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PSI 200 LIFE HEALTH ACCIDENT EXAM MUST KNOW QUESTIONS AND ANSWERS
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PSI 200 LIFE HEALTH ACCIDENT EXAM MUST KNOW QUESTIONS AND ANSWERS
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PSI 200 LIFE HEALTH ACCIDENT EXAMMUST KNOW QUESTIONS AND
ANSWERS
Nonforfeiture options - answer-cash value, reduced paid-up insurance, extended term
insurance
Cash value - answer-the amount of money a whole life policyholder would receive if the
policy were surrendered before death or maturity
Reduced paid-up - answer-the amount of equity (ownership) or cash accumulation in a
permanent life insurance policy.
Extended term - answer-a nonforfeiture option that allows the policyowner to use the
cash values of a lapsed permanent policy, as a net premium, to purchase term
insurance with the same amount of protection as the lapsed policy offered.
Dividend options - answer-participating policyowners have choices with regard to policy
dividends: cash, reduction of future premiums, additional paid-up insurance, accumulate
with interest.
Reduction of future premiums - answer-the net premium calculation does not take into
account future .. States' tax laws may allow insurance companies to reduce their gross
premium.
Additional paid-up insurance - answer-is available as a rider on a whole life policy. It lets
policyholders increase their death benefit and living benefit by increasing the policy's
cash value.
Accumulation at interest - answer-dividend option in which the insurer retains the
dividend to be invested.
Medicare part a - answer-hospital insurance
Medicare part b - answer-the part of the medicare program that pays for physician
services, outpatient hospital services, durable medical equipment, and other services
and supplies.
Medicare part c - answer-medicare advantage
Medicare part d - answer-prescription drug coverage
Medicare supplement policy - answer-designed to fill in the gaps of part a and part b
medicare
, Misrepresentation - answer-a false statement or lie that can render the contract void.
Concealment - answer-the deliberate withholding of information in order to financially
gain, such as obtaining an insurance policy or receiving payment on a claim under false
pretense.
Defamation - answer-the action of damaging the good reputation of someone; slander
or libel.
Twisting - answer-a form of misrepresentation in which an agent persuades an
insured/owner to cancel, lapse, or switch policies, even when it's to the insured's
disadvantage.
Rebating - answer-the practice of giving an individual a premium reduction or some
other financial advantage not stated in the policy as an inducement to purchase the
policy
Life insurance - answer-a policy that will pay a stated amount to a beneficiary upon
death of the insured.
Health insurance - answer-a broad group of policies offering protection against loss of
income due to disability, and medical expenses due to sickness and accident.
Waiver of premium - answer-if you are disabled, after 90 days, the premium is waved
- life insurance its 6 months
Payor rider - answer-optional rider that costs extra and will pay the premiums of a
juvenile policy if the owner dies or becomes disabled.
Accelerated benefit rider - answer-pays a portion of the death benefit if the insured is
diagnosed with a terminal illness.
Accidental death and dismemberment - answer-an insurance policy provision that
protects the insured if he or she suffers loss of sight or loss of limb(s) or death by
accident
Principal sum - answer-loss of 2 hands, 2 feet, 2 legs. The maximum amount payable in
the sum in event of accidental dismemberment.
Capital sum - answer-the maximum amount payable in one sum in event of accidental
dismemberment. On an ad&d policy, 1 hand, 1 feet, 1 leg
Guaranteed insurability rider - answer-allows insured to purchase additional amounts of
disability income insurance at future dates, future dates are policy anniversary dates,
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