XCEL - NY - Exam Simulator 1 Insurance questions with correct answers

Jonas is a whole life insurance policy owner and would like to add coverage for his two children. Which of the following products would allow him to accomplish this? CORRECT ANS 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? CORRECT ANS 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 CORRECT ANS may never raise premiums What is implied authority defined as? CORRECT 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 A disability income policy can prevent an insured from earning a higher income than if he/she were working by utilizing CORRECT ANS benefit limits An indemnity plan limitation that will pay the dental bills after a small amount is paid by the insured is called CORRECT ANS coinsurance The entire contract provision includes all of the following EXCEPT the CORRECT ANS Changes made by the agent Converting a group plan to permanent life insurance requires CORRECT ANS the conversion being applied for within 31 days of termination