PSI INSURANCE EXAM Q&A
The dividend option where the insurer issues the policyowner a check for the dividend
amount is called a - answer-cash dividend option
Issue a cease and desist order against the agent - answer-when the superintendent
believes an agent is causing substantial and material harm, the superintendent has the
authority
Average age. - answer-an insurer would consider which of the following in determining
whether to accept a group life plan?
An agent is required to give an applicant for life insurance with long-term care benefits -
answer-a policy summary.
Health insurance policies that can be purchased to cover specific low frequency
diseases are - answer-individual limited policies.
Legal entities established for the purpose of providing group health benefits to
participants - answer-multiple employer welfare arrangements (mewas).
Employer group dental expense plans limit annual benefits in an attempt to minimize -
answer-adverse selection
Which of the following benefits will be paid to the business under a business overhead
expense policy after the elimination period - answer-an amount equal to the overhead
expenses incurred in the month prior to the owner's disability.
Amuny what guarantees a given number of acome payments, whener of not te antant
sanelo lecen tem steeled o - answer-a life annuity certain.
Annuity product linked to a market-related rate of return is called - answer-indexed
annuity.
Loans may generally be obtained against the cash value of a personal life insurance
policy and policy loan procee - answer-are not treated as taxable income.
Under the misstatement of age provision, an insurer must - answer-pay benefits
aceording to the correct age at time of apolication
Coverage for physical therapy can be provided by a health insuring corporation as a -
answer-supplemental health care service.
The superintendent is empowered to - answer-write policy forms for insurance
coverages.
, Which of the following is a life insurance contract written on the ile of an individuali -
answer-single life insurance
An agent that offers a potential insured 5% of their commission as an incentive to buy
insurance is guilty - answer-rebating
What is the renewal date of a resident insurance agents license? - answer-before the
last day of the lisccese birth month
When an insurer appointment with an agent is terminated, the party that must notify the
agent of the termination is - answer-insurer.
What is a certificate of authority? - answer-the license required for an insurer to conduct
business in the state.
What type of insurance is the cheapest option to pay off a 30-year mortgage balance -
answer-decreasing term
Covered by a group major medical plan that is provided through her employer. Her
employer contributes 15% of the premium and felicia contrbutes 25% / felicia ived a
benefit from this policy in the amount of $1,000 for a medical service, how much of this
benefit would be taxed as income? - answer-750
What is it called when an insurer writes only insureds who have known risks? - answer-
adverse selection
Nhich one of the folloing best describes "consideration" for a health insurance policy? -
answer-statements made in the application and the premium
When marketing to groups for health insurance, who should be issued a certificato as
proof of coverage - answer-employee
Contributions made to a roth ira are - answer-are not tax deductible
One of the purposes of the tomation or the medical normation bureau (s) was to -
answer-reduce fraud
Purpose of medicare supplement insurance is to address gaps in medicare coverage,
which can include - answer-medicare in-hospital deductible.
The settlement option that pays a specified amount to an annuitant, but pays no
residual value to a beneficiary is known as - answer-life income
An agent gives a prospect literature indicating that an ohio insurer can transact
business for which they are not approved, the agent is com coating been chung
lancerng! - answer-flase advertising
The dividend option where the insurer issues the policyowner a check for the dividend
amount is called a - answer-cash dividend option
Issue a cease and desist order against the agent - answer-when the superintendent
believes an agent is causing substantial and material harm, the superintendent has the
authority
Average age. - answer-an insurer would consider which of the following in determining
whether to accept a group life plan?
An agent is required to give an applicant for life insurance with long-term care benefits -
answer-a policy summary.
Health insurance policies that can be purchased to cover specific low frequency
diseases are - answer-individual limited policies.
Legal entities established for the purpose of providing group health benefits to
participants - answer-multiple employer welfare arrangements (mewas).
Employer group dental expense plans limit annual benefits in an attempt to minimize -
answer-adverse selection
Which of the following benefits will be paid to the business under a business overhead
expense policy after the elimination period - answer-an amount equal to the overhead
expenses incurred in the month prior to the owner's disability.
Amuny what guarantees a given number of acome payments, whener of not te antant
sanelo lecen tem steeled o - answer-a life annuity certain.
Annuity product linked to a market-related rate of return is called - answer-indexed
annuity.
Loans may generally be obtained against the cash value of a personal life insurance
policy and policy loan procee - answer-are not treated as taxable income.
Under the misstatement of age provision, an insurer must - answer-pay benefits
aceording to the correct age at time of apolication
Coverage for physical therapy can be provided by a health insuring corporation as a -
answer-supplemental health care service.
The superintendent is empowered to - answer-write policy forms for insurance
coverages.
, Which of the following is a life insurance contract written on the ile of an individuali -
answer-single life insurance
An agent that offers a potential insured 5% of their commission as an incentive to buy
insurance is guilty - answer-rebating
What is the renewal date of a resident insurance agents license? - answer-before the
last day of the lisccese birth month
When an insurer appointment with an agent is terminated, the party that must notify the
agent of the termination is - answer-insurer.
What is a certificate of authority? - answer-the license required for an insurer to conduct
business in the state.
What type of insurance is the cheapest option to pay off a 30-year mortgage balance -
answer-decreasing term
Covered by a group major medical plan that is provided through her employer. Her
employer contributes 15% of the premium and felicia contrbutes 25% / felicia ived a
benefit from this policy in the amount of $1,000 for a medical service, how much of this
benefit would be taxed as income? - answer-750
What is it called when an insurer writes only insureds who have known risks? - answer-
adverse selection
Nhich one of the folloing best describes "consideration" for a health insurance policy? -
answer-statements made in the application and the premium
When marketing to groups for health insurance, who should be issued a certificato as
proof of coverage - answer-employee
Contributions made to a roth ira are - answer-are not tax deductible
One of the purposes of the tomation or the medical normation bureau (s) was to -
answer-reduce fraud
Purpose of medicare supplement insurance is to address gaps in medicare coverage,
which can include - answer-medicare in-hospital deductible.
The settlement option that pays a specified amount to an annuitant, but pays no
residual value to a beneficiary is known as - answer-life income
An agent gives a prospect literature indicating that an ohio insurer can transact
business for which they are not approved, the agent is com coating been chung
lancerng! - answer-flase advertising
