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PSI - NY Life, Accident and Health Practice Exam 17-55 A+ score assured (100%verified)2024/2025
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PSI - NY Life, Accident and Health Practice Exam 17-55 A+ score assured (100%verified)2024/2025
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PSI - NY Life, Accident and HealthPractice Exam 17-55
Which policy provision permits the policy owner to take a specified number of days to
examine the contract, and allows for cancellation and a full refund if the policy owner rejects
the terms or costs? - ANSFree Look
When will a policy pay on a UCR basis? - ANSWhen particular benefits are not listed on a
payment schedule
Which type of rider reimburses health and social service expenses incurred in a
convalescent or nursing home facility? - ANSlong term care rider
Which of the following is exempted from the incontestability provision in insurance policies? -
ANSFraudulent misstatements
What does first dollar coverage mean? - ANSAs soon as covered medical expenses are
incurred, the policy begins to pay
What is the waiver of premium provision? - ANSIn a long term care contract, the premium is
waived after the insured has been confined for a specific period of time
According to the Time Payment of Claims provision, the insurer must make the payment
immediately after receiving proof of loss EXCEPT - ANSfor claims involving periodic
payments
Which is a disadvantage to a flexible premium annuity? - ANSthe actual amount of the
annuity benefit cannot be determined in advance
When a policy or certificate containing an accelerated benefit provision is applied for or
delivered, the producer is responsible for providing that applicant a summary of coverage
that includes all of the following EXCEPT - ANSa detailed and comprehensive summary of
the accelerated benefit
which one of the following represents an advantage of obtaining a policy loan versus a
withdrawal? - ANSthe loan is not taxed while a withdrawal is taxed for amounts above the
contract cost basis
How does a noncancelable policy differ from a guaranteed renewable policy? - ANSwith the
non cancelable policy the insurer may increase premiums only based on the terms of the
policy
What does it mean if a health policy is conditionally renewable? - ANSInsurer may elect NOT
to renew only under the conditions specified in the policy
, When the suicide clause is inserted in a life insurance contract, death by suicide is not
covered during the policy's initial: - ANS2 year period
What does coinsurance mean? - ANSThe insurer and the insured share expenses over the
deductible.
Which of the following must be given to the insurer within 20 days after occurrence or
commencement of any loss covered by the policy, or as soon thereafter as is reasonably
possible? - ANSNotice of claim
The right to change the beneficiary or dispose of the policy or its benefits in any manner one
chooses is reserved to the policy owner UNLESS which of the following is true? - ANSThe
policy owner has named an irrevocable beneficiary
Which of the following refers to how often a premium is paid? - ANSMode
All of the following are common exclusions from loss found in disability income policies
EXCEPT for that incurred while - ANSCommitting a misdemeanor
At which point are contractual death benefit settlement options determined and by whom are
they determined? - ANSAt the time the policy is purchased by the owner of the policy
All of the following are ownership rights EXCEPT - ANSSwitching the policy from one
insured to another
All of the following are TRUE regarding incomplete applications EXCEPT - ANSThe
incomplete application can be accepted with the missing information added later
A consumer report used to determine eligibility for insurance may include all of the following
EXCEPT - ANSMedical underwriting exam
All of the following are required signatures on a life insurance application EXCEPT - ANSThe
minor in a juvenile policy
Why are insurance policies considered conditional contracts? - ANSCertain conditions need
to be met to make the contract legally enforceable.
When does insurable interest come into play in a life insurance policy? - ANSwhen the
applicant for the policy is not the insured
Which of the following occurs immediately after the application is submitted and the initial
premium paid? - ANSthe underwriting process begins
Obtaining consumer information reports under false pretenses is prosecutable by which of
the following? - ANSFair Credit Reporting Act
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