PSI Practice Exam Complete Questions & Answers Verified!!

How might someone cover the extra expenses of child care and home-related costs? - ANSWER purchasing family term insurance What is the maximum amount of time the insured has to file legal action against the insurer after written proof of loss is provided? - ANSWER 3 years At which point are contractual death benefit settlement options determined and by whom? - ANSWER At the time the policy is purchased by the owner of the policy What is an impairment rider? - ANSWER It lists specific conditions in the contract that are excluded from the contract 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. What is the primary advantage for obtaining a reinstatement of a policy rather than obtaining a new one? - ANSWER insured original issue age is used What happens with the lifetime maximum benefit limit has been reached? - ANSWER The insured will pay all of the remaining medical costs for as long as the policy is in force. What is the return of premium rider? - ANSWER an increasing amount of term insurance that always equals the total of premiums paid up to the current point What does it mean if a health policy is conditionally renewable? - ANSWER Insurer may elect NOT to renew only under conditions specified in