Exam (elaborations)
LIFE, ACCIDENT AND HEALTH OR SICKNESS EXAMINATION WITH PSI QUESTIONS AND ANSWERS
- Course
- Institution
LIFE, ACCIDENT AND HEALTH OR SICKNESS EXAMINATION WITH PSI QUESTIONS AND ANSWERS
[Show more]
Content preview
LIFE, ACCIDENT AND HEALTH ORSICKNESS EXAMINATION WITH PSI
QUESTIONS AND ANSWERS
Upon the issuance of a conditional receipt for a renewal when the premium is paid
AFTER the time granted by the insurer, what is the maximum amount of time for
reinstatement of the policy? - Answer-45 Days
What does first dollar coverage mean? - Answer-As soon as covered medical expenses
are incurred, the policy begins to pay.
Compared to basic hospital, medical and surgical policies, which type of insurance
provides broader coverage, fewer gaps, higher individual benefits, and higher policy
maximums? - Answer-Major medical insurance
Which of the following provides for the continuance of life insurance coverage on a
juvenile in the event of the death or total disability of the individual responsible for the
payment of the premiums? - Answer-Payor clause
What specific new procedures does the USA Patriot Act require of insurance
companies? - Answer-Establish an anti-money laundering program.
A group conversion option may be used in all the following instances EXCEPT: -
Answer-A life-changing event, such as marriage, divorce, or childbirth.
Which of the following is true for a flexible premium annuity? - Answer-The purchaser
has the option to vary the amount of each premium payment falling between a minimum
and maximum amount.
When should a buy-sell agreement include a provision for the buy-out of an owner's
business interest in the event of a disability? - Answer-When there is a buy-sell
agreement funded with life insurance to buyout the interest of a deceased owner or
partner.
Managed care plans increase efficiency by all of the following means EXCEPT: -
Answer-transferring the management of costs to the insureds.
Which of the following amends the Social Security Act to make Medicare secondary to
group health plans? - Answer-TEFRA
All of the following are tax qualified retirement plans EXCEPT: - Answer-Section 529
Plan
, Which policy type is backed by equity investments and allows the policyholder to adjust
the death benefit? - Answer-Variable universal life
In which of the following must a beneficiary change request be filled in writing to the
insurer and is made effective by the insurance company recording the change in its
records? - Answer-Recording method
When will a policy pay on a UCR basis? - Answer-When particular benefits are not
listed on a payment schedule.
All of the following can be used to qualify for Medicare Parts A and B EXCEPT: -
Answer-Financial Need
Which of the following determines whether a person passes the financial test to qualify
for Medicaid? - Answer-State Law
Which is an example of when an immediate annuity would be appropriate? - Answer-
Upon receipt of large insurance proceeds.
Which type of coverage pays the operating costs of a small business when the owner
becomes disabled? - Answer-Business Overhead expense disability insurance
Which of the following is considered the major advantage of HIPPA - Answer-Portability
Which of the following is a characteristic of Preferred Provider Organzations - Answer-
Prearranged costs for services rendered
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.
How are issues of ambiguity usually resolved because insurance contracts are
contracts of adhesion? - Answer-In favor of the insured because the insurance company
drafts the language in the contract.
In order to AVOID being classified as an MEC, a policy must pass which of the
following? - Answer-Seven-Pay test
How do most disability policies handle the case of a recurrent disability occurring at
least 90 days after the first claim? - Answer-It must be handled as a new claim for a new
period of disability, requiring a new elimination period.
Why do equity-indexed life insurance policies have an increased premium? - Answer-
For increased amount of protection
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller biggdreamer. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
83100 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
