XCEL - NY - Exam Simulator 1 Questions and Answers(Graded A)
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Course
XCEL -
Institution
XCEL -
onas is a whole life insurance policyowner and would like to add coverage for his two children. Which of the following products would allow him to accomplish this? - ANSWER-Child Term Rider
Lisa has recently bought a fixed annuity. Which of these is considered to be a disadvantage of owning this...
XCEL - NY - Exam Simulator 1 Questions and
Answers(Graded A)
Jonas is a whole life insurance policyowner and would like to add coverage for his two
children. Which of the following products would allow him to accomplish this? -
ANSWER-Child Term Rider
Lisa has recently bought a fixed annuity. Which of these is considered to be a
disadvantage of owning this type of annuity? - ANSWER-During periods of inflation,
annuitants will experience a decrease in purchasing power of their payments.
In contrast to a guaranteed renewable policy, a noncancellable policy - ANSWER-may
never raise premiums
What is implied authority defined as? - ANSWER-Authority that is not specifically given
to an agent in the agency contract, but that an agent can reasonably assume to carry
out his/her duties
A disability income policy can prevent an insured from earning a higher income than if
he/she were working by utilizing - ANSWER-benefit limits
An indemnity plan limitation that will pay the dental bills after a small amount is paid by
the insured is called - ANSWER-coinsurance
The entire contract provision includes all of the following EXCEPT the - ANSWER-
Changes made by the agent
Converting a group plan to permanent life insurance requires - ANSWER-the
conversion being applied for within 31 days of termination
An agent who sells an individual life insurance policy in New York MUST deliver to the
policyowner a(n) - ANSWER-Policy Summary and Buyer's Guide
Which type of plan would be most appropriate for an individual on Medicare and is
concerned that Medicare will NOT pay or charges exceeding the approved amount? -
ANSWER-Medicare Supplement Plan F
Which of the following is present when an applicant stands to lose value if the insured
dies? - ANSWER-Insurable interest.
What is the primary factor that determines the benefits paid under a disability income
policy? - ANSWER-Wages
, Suitability is best described as: - ANSWER-obtaining information from the applicant to
determine whether an insurance or annuity product is appropriate
How does one become eligible for Part D: Prescription Drug coverage? - ANSWER-
Must have Medicare coverage
Fixed annuities provide each of the following EXCEPT - ANSWER-Hedge against
inflation
Which of these riders will pay a death benefit if the insured's spouse dies? - ANSWER-
Family term insurance rider
Loss of income insurance provides - ANSWER-an individual the means to replace
wages
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) - ANSWER-2
Which of the following is included in the entire contract according to the entire contract
provision? - ANSWER-Application
A person who is a nonsmoker, of average weight, and in excellent health would most
likely be in which risk classification? - ANSWER-Preferred
When a Medicare Supplement insurance policy is being replaced, who must sign the
notice of replacement? - ANSWER-The agent and the applicant
Which of the following actions may an insurance company NOT do in a health policy
that contains a guaranteed renewable premium benefit? - ANSWER-Increase the
premiums on an individual basis.
The premium payment mode that results in the highest overall cost would be: -
ANSWER-monthly
Disability income plans which require that the insurer can NEVER change or alter
premium rates are usually considered - ANSWER-Noncancellable
The power given to an individual producer that is not specifically address in his/her
contract is considered what type of authority? - ANSWER-Implied
Which of the following is an example of the insured's considertion? - ANSWER-A paid
premium
Under group health insurance, a certificate of coverage is issued to the - ANSWER-
employee
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