. 2022/2023. Which of these is NOT considered to be a common life insurance nonforfeiture option? a. Cash surrender b. Extended term insur... ance c. Reduced paid-up insurance d. Life income annuity - ✔✔d. Life income annuity Which of these would NOT be considered a presumptive disability? a. Loss of vision and speech b. Loss of hearing c. Loss of a leg or arm d. Loss of a leg and arm - ✔✔c. Loss of a leg or arm A business will typically use which type of life insurance to cover their employees? a. Group policy b. Adjustable life policy c. Whole life policy d. Endowment policy - ✔✔a. Group policy Which of the following would evidence ownership in a participating health insurance? a. Stock ownership b. Irrevocable beneficiary status c. Policy ownership d. Collateral assignment - ✔✔c. Policy ownership According to the principle of Utmost Good Faith, the insured will answer questions on the application to the best of their knowledge and pay the required premium, while the insurer will deal fairly with the insured and it's a. Underwriting b. Issuance of the policy c. Promises made d. Legal reserve - ✔✔c. Promises made A life insurance policy sold in Michigan may be contested by the insurer ONLY during the first ___ year(s) of the contract. a. One b. Two c. Three d. Four - ✔✔b. Two Kim has 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? a. $200 b. $500 c. $700 d. $1,300 - ✔✔c. $700 Which of these is NOT a qualifying event for Medicare? a. On Social Security disability for over 2 years b. Kidney failure c. Age 65 or older d. Falling below the federal poverty level - ✔✔d. Falling below the federal poverty level Naming a contingent beneficiary as "all surviving children" is described by which term? a. Contingent designation b. Primary designation c. Class designation d. Tertiary designation - ✔✔c. Class designation A Roth IRA owner must be at least what age in order to make tax-free withdrawals? a. 59 1/2 and owned account for a minimum of 10 years b. 59 1/2 and owned account for a minimum of 5 years c. 70 1/2 and owned account for a minimum of 10 years d. 70 1/2 and owned account for a minimum of 5 years - ✔✔b. 59 1/2 and owned account for a minimum of 5 years Maria would like an annuity that provides a guaranteed accumulation or payout. The type of annuity she is seeking is called a. Variable payout b. Fixed accumulation c. Interest guaranteed d. Annuity certain - ✔✔d. Annuity certain What does the Group Life underwriting risk selection process help protect insurance companies from? a. Risk aversion b. Natural selection c. Adverse selection d. Risk management - ✔✔c. Adverse selection ___ is NOT an element of a valid contract? a. Legal b. Consideration c. Competent parties d. Countersignature - ✔✔d. Countersignature The act of ___ insurance does NOT require an individual to hold an insurance producer license. a. Underwriting b. Selling c. Negotiating d. Soliciting - ✔✔a. Underwriting Which of the following is included in the entire contract according to the entire contract provision? a. Investigative report b. Occupational rating c. Clauses d. Application - ✔✔d. Application Which type of life insurance is normally associated with a Payor Benefit rider? a. Juvenile insurance b. Family income insurance c. Spouse insurance d. Term rider - ✔✔a. Juvenile insurance An insurer would be committing Unfair Discrimination if coverage was denied based upon a. HIV positive result b. Marital status c. Diabetes d. A mental disorder - ✔✔b. Marital status An example of risk sharing would be a. Adding more security to a high-risk building b. Choosing not to invest in the stock market c. Doctors pooling their money to cover malpractice exposures d. Buying an insurance policy to cover potential liabilities - ✔✔c. Doctors pooling their money to cover malpractice exposures To be classified as a small employer in Michigan, an employer must employ a. 1-10 employees b. 2-50 employees c. 1-25 employees d. 2-100 employees - ✔✔b. 2-50 employees A hospital or medical expense policy will typically cover dental treatment expenses under which circumstance? a. After the annual limit of a dental policy's coverage is reached b. Dental treatment is needed to repair an injury c. Cosmetic dental treatment is performed d. If treatment is performed at a in-network provider - ✔✔b. Dental treatment is needed to repair an injury A professional liability for which producers can be sued for mistakes of putting a policy into effect is called a. Fiduciary bond b. Errors and omissions c. Fiduciary trust d. Errors and oversights - ✔✔b. Errors and omissions A whole life insurance policy accumulates cash value that becomes a. The policy loan value which the insured may borrow against b. The death benefit