PSI life, accident, and health 2023/2024//Final Exam-Michigan Life and Health Questions and Answers 2023/2024//PSI Practice exam NJ Questions And Answers 2023/health and accident exam psi Questions And Answers 2023/PSI Life, Accident & Health Insurance -O

What amount will be paid under a policy where the insured misstated his/her age? - Answer- an amount the premium would have purchased at the correct age the acceptance of a credit life application requires the submission of a certificate of insurance to the insured within_____ days - Answer- 30 d...

all of the following are ownership rights EXCEPT: A: changing the beneficiary of the policy B: borrowing funds against cash value C: switching the policy from on insured to another D: assigning all of the rights of the policy to another person - Answer- C: switching the policy from on insured to...

What is the maximum amount of time an insurer has to provide the claimant the forms for filing proof of loss? 1. 7 days 2. 15 days 3. 30 days 4. 90 days - Answer- 2. 15 days Which of the following is the most common method to supplement Medicare coverage? 1. Medicaid 2. Group health insuran...

Whose responsibility is it to make sure that the company is notified of a death claim at the earliest possible opportunity (in most cases)? the producer the funeral director the insured the insured's estate - Answer- the producer Which type of assignment occurs when a person transfers own...

Paul is an employee who caught a disease unique to the trade in which he was exposed to. Paul has a(n) - Answer- Occupational disease An immediate annuity has been purchased with a single premium. When does the annuitant typically begin receiving benefit payments? - Answer- 1 month Under which...

Admitted Insurance Company vs. Non-Admitted Insurance Company - Answer- An admitted insurance company is authorized to transact insurance in California because it has a Certificate of Authority granted by the California Department of Insurance (CDI) A non-admitted insurance company is not authori...

Annuity - Answer- -A contract between a person and an insurance company that requires the insurer to make payments to you. -You buy an annuity by making either a single payment or a series of payments -Annuity Death benefits are NOT tax deductible or taxfree Dividends - Answer- -Declared by the...

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 ...

Reduced Paid Up - Answer- Nonforfeiture option provides new whole life policy at reduced face amount of protection. Provides coverage for longest time. Extended Term - Answer- Nonforfeiture option provides new TERM policy with same face amount of coverage as original policy Guaranteed Lifetime...