XCEL Solutions Life Insurance Exam Practice Questions - Knoowy (2024)

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What is the primary purpose of life insurance?

XCEL Solutions Life Insurance Exam Practice Questions - Knoowy (33)Flip card

Answer to: What is the primary purpose of life insurance?Answer:

The primary purpose of life insurance is to provide financial protection to beneficiaries in the event of the insureds death.

XCEL Solutions Life Insurance Exam Practice Questions - Knoowy (34)Flip card

What is a beneficiary in a life insurance policy?

XCEL Solutions Life Insurance Exam Practice Questions - Knoowy (35)Flip card

Answer to: What is a beneficiary in a life insurance policy?Answer:

A beneficiary is a person or entity designated to receive the death benefit from a life insurance policy upon the insureds death.

XCEL Solutions Life Insurance Exam Practice Questions - Knoowy (36)Flip card

What is the difference between term life insurance and whole life insurance?

XCEL Solutions Life Insurance Exam Practice Questions - Knoowy (37)Flip card

Answer to: What is the difference between term life insurance and whole life insurance?Answer:

Term life insurance provides coverage for a specific period, while whole life insurance provides coverage for the insureds entire life and includes a savings component.

XCEL Solutions Life Insurance Exam Practice Questions - Knoowy (38)Flip card

What is a premium in life insurance?

XCEL Solutions Life Insurance Exam Practice Questions - Knoowy (39)Flip card

Answer to: What is a premium in life insurance?Answer:

A premium is the amount of money paid by the policyholder to the insurance company to maintain coverage.

XCEL Solutions Life Insurance Exam Practice Questions - Knoowy (40)Flip card

What is a death benefit?

XCEL Solutions Life Insurance Exam Practice Questions - Knoowy (41)Flip card

Answer to: What is a death benefit?Answer:

A death benefit is the amount of money paid to the beneficiary upon the death of the insured.

XCEL Solutions Life Insurance Exam Practice Questions - Knoowy (42)Flip card

What is underwriting in life insurance?

XCEL Solutions Life Insurance Exam Practice Questions - Knoowy (43)Flip card

Answer to: What is underwriting in life insurance?Answer:

Underwriting is the process by which an insurance company evaluates the risk of insuring an applicant and determines the premium and coverage terms.

XCEL Solutions Life Insurance Exam Practice Questions - Knoowy (44)Flip card

What factors can affect life insurance premiums?

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Answer to: What factors can affect life insurance premiums?Answer:

Factors that can affect life insurance premiums include age, health, lifestyle, occupation, and the amount of coverage desired.

XCEL Solutions Life Insurance Exam Practice Questions - Knoowy (46)Flip card

What is a policyholder?

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Answer to: What is a policyholder?Answer:

A policyholder is the person who owns the life insurance policy and is responsible for paying the premiums.

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Question:

What is the primary purpose of life insurance?

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Answer:

The primary purpose of life insurance is to provide financial protection to beneficiaries in the event of the insureds death.

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Question:

What is a beneficiary in a life insurance policy?

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Answer:

A beneficiary is a person or entity designated to receive the death benefit from a life insurance policy upon the insureds death.

Your answer:

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Question:

What is the difference between term life insurance and whole life insurance?

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Answer:

Term life insurance provides coverage for a specific period, while whole life insurance provides coverage for the insureds entire life and includes a savings component.

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Question:

What is a premium in life insurance?

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Answer:

A premium is the amount of money paid by the policyholder to the insurance company to maintain coverage.

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Question:

What is a death benefit?

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Answer:

A death benefit is the amount of money paid to the beneficiary upon the death of the insured.

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Question:

What is underwriting in life insurance?

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Answer:

Underwriting is the process by which an insurance company evaluates the risk of insuring an applicant and determines the premium and coverage terms.

Your answer:

input text value

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Question:

What factors can affect life insurance premiums?

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Answer:

Factors that can affect life insurance premiums include age, health, lifestyle, occupation, and the amount of coverage desired.

Your answer:

input text value

XCEL Solutions Life Insurance Exam Practice Questions - Knoowy (56) Ask answers again

Question:

What is a policyholder?

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Answer:

A policyholder is the person who owns the life insurance policy and is responsible for paying the premiums.

Your answer:

input text value

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This set of 64 practice questions is designed to help you prepare for the XCEL Solutions Life Insurance Exam. Each question is followed by its corresponding answer to assist you in understanding key concepts and ensuring you are well-prepared for the test.

XCEL Solutions Life Insurance Exam Practice Questions - Knoowy (67)Number

64 questions

XCEL Solutions Life Insurance Exam Practice Questions - Knoowy (68)Language

English

XCEL Solutions Life Insurance Exam Practice Questions - Knoowy (69)Made on

07-02-2024

XCEL Solutions Life Insurance Exam Practice Questions - Knoowy (70)Education

University/Western Governor's University/Business

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