c. The source of funding for administration fees d. A source of funding a term rider to the policy - ✔✔a. The policy loan value which the insured may borrow against Which of the following is typically NOT eligible for coverage in a group health policy? a. Full-time employee b. Temporary employee c. Business owner d. Partner in a partnership - ✔✔b. Temporary employee Key Person Disability Insurance pays benefits to the a. Hospital b. Employee c. Employer d. Employee's creditors - ✔✔c. Employer Richard owns an insurance policy that is renewable only at the option of the insurance company. His policy is considered to be a. Cancelable b. Guaranteed renewable c. Conditionally renewable d. Optionally renewable - ✔✔d. Optionally renewable In Michigan, legal action can be taken up to __ year(s) against an insurer for failure to pay health insurance claims after proof of loss was submitted. a. 1 b. 2 c. 3 d. 4 - ✔✔c. 3 A common exclusion or limitation on a dental policy is a. Endodontics b. Tooth extractions c. Flouride treatments d. X-rays - ✔✔a. Endodontics According to the Taft-Hartley Act, group insurance premium payments made by an employer MUST be paid to the a. Trust b. State c. Insurance company d. Administrator - ✔✔a. Trust Barbara's policy includes a rider which allows her to purchase additional insurance at specific dates or events without evidence of insurability. This rider is called a(n) a. Guaranteed insurability rider b. Payor rider c. Endowment rider d. Family income rider - ✔✔a. Guaranteed insurability rider Within how many days must a Traditional IRA be rolled over to another IRA in order to avoid tax consequences? a. 30 b. 45 c. 60 d. 90 - ✔✔c. 60 Upon finding a producer guilty of forgery, the Commissioner may take all of the following actions EXCEPT? a. Impose a civil fine b. Revoke producer's license c. Place producer on probation d. Require the producer to notify his/her clients - ✔✔d. Require the producer to notify his/her clients In an employer-sponsored group accident and health plan, a master contract is issued to the a. TPA b. Employees c. Administrative Services Organization d. Employer - ✔✔d. Employer A producer has allowed his/her license to lapse by failing to complete the required continuing education credits. The license may be reinstated by completing the requirement within __ days of the renewal date. a. 45 b. 60 c. 90 d. 120 - ✔✔c. 90 In Michigan, legal action may be taken against an insurer for up to __ years for failing to pay a life insurance claim after proof of loss was submitted. a. 4 b. 5 c. 6 d. 7 - ✔✔c. 6 Under which circumstance do consumer privacy regulations allow an insured's financial information be released? a. An insured has missed a premium payment and is beyond the grace period b. A government agency would like personal information on an insurer's policyowners c. An insured has requested a full refund beyond the policy's free-look period d. An authorized agency makes a written request to the insurer during an insurance fraud investigation - ✔✔d. An authorized agency makes a written request to the insurer during an insurance fraud investigation Which of the following is NOT a valid reason for an insurer to refuse renewal of a small employer group plan? a. Coverage has been discontinued by the insurer b. Number of participants does not meet minimum requirements c. Willful misrepresentation d. Claims were higher than expected - ✔✔d. Claims were higher than expected An insurer's claim settlement practices are regulated by the a. Securities and Exchange Commission (SEC) b. National Association of Claims Adjusters (NACA) c. National Association of Insurance Commissioners (NAIC) d. State insurance departments - ✔✔d. State insurance departments Which of these would limit a company's liability to provide insurance coverage? a. Waiver b. Exclusion c. Rider d. Provision - ✔✔b. Exclusion A life insurance application may be backdated to a. Save on premiums b. Increase the producer's commission c. Ease the underwriting requirements d. Reduce the policy's death benefit - ✔✔a. Save on premiums In determining whether a pre-existing condition applies, the enrollee CANNOT have more than how many days' gap in health insurance? a. 60 b. 63 c. 65 d. 70 - ✔✔b. 63 Michigan requires that a license complete __ hours of continuing education on the subject of ethics every reporting period. a. 1 b. 2 c. 3 d. 4 - ✔✔c. 3 Which settlement option involves having the proceeds remain with the insurer and earnings paid on a monthly basis to the beneficiary? a. Interest only b. Dividends only c. Extended interest d. Fixed period - ✔✔a. Interest only Erica is 35 years old and owns an IRA. At what age can she begin to receive distributions