XCEL - NY - Exam Simulator 1 Insurance

XCEL - NY - Exam Simulator 1 Insurance 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? - 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? - 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 - may never raise premiums What is implied authority defined as? - 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 - benefit limits An indemnity plan limitation that will pay the dental bills after a small amount is paid by the insured is called - coinsurance The entire contract provision includes all of the following EXCEPT the - Changes made by the agent Converting a group plan to permanent life insurance requires - 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) - 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? - Medicare Supplement Plan F Which of the following is present when an applicant stands to lose value if the insured dies? - Insurable interest. What is the primary factor that determines the benefits paid under a disability income policy? - Wages Suitability is best described as: - 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? - Must have Medicare coverage Fixed annuities provide each of the following EXCEPT - Hedge against inflation Which of these riders will pay a death benefit if the insured's spouse dies? - Family term insurance rider Loss of income insurance provides - 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) - 2 Which of the following is included in the entire contract according to the entire contract provision? - Application A person who is a nonsmoker, of average weight, and in excellent health would most likely be in which risk classification? - Preferred When a Medicare Supplement insurance policy is being replaced, who must sign the notice of replacement? - The agent and