©SOPHIABENNETT@2024-2025 Monday, August 26, 2024 6:09 AM
XCEL - NY - Exam Simulator 1 Practice
Questions and Answers (100% Pass)
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
1
, ©SOPHIABENNETT@2024-2025 Monday, August 26, 2024 6:09 AM
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
2
, ©SOPHIABENNETT@2024-2025 Monday, August 26, 2024 6:09 AM
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.
3
XCEL - NY - Exam Simulator 1 Practice
Questions and Answers (100% Pass)
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
1
, ©SOPHIABENNETT@2024-2025 Monday, August 26, 2024 6:09 AM
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
2
, ©SOPHIABENNETT@2024-2025 Monday, August 26, 2024 6:09 AM
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.
3
