Exam (elaborations)
PSI life, accident, and health
- Module
- PSI Practice
- Institution
- PSI Practice
PSI life, accident, and health
[Show more]
Content preview
PSI life, accident, and healthHow long after being entitled to disability benefits will an individual be eligible to
receive Medicare benefits?
A. immediately
B. 1 year
C. 2 years
D. At age 65 - CORRECT ANSWER-2 years
What is the return of premium rider?
A. an increasing amount of term insurance that always equals the total of
premiums paid up to the current point
B. a provision that allows the insured to cancel the policy in the first two years
and have premiums refunded
C. an increasing amount of term insurance that equals the cash value of the
policy at any point in time
D. a provision that states the insurer must return any premiums paid during the
free-look period - CORRECT ANSWER-an increasing amount of term insurance
that always equals the total of premiums paid up to the current point
In a home healthcare benefit, all of the following are eligible expenses EXCEPT
A. intermittent part-time nursing care;
B. physical, occupational, or speech therapy;
C. blood transfusions
D. medical social services; - CORRECT ANSWER-blood transfusions
All of the following are classifications of risk EXCEPT
A. substandard
B. preferred
C. declined
D. non-nicotine - CORRECT ANSWER-non-nicotine
Which of the following is exempted from the incontestability provision in
insurance policies?
A. fraudulent misstatements
B. pre-existing conditions
,C. change in health
D. changes in the insurance code - CORRECT ANSWER-fraudulent
misstatements
A group conversion option may be used in all the following instances EXCEPT
A. the termination of the master policy.
B. loss of coverage due to loss of employment.
C. loss of eligibility on the part of a class of insureds.
D. a life-changing event, such as marriage, divorce, or childbirth. - CORRECT
ANSWER-a life-changing event, such as marriage, divorce, or childbirth.
Which of the following is characteristic of a non-qualified plan?
A. defined vesting schedule
B. plan established by the employer
C. plan does not meet federal guidelines for tax benefits
D. employer contributions are deductible business expenses - CORRECT
ANSWER-plan does not meet federal guidelines for tax benefits
What does it mean if a health policy is conditionally renewable?
A. Insurer may elect NOT to renew based on the health of the insured.
B. Insurer may elect NOT to renew for any reason only on the policy anniversary
or premium due date.
C. Insurer may elect NOT to renew only under conditions specified in the policy.
D. Insurer may elect NOT to review if the insured exceeds the maximum number
of claims. - CORRECT ANSWER-Insurer may elect NOT to renew only under
conditions specified in the policy.
Which of the following is TRUE of an equity-indexed annuity?
A. It is a variable annuity.
B. It may decrease in value.
C. It requires a securities license to sell.
D. It has a guaranteed minimum interest rate. - CORRECT ANSWER-It has a
guaranteed minimum interest rate
During which period of a Disability Income Policy is coverage effective but during
which no benefits will be paid under the policy?
A. benefit period
, B. elimination period
C. grace period
D. probationary period - CORRECT ANSWER-probationary period
What specific new procedures does the USA Patriot Act require of insurance
companies?
A. Establish an anti-money laundering program
B. Investigate applicants for potential terrorist links
C. Report large transactions by charitable organizations
D. To take action against employees for failure to implement the Act. -
CORRECT ANSWER-Establish an anti-money laundering program
A consumer report used to determine eligibility for insurance may include all of
the following EXCEPT
A. character.
B. reputation.
C. credit information.
D. medical underwriting exam. - CORRECT ANSWER-medical underwriting
exam.
All of the following are TRUE regarding incomplete applications EXCEPT
A. the underwriting department will return the application to the agent.
B. the applicant will have to wait additional time before coverage begins.
C. there will be a delay in the underwriting process.
D. the incomplete application can be accepted with the missing information
added later. - CORRECT ANSWER-the incomplete application can be accepted
with the missing information added later.
Compared to basic hospital, medical and surgical policies, which type of
insurance provides broader coverage, fewer gaps, higher individual benefits, and
higher policy maximums?
A. medicaid insurance
B. major medical insurance
C. supplemental medical insurance
D. long term care insurance - CORRECT ANSWER-major medical insurance
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 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 EXAMQA. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £6.19. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
73091 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now