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PSI - NY LIFE, ACCIDENT AND HEALTH PRACTICE EXAM 17-55, JUST MY CARDS + 199+ 75 ( TEST) (LOT) QUESTIONS WITH COMPLETE SOLUTIONS $12.49   Add to cart
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PSI - NY LIFE, ACCIDENT AND HEALTH PRACTICE EXAM 17-55, JUST MY CARDS + 199+ 75 ( TEST) (LOT) QUESTIONS WITH COMPLETE SOLUTIONS
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PSI - NY LIFE, ACCIDENT AND HEALTH PRACTICE EXAM 17-55, JUST MY CARDS + 199+ 75 ( TEST) (LOT) QUESTIONS WITH COMPLETE SOLUTIONS

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  • August 19, 2024
  • 88
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • psi ny life accident and health practice exam 1

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  • NY State Insurance
  • NY State Insurance

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PSI - NY LIFE, ACCIDENT AND HEALTH
PRACTICE EXAM 17-55, JUST MY
CARDS + 199+ 75 ( TEST) (LOT)
QUESTIONS WITH COMPLETE
SOLUTIONS

Whichspolicysprovisionspermitssthespolicysownerstostakesasspecifiedsnumbersofsdaysstosex
aminesthescontract,sandsallowssforscancellationsandsasfullsrefundsifsthespolicysownersreject
ssthestermssorscosts?s-sans✔✔FreesLook

WhenswillsaspolicyspaysonsasUCRsbasis?s-
sans✔✔Whensparticularsbenefitssaresnotslistedsonsaspaymentsschedule



Whichstypesofsridersreimbursesshealthsandssocialsservicesexpensessincurredsinsasconvales
centsorsnursingshomesfacility?s-sans✔✔longstermscaresrider

Whichsofsthesfollowingsissexemptedsfromsthesincontestabilitysprovisionsinsinsurancespolicie
s?s-sans✔✔Fraudulentsmisstatements

Whatsdoessfirstsdollarscoveragesmean?s-
sans✔✔Asssoonsasscoveredsmedicalsexpensessaresincurred,sthespolicysbeginsstospay



Whatsisstheswaiversofspremiumsprovision?s-
sans✔✔Insaslongstermscarescontract,sthespremiumsisswaivedsaftersthesinsuredshassbeensco

nfinedsforsasspecificsperiodsofstime

AccordingstosthesTimesPaymentsofsClaimssprovision,sthesinsurersmustsmakesthespayments
immediatelysaftersreceivingsproofsofslosssEXCEPTs-
sans✔✔forsclaimssinvolvingsperiodicspayments



Whichsissasdisadvantagestosasflexiblespremiumsannuity?s-
sans✔✔thesactualsamountsofsthesannuitysbenefitscannotsbesdeterminedsinsadvance



Whensaspolicysorscertificatescontainingsansacceleratedsbenefitsprovisionsissappliedsforsorsd
elivered,sthesproducersissresponsiblesforsprovidingsthatsapplicantsassummarysofscoveragest
hatsincludessallsofsthesfollowingsEXCEPTs-
sans✔✔asdetailedsandscomprehensivessummarysofsthesacceleratedsbenefit

,whichsonesofsthesfollowingsrepresentssansadvantagesofsobtainingsaspolicysloansversussaswi
thdrawal?s-
sans✔✔thesloansissnotstaxedswhilesaswithdrawalsisstaxedsforsamountssabovesthescontractsc

ostsbasis

Howsdoessasnoncancelablespolicysdiffersfromsasguaranteedsrenewablespolicy?s-
sans✔✔withsthesnonscancelablespolicysthesinsurersmaysincreasespremiumssonlysbasedson

sthestermssofsthespolicy



Whatsdoessitsmeansifsashealthspolicysissconditionallysrenewable?s-
sans✔✔InsurersmayselectsNOTstosrenewsonlysundersthesconditionssspecifiedsinsthespolicy



Whensthessuicidesclausesissinsertedsinsaslifesinsurancescontract,sdeathsbyssuicidesissnotsco
veredsduringsthespolicy'ssinitial:s-sans✔✔2syearsperiod

Whatsdoesscoinsurancesmean?s-
sans✔✔Thesinsurersandsthesinsuredssharesexpensessoversthesdeductible.



Whichsofsthesfollowingsmustsbesgivenstosthesinsurerswithins20sdayssaftersoccurrencesorsco
mmencementsofsanyslossscoveredsbysthespolicy,sorsasssoonsthereaftersassissreasonablysp
ossible?s-sans✔✔Noticesofsclaim

Thesrightstoschangesthesbeneficiarysorsdisposesofsthespolicysorsitssbenefitssinsanysmanners
oneschoosessissreservedstosthespolicysownersUNLESSswhichsofsthesfollowingsisstrue?s-
sans✔✔Thespolicysownershassnamedsansirrevocablesbeneficiary



Whichsofsthesfollowingsrefersstoshowsoftensaspremiumsisspaid?s-sans✔✔Mode

AllsofsthesfollowingsarescommonsexclusionssfromslosssfoundsinsdisabilitysincomespoliciessE
XCEPTsforsthatsincurredswhiles-sans✔✔Committingsasmisdemeanor

Atswhichspointsarescontractualsdeathsbenefitssettlementsoptionssdeterminedsandsbyswhoms
arestheysdetermined?s-
sans✔✔Atsthestimesthespolicysisspurchasedsbysthesownersofsthespolicy



AllsofsthesfollowingsaresownershipsrightssEXCEPTs-
sans✔✔Switchingsthespolicysfromsonesinsuredstosanother



AllsofsthesfollowingsaresTRUEsregardingsincompletesapplicationssEXCEPTs-
sans✔✔Thesincompletesapplicationscansbesacceptedswithsthesmissingsinformationsaddedsl

ater

,Asconsumersreportsusedstosdetermineseligibilitysforsinsurancesmaysincludesallsofsthesfollowi
ngsEXCEPTs-sans✔✔Medicalsunderwritingsexam

AllsofsthesfollowingsaresrequiredssignaturessonsaslifesinsurancesapplicationsEXCEPTs-
sans✔✔Thesminorsinsasjuvenilespolicy



Whysaresinsurancespoliciessconsideredsconditionalscontracts?s-
sans✔✔Certainsconditionssneedstosbesmetstosmakesthescontractslegallysenforceable.



