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PSI - NY Life, Accident And Health Practice Exam /75 Questions And Answers 100% Score!!!
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PSI - NY Life, Accident And Health Practice Exam /75Questions And Answers 100% Score!!!
Quiz :Which policy provision permits the policy owner to take a specified
number of days to examine the contract, and allows for cancellation and a full
refund if the policy owner rejects the terms or costs? - Answer :Free Look
Quiz :When will a policy pay on a UCR basis? - Answer :When particular
benefits are not listed on a payment schedule
Quiz :Which type of rider reimburses health and social service expenses
incurred in a convalescent or nursing home facility? - Answer :long term care
rider
Quiz :Which of the following is exempted from the incontestability provision in
insurance policies? - Answer :Fraudulent misstatements
Quiz :What does first dollar coverage mean? - Answer :As soon as covered
medical expenses are incurred, the policy begins to pay
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 :According to the Time Payment of Claims provision, the insurer must
make the payment immediately after receiving proof of loss EXCEPT -
Answer :for claims involving periodic payments
Quiz :Which is a disadvantage to a flexible premium annuity? - Answer :the
actual amount of the annuity benefit cannot be determined in advance
Quiz :When a policy or certificate containing an accelerated benefit provision
is applied for or delivered, the producer is responsible for providing that
applicant a summary of coverage that includes all of the following EXCEPT -
Answer :a detailed and comprehensive summary of the accelerated benefit
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 :How does a noncancelable policy differ from a guaranteed renewable
policy? - Answer :with the non cancelable policy the insurer may increase
premiums only based on the terms of the policy
Quiz :What does it mean if a health policy is conditionally renewable? -
Answer :Insurer may elect NOT to renew only under the conditions specified in
the policy
Quiz :When the suicide clause is inserted in a life insurance contract, death by
suicide is not covered during the policy's initial: - Answer :2 year period
Quiz :What does coinsurance mean? - Answer :The insurer and the insured
share expenses over the deductible.
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 soon
thereafter as is reasonably possible? - Answer :Notice of claim
Quiz :The right to change the beneficiary or dispose of the policy or its benefits
in any manner one chooses is reserved to the policy owner UNLESS which of
the following is true? - Answer :The policy owner has named an irrevocable
beneficiary
Quiz :Which of the following refers to how often a premium is paid? -
Answer :Mode
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 :At which point are contractual death benefit settlement options
determined and by whom are they determined? - Answer :At the time the
policy is purchased by the owner of the policy
Quiz :All of the following are ownership rights EXCEPT - Answer :Switching the
policy from one insured to another
Quiz :All of the following are TRUE regarding incomplete applications EXCEPT -
Answer :The incomplete application can be accepted with the missing
information added later
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