XCEL NY Exam Simulator 1 Insurance 2023 160 Questions with 100 Correct Answers Updated Verified 22 Pages
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Course
NU1426
Institution
NU1426
XCEL - NY - Exam Simulator 1 Insurance | 2023 | 160 Questions with 100% Correct Answers | Updated & Verified | 22 Pages
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?
Lisa has rec...
1). 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?
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: may never raise premiums
4). What is implied authority defined as?
Ans: 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
5). A disability income policy can prevent an insured from earning a higher income than if he/
she were working by utilizing
Ans: benefit limits
6). An indemnity plan limitation that will pay the dental bills after a small amount is paid by
the insured is called
Ans: coinsurance
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, 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 conversion being applied for within 31 days of termination
9). An agent who sells an individual life insurance policy in new york must deliver 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 exceeding the approved amount?
Ans: Medicare Supplement Plan F
11). Which of the following is present when an applicant stands to lose value if the insured
dies?
Ans: Insurable interest.
12). What is the primary factor that determines the benefits paid under a disability income
policy?
Ans: Wages
13). Suitability is best described as:
Ans: obtaining information from the applicant to determine whether an insurance or
annuity product is appropriate
14). How does one become eligible for part d: prescription drug coverage?
Ans: Must have Medicare coverage
15). Fixed annuities provide each of the following except
Ans: Hedge against inflation
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, 16). Which of these riders will pay a death benefit if the insured's spouse dies?
Ans: Family term insurance rider
17). Loss of income insurance provides
Ans: an individual the means to replace wages
18). 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)
Ans: 2
19). Which of the following is included in the entire contract according to the entire contract
provision?
Ans: Application
20). A person who is a nonsmoker, of average weight, and in excellent health would most likely
be in which risk classification?
Ans: Preferred
21). When a medicare supplement insurance policy is being replaced, who must sign the notice
of replacement?
Ans: The agent and the applicant
22). Which of the following actions may an insurance company not do in a health policy that
contains a guaranteed renewable premium benefit?
Ans: Increase the premiums on an individual basis.
23). The premium payment mode that results in the highest overall cost would be:
Ans: monthly
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