100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
PSI Insurance Exam OH Life, Accident, and Health Questions with 100% Actual correct answers | verified | latest update | Graded A+ | Already Passed | Complete Solution £6.47   Add to cart
Quickly navigate to
Preview
  2.  
  3. PSI
  4.  
  5. PSI
  6.  
  7. PSI

Exam (elaborations)

PSI Insurance Exam OH Life, Accident, and Health Questions with 100% Actual correct answers | verified | latest update | Graded A+ | Already Passed | Complete Solution

 5 views  0 purchase
  • Institution
  • PSI

PSI Insurance Exam OH Life, Accident, and Health Questions with 100% Actual correct answers | verified | latest update | Graded A+ | Already Passed | Complete Solution

Preview 3 out of 23  pages

Document information

  • June 23, 2024
  • 23
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • psi insurance exam oh life accident and health q

Written for

All documents for this subject (1097)

Seller

avatar-seller
Hkane

Reviews received

Content preview

PSI Insurance Exam OH Life, Accident,
and Health
What is it called when a life insurance policy pays a multiple of the coverage
amount when certain types of accidents occur? - CORRECT ANSWER-multiple
indemnity

Upon the issuance of a conditional receipt for a renewal when the premium is
paid AFTER the time granted by the insurer, what is the maximum amount of
time for reinstatement of the policy? - CORRECT ANSWER-30 days

Which of the following statements regarding a pure life annuity payout option is
correct? - CORRECT ANSWER-This option provides the highest monthly
income.

Which of the following does not apply to the time limit on certain defenses
provision in health insurance policies? - CORRECT ANSWER-fraudulent
misstatements

If an individual is insured by both their own health insurance policy and their
spouse's policy, which policy pays first in the event of an illness? - CORRECT
ANSWER-The individual's policy pays first, the spouse's policy pays the
remaining up to coverage amount.

When can the premiums of an individually owned health insurance policy be
deducted from the individual's income tax? - CORRECT ANSWER-when the
taxpayer's unreimbursed medical expenses exceed 7.5% of adjusted gross
income during a taxable year

When the suicide clause is inserted in a life insurance contract, death by suicide
is not covered during the policy's initial - CORRECT ANSWER-2 year period.

Which of the following is a characteristic of Health Maintenance Organizations
(HMOs)? - CORRECT ANSWER-preventive care

,The life insurance policy will not be truly effective until all of the following occur
EXCEPT - CORRECT ANSWER-the producer has explained the policy to the
client.

Under which situation must insurable interest exist between the applicant and
insured at the time of application? - CORRECT ANSWER-when a third-party
applicant names themselves beneficiary

Which of the following is a distinguishing feature of a variable life insurance
policy? - CORRECT ANSWER-The cash value earnings are based on the
performance of the separate account.

The person who receives the benefit of an annuity is known as the - CORRECT
ANSWER-annuitant.

Which of the following is an example of a premium payment mode? - CORRECT
ANSWER-annual premium payment

How do most disability policies handle the case of a recurrent disability occurring
at least 90 days after the first claim? - CORRECT ANSWER-it must be handled
as a new claim for a new period of disability, requiring a new elimination period.

Which of the following is true for most comprehensive dental policies? -
CORRECT ANSWER-Routine care is provided without coinsurance or
deductibles.

Under a Medicare Supplement Policy, preexisting conditions CANNOT be
excluded after how many months from the effective date of the policy? -
CORRECT ANSWER-6 months

What does an application for insurance contractually represent for the insured? -
CORRECT ANSWER-an offer

Which of the following is exempted from the incontestability provision in
insurance policies? - CORRECT ANSWER-fraudulent misstatements

, Which of the following may be thought of as a time deductible rather than a dollar
deductible in a disability income policy because benefits are not payable during
that time? - CORRECT ANSWER-elimination period

How long after being entitled to Social Security disability benefits will an
individual be eligible to receive Medicare benefits? - CORRECT ANSWER-2
years

If a policy is determined to be a Modified Endowment Contract (MEC), funds
received under the policy will be - CORRECT ANSWER-considered taxable
income first.

Which type of annuity attempts to offset inflation by providing a benefit linked to
an underlying investment account? - CORRECT ANSWER-variable

What is a MIB report? - CORRECT ANSWER-medical information on an
applicant for assessing life or health insurance risk

Group Life Policies typically include which of the following provisions? -
CORRECT ANSWER-conversion privilege

In a case where an individual's health is insured by both their own policy and
their spouse's policy, which policy pays in the event of an illness? - CORRECT
ANSWER-The individual's policy pays first, the spouse's policy pays the
remaining up to coverage amount.

The feature of a Life Insurance Policy stating that the policy will NOT cover
certain risks is known as - CORRECT ANSWER-exclusion.

The primary purpose of Health Reimbursement Accounts (HRAs) is to assist -
CORRECT ANSWER-covered employees with the payment of medical expenses
on a high deductible plan funded through pre-tax contributions.

What type of insurance should a company purchase if it wants to insure the life of
its CEO? - CORRECT ANSWER-key person insurance

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

Quick and easy check-out

You can quickly pay through credit card for the summaries. There is no membership needed.

Focus on what matters

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 Hkane. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for £6.47. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

62890 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

Start selling
£6.47
  • (0)
  Add to cart