PSI 200 Life Health Accident EXAM Must Know questions and answers with solutions 2025
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PSI life, accident, and health
Institution
PSI Life, Accident, And Health
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 ca...
PSI 200 Life Health Accident EXAM Must
Know
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.
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