XCEL PSI NY Exam Simulator 1 Questions and Answers 2024 / 2025 (Verified Answers by Expert)
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Course
Xcel
Institution
Xcel
Jonas is a whole life insurance policyowner and would like to add coveragefor his two
children. Which of the following products would allow him to accomplish this?
ANS Child Term Rider
2. Lisa has recently bought a fixed annuity. Which of these is considered to be a
disadvantage of owning this ...
XCEL - PSI NY - Exam Simulator 1.pdf file:///C:/Users/HP/Desktop/eewwww/XCEL%20-%20PSI%20NY%
XCEL PSI NY Exam Simulator 1 Questions &
Answers
1. Jonas is a whole life insurance policyowner and would like to add coveragefor his two
children. Which of the following products would allow him to accomplish this?
ANS Child Term Rider
2. Lisa has recently bought a fixed annuity. Which of these is considered to be a
disadvantage of owning this type of annuity?
ANS During periods of inflation,annuitants will experience a decrease in purchasing power of
their payments.
3. In contrast to a guaranteed renewable policy, a noncancellable policy
ANS maynever raise premiums
4. What is implied authority defined as?
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,XCEL - PSI NY - Exam Simulator 1.pdf file:///C:/Users/HP/Desktop/eewwww/XCEL%20-%20PSI%20NY%
ANS Authority that is not specifically given toan agent in the agency contract, but that an agent
can reasonably assume to carryout his/her duties
5. A disability income policy can prevent an insured from earning a higherincome
than if he/she were working by utilizing
ANS benefit limits
6. An indemnity plan limitation that will pay the dental bills after a smallamount is
paid by the insured is called
ANS coinsurance
7. The entire contract provision includes all of the following EXCEPT the
ANS -
Changes made by the agent
8. Converting a group plan to permanent life insurance requires
ANS the conversionbeing applied for within 31 days of termination
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,XCEL - PSI NY - Exam Simulator 1.pdf file:///C:/Users/HP/Desktop/eewwww/XCEL%20-%20PSI%20NY%
9. An agent who sells an individual life insurance policy in NewYork MUSTdeliver to
the policyowner a(n)
ANS Policy Summary and Buyer's Guide
10. Which type of plan would be most appropriate for an individual on Medicare and is
concerned that Medicare will NOT pay or charges exceedingthe approved amount?
ANS Medicare Supplement Plan F
11. Which of the following is present when an applicant stands to lose valueif the
insured dies?
ANS Insurable interest.
12. What is the primary factor that determines the benefits paid under adisability
income policy?
ANS Wages
13. Suitability is best described as
ANS
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