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PSI LIFE, ACCIDENT, AND HEALTH PRACTICE EXAM QUESTIONS WITH CORRECT ANSWERS
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PSI LIFE, ACCIDENT, AND HEALTH PRACTICE EXAM QUESTIONS WITH CORRECT ANSWERS
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PSI LIFE, ACCIDENT, AND HEALTHPRACTICE EXAM QUESTIONS WITH
CORRECT ANSWERS
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 is the primary purpose of Health Reimbursement Accounts (HRAs)? - Answer-To
assist covered employees with the payment of medical expenses on a high deductible
plan funded through pre-tax contributions.
All of the following are characteristics of variable whole life EXCEPT - Answer-there is
no guaranteed minimum death benefit.
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.
Which of the following is TRUE of a point of service plan? - Answer-A patient's care is
coordinated by an in-network primary care physician.
Which of the following coverage types pays a monthly cash benefit following the
elimination period for total disability due to accident or sickness? - Answer-Disability
income insuran
Which of the following is TRUE of an equity-indexed annuity? - Answer-It has a
guaranteed minimum interest rate.
All of the following are characteristics of COBRA EXCEPT - Answer-change in medical
privacy procedures.
In which of the following does a covered employee agree to a reduction in
compensation so the amount can be used to cover medical expenses? - Answer-
Flexible Spending Account (FSA)
Which problem was universal life insurance designed to address? - Answer-low interest
rates during periods of high inflation
A basic vision care package includes all of the following EXCEPT - Answer-safety
glasses
Which of the following is the most common method to supplement Medicare coverage?
- Answer-Coverage offered by private insurers
, 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.
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
States generally define a true "group" for insurance as requiring a minimum of how
many participants? - Answer-10
Which of the following is defined as the dollar amount beyond which the insured no
longer participates in payment of medical expenses? - Answer-Stop Loss Limit
Which is the major reason why long term care insurance is becoming increasingly
important? - Answer-As life expectancy increases, the chances of needing long term
care also increase
Which of the following is TRUE of the limited pay whole life policy? - Answer-Coverage
continues after the policy is paid-up.
Which of the following is covered by a dread disease policy? - Answer-illnesses that do
not occur frequently but incur significant costs when they do occur
Which of the following lists the three common types of permanent individual life
insurance? - Answer-Variable Life, Whole Life, Universal Life
Which of the following is true about a decreasing term life policy? - Answer-The face
amount reaches zero at policy expiration.
Which type of life policy can be continued year after year without a required medical
examination but rates are dependent on the insured's current age? - Answer-renewable
term
Which type of annuity covers two or more annuitants and provides monthly income only
until the first annuitant dies? - Answer-Joint Life
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
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 does it mean if a health policy is conditionally renewable? - Answer-Insurer may
elect NOT to renew only under conditions specified in the policy.
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