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PSI: LIFE, ACCIDENT, AND HEALTH PRACTICE EXAM/75 QUESTIONS AND ANSWERS (A+)
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PSI: LIFE, ACCIDENT, AND HEALTH PRACTICE EXAM/75 QUESTIONS AND ANSWERS (A+)
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PSI: LIFE, ACCIDENT, AND HEALTHPRACTICE EXAM/75 QUESTIONS
AND ANSWERS (A+)
Under the misstatement of age or gender provision,
what happens if it is determined at death that the
insured's age or gender was misstated on a life
insurance policy application? - √Answer :Benefits are
adjusted to an amount that the premium would have
purchased at the correct age or gender.
Quiz :Which of the following must be given to the insurer
within 20 days after occurrence or commencement of
any loss covered by the policy, or as thereafter as is
reasonably possible? - √Answer :Notice of claim.
Quiz :When will a policy pay on a UCR basis? -
√Answer :When particular benefits are not listed on a
payment schedule.
Quiz :All of the following are non-forfeiture options
EXCEPT - √Answer :Cash dividend option.
Quiz :What happens when the lifetime maximum benefit
limit has been reached? - √Answer :The insured will pay
all of the remaining medial costs for as long as the
policy is in force.
Quiz :Whose responsibility is it to make sure that the
company is notified of a death claim at the earliest
possible opportunity (in most cases)? - √Answer :The
producer.
, Quiz :What is the waiver of premium provision? -
√Answer :In a long term care contract, the premium is
waived after the insured has been confined for a specific
period of time.
Quiz :All of the following are common exclusions from
loss found in disability income policies EXCEPT for that
incurred while? - √Answer :Committing a misdemeanor
Quiz :Which is a disadvantage to a flexible premium
annuity? - √Answer :The actual amount of the annuity
benefit cannot be determined in advance.
Quiz :What does coninsurance mean? - √Answer :The
insurer and the insured share expenses over the
deductible.
Quiz :Under normal conditions which of the following is
TRUE for proof of loss when a single loss is claimed? -
√Answer :The insured has 90 days from the date of loss
to provide proof of loss.
Quiz :Which one of the following represents an
advantage of obtaining a policy loan versus a
withdrawal? - √Answer :The loan is not taxed while a
withdrawal is taxed for amounts above the contract cost
basis.
Quiz :All of the following statements define preexisting
conditions EXCEPT? - √Answer :Any chronic health
condition that presents symptoms and which was
unknown at the time of application.
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