without a tax penalty? a. 55 b. 59 1/2 c. 62 d. 70 1/2 - ✔✔b. 59 1/2 XYZ Corp pays the tax-deductible insurance premiums for a key employee disability policy. Which of the following would be the appropriate tax consequence? a. Premiums are paid with tax credits b. Benefits are partially taxable c. Benefits are fully taxable d. Premiums are paid with after-tax dollars - ✔✔c. Benefits are fully taxable 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? a. Adjustable life insurance b. Decreasing term insurance c. Increasing term insurance d. Modified life insurance - ✔✔b. Decreasing term insurance Which of the following does Medicare Part D cover? a. Intensive care coverage b. Doctor visits c. Prescription drugs d. Hospital coverage - ✔✔c. Prescription drugs What happens to interest earned if the annuitant dies before the payout start date? a. It is taxable b. It is taxable only if no beneficiary is named c. It is not taxable d. It is only taxable if contract has been in force under one year - ✔✔a. It is taxable What is Medicare Part B also known as? a. Medicare supplement b. Supplementary medical insurance c. Comprehensive insurance d. Medicaid - ✔✔b. Supplementary medical insurance All of these statements concerning whole life insurance are false EXCEPT a. Policyowner can take out a policy loan up to the face amount b. When a whole life policy is surrendered, income taxes may be owned c. Coverage is normally temporary d. The death benefit is not affected by outstanding loans - ✔✔b. When a whole life policy is surrendered, income taxes may be owned A master contract and certificate of coverage can be found in which type of policy? a. Long-term b. Medicaid c. Group d. Medicare - ✔✔c. Group What is the elimination period of an individual disability policy? a. Time period an insured must wait before coverage begins b. Time period a disabled person must wait before the benefits are paid c. Time period after the policy issue date in which the provisions are still contestable d. The point in time when benefits are no longer payable - ✔✔b. Time period a disabled person must wait before the benefits are paid A single premium cash value policy can be described as a. A policy that is paid up after only one payment b. A policy that only requires an annual payment c. A policy that is guaranteed issue d. A policy that covers two or more lives - ✔✔a. A policy that is paid up after only one payment Variable life insurance and Universal life insurance are very similar. Which of these features are held exclusively by variable universal life insurance? a. Policyowner may increase or decrease the premium payments b. Policyowner may increase or decrease the face amount c. Policyowner can contribute large sums of money d. Policyowner has the right to select the investment which will provide the greatest return - ✔✔d. Policyowner has the right to select the investment which will provide the greatest return Which of the following actions is REQUIRED by a producer who is replacing an existing life insurance policy? a. Keep replacement records on file for a least 10 years b. Notify the existing insurer of the proposed replacements c. Submit to the replacing insurer a list of the policies to be replaced d. Offer the insured a 60-day free-look period - ✔✔c. Submit to the replacing insurer a list of the policies to be replaced An example of an unfair claims settlement practice is a. Making it mandatory that proof of loss be provided for each claim b. Failing to promptly provide a reasonable explanation for the denial of claims c. Paying a claim in a timely matter d. Requiring a time limit for submitting a claim - ✔✔b. Failing to promptly provide a reasonable explanation for the denial of claims An insured was injured as an innocent bystander when someone committed a felony. The insurer is a. Likely to void the policy b. Partially liable for the loss c. Not liable for the loss d. Liable for the loss - ✔✔d. Liable for the loss What kind of life insurance policy issued by a mutual insurer provides a return of divisible surplus? a. Nonparticipating life insurance policy b. Participating life insurance policy c. Divisible surplus life insurance policy d. Straight life insurance policy - ✔✔b. Participating life insurance policy A provision that allows a policyowner to withdraw a policy's cash value interest free is a(n) a. Partial surrender b. Waiver of premium c. Automatic premium loan d. Grace period - ✔✔a. Partial surrender The type of multiple protection coverage that pays on the death of the last person is called a(n) a. Joint life policy b. Survivorship life policy c. Annuity joint policy d. Dual life policy - ✔✔b. [Show More]

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