PSI INSURANCE EXAM 2024/2025 WITH 100% ACCURATE SOLUTIONS
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Module
PSI INSURANCE
Institution
PSI INSURANCE
PSI INSURANCE EXAM 2024/2025 WITH 100% ACCURATE SOLUTIONS
What is it called when a life insurance policy pays a multiple of the coverage amount when certain types of accidents occur? - Precise Answer multiple indemnity
Upon the issuance of a conditional receipt for a renewal when the premium is...
PSI INSURANCE EXAM 2024/2025 WITH
100% ACCURATE SOLUTIONS
What is it called when a life insurance policy pays a multiple of the
coverage amount when certain types of accidents occur? - Precise
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? - Precise
Answer ✔✔30 days
Which of the following statements regarding a pure life annuity payout
option is correct? - Precise 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? - Precise 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? -
Precise 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? - Precise 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 - Precise Answer ✔✔2
year period.
Which of the following is a characteristic of Health Maintenance
Organizations (HMOs)? - Precise Answer ✔✔preventive care
The life insurance policy will not be truly effective until all of the
following occur EXCEPT - Precise 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? - Precise Answer
✔✔when a third-party applicant names themselves beneficiary
Which of the following is a distinguishing feature of a variable life
insurance policy? - Precise 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 -
Precise Answer ✔✔annuitant.
,Which of the following is an example of a premium payment mode? -
Precise 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? - Precise 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? -
Precise 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? - Precise Answer ✔✔6 months
What does an application for insurance contractually represent for the
insured? - Precise Answer ✔✔an offer
Which of the following is exempted from the incontestability provision
in insurance policies? - Precise 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? - Precise Answer ✔✔elimination
period
, How long after being entitled to Social Security disability benefits will
an individual be eligible to receive Medicare benefits? - Precise Answer
✔✔2 years
If a policy is determined to be a Modified Endowment Contract (MEC),
funds received under the policy will be - Precise Answer ✔✔considered
taxable income first.
Which type of annuity attempts to offset inflation by providing a benefit
linked to an underlying investment account? - Precise Answer
✔✔variable
What is a MIB report? - Precise Answer ✔✔medical information on an
applicant for assessing life or health insurance risk
Group Life Policies typically include which of the following provisions?
- Precise 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? -
Precise 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 - Precise Answer ✔✔exclusion.
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