Whensdoessinsurablesinterestscomesintosplaysinsaslifesinsurancespolicy?s-
sans✔✔whensthesapplicantsforsthespolicysissnotsthesinsured



Whichsofsthesfollowingsoccurssimmediatelysaftersthesapplicationsisssubmittedsandsthesinitial
spremiumspaid?s-sans✔✔thesunderwritingsprocesssbegins



Obtainingsconsumersinformationsreportssundersfalsespretensessissprosecutablesbyswhichs
ofsthesfollowing?s-sans✔✔FairsCreditsReportingsAct

WhatsissthespurposesofsStranger-originatedslifesinsurances(STOLI)?s-
sans✔✔thespolicysissoriginatedsprimarilysorssolelysforsthespurposesofsresale



AllsofsthesfollowingsaresclassificationssofsrisksEXCEPTs-sans✔✔non-nicotine

WhatsspecificsnewsproceduressdoessthesUSAsPatriotsActsrequiresofsinsurancescompanies
?s-sans✔✔Establishsansanti-moneyslaunderingsprogram

Whatsproceduresissusedsbysansinsurerstosprotectsitselfsinstheseventsasdisputesarisessandsth
esapplicantsandsthesagentsdosnotsrecallstheschangessthatsweresmadesinsascompletedsappli
cation?s-sans✔✔Thesapplicantsandspossiblysthesagentsinitialsanyschangessmade.

WhatsissasMIBsreport?s-
sans✔✔medicalsinformationsonsansapplicantsforsassessingslifesorshealthsinsurancesrisk



Howsdoswarrantiessdiffersfromsrepresentations?s-
sans✔✔aswarrantysissguaranteedstosbestrue,sasrepresentationsissbelievedstosbestruestosthes

bestsofsone'ssknowledge.

Ifsthesinsurerswishesstossharesansapplicant'ssHIVsstatus,sthesapplicantsmustsbesgivensfullsn
oticesofsallsofsthesfollowingsEXCEPTs-
sans✔✔thestreatmentsproceduressthatsarescoveredsbysthespolicy.



WhichsofsthesfollowingswassspecificallysdesignedstosaddresssSTOLIsandsIOLIspractices?s-
sans✔✔NCOILsAct

, Whysissrehabilitationsconsideredsworthysofsfederalshelpsundersworkers'scompensation?s-
sans✔✔itsreducessinsuranceslossessandshelpssregainsthesworker'ssdignity



Insascaseswheresansindividual'sshealthsissinsuredsbysbothstheirsownspolicysandstheirsspous
e'sspolicy,swhichspolicyspayssinstheseventsofsansillness?s-
sans✔✔Thesindividual'sspolicyspayssfirst,sthesspouse'sspolicyspayssthesremainingsupstosco

veragesamount.

ThesgroupsconversionsoptionsissallowedsforsallsofsthesfollowingsEXCEPTs-
sans✔✔duringsthesannualsbenefitssenrollmentsperiod.



WhatstypesofsinsurancesshouldsascompanyspurchasesifsitswantsstosinsurestheslifesofsitssCE
O?s-sans✔✔keyspersonsinsurance

AllsofsthesfollowingsarestaxsqualifiedsretirementsplanssEXCEPTs-sans✔✔Sections529splan.

Whysissrelyingssolelysonsemployersgroupslifesinsurancesgenerallysconsideredsinadequatesf
orsmostsindividual'ssneeds?s-
sans✔✔Itsissfinanciallysinsufficientstoscoversendsofslifesexpenses.



Forsansindividualslong-
termscarespolicystheresissansannualsdollarslimitsforstaxsdeductionssthatsissbasedsonswhichso
fsthesfollowing?s-sans✔✔age

Whenscansthespremiumssofsansindividuallysownedshealthsinsurancespolicysbesdeductedsfr
omsthesindividual'ssincomestax?s-
sans✔✔whensthestaxpayer'ssmedicalsexpensessexceeds7.5%sofsadjustedsgrosssincomesd

uringsastaxablesyear

Insnoncontributorysplans,swhichspercentagesofseligiblesmemberssmustsparticipate?s-
sans✔✔100%



Shortstermsdisabilitysinsurancesgenerallysonlyscoverssinjuriessduestoswhichsofsthesfollowing
?s-sans✔✔Non-occupationalsinjuries

ManagedscaresplanssincreasesefficiencysbysallsofsthesfollowingsmeanssEXCEPTs-
sans✔✔transferringsthesmanagementsofscostsstosthesinsureds.



Underswhichssituationsmustsinsurablesinterestsexistsbetweensthesapplicantsandsinsuredsats
thestimesofsapplication?s-sans✔✔Whensasthird-
partysapplicantsnamessthemselvessbeneficiary

Whichsofsthesfollowingsisscharacteristicsofsasnonqualifiedsplan?s-
sans✔✔plansdoessnotsmeetsfederalsguidelinessforstaxsbenefits

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