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PSI_ LIFE, ACCIDENT, AND HEALTH PRACTICE EXAM Questions with 100% Actual correct answers | verified | latest update | Graded A+ | Already Passed | Complete Solution $7.99   Add to cart
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PSI_ LIFE, ACCIDENT, AND HEALTH PRACTICE EXAM Questions with 100% Actual correct answers | verified | latest update | Graded A+ | Already Passed | Complete Solution

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PSI_ LIFE, ACCIDENT, AND HEALTH PRACTICE EXAM Questions with 100% Actual correct answers | verified | latest update | Graded A+ | Already Passed | Complete Solution

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  • June 23, 2024
  • 8
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • psi life accident and health practice exam ques

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PSI: LIFE, ACCIDENT, AND HEALTH
PRACTICE EXAM
Under the misstatement of age or gender provision, what happens if it is
determined at death that the insured's age or gender was misstated on a life
insurance policy application? - CORRECT ANSWER-Benefits are adjusted to an
amount that the premium would have purchased at the correct age or gender.

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 thereafter
as is reasonably possible? - CORRECT ANSWER-Notice of claim.

When will a policy pay on a UCR basis? - CORRECT ANSWER-When particular
benefits are not listed on a payment schedule.

All of the following are non-forfeiture options EXCEPT - CORRECT
ANSWER-Cash dividend option.

What happens when the lifetime maximum benefit limit has been reached? -
CORRECT ANSWER-The insured will pay all of the remaining medial costs for
as long as the policy is in force.

Whose responsibility is it to make sure that the company is notified of a death
claim at the earliest possible opportunity (in most cases)? - CORRECT
ANSWER-The producer.

What is the waiver of premium provision? - CORRECT ANSWER-In a long term
care contract, the premium is waived after the insured has been confined for a
specific period of time.

All of the following are common exclusions from loss found in disability income
policies EXCEPT for that incurred while? - CORRECT ANSWER-Committing a
misdemeanor

, Which is a disadvantage to a flexible premium annuity? - CORRECT
ANSWER-The actual amount of the annuity benefit cannot be determined in
advance.

What does coninsurance mean? - CORRECT ANSWER-The insurer and the
insured share expenses over the deductible.

Under normal conditions which of the following is TRUE for proof of loss when a
single loss is claimed? - CORRECT ANSWER-The insured has 90 days from the
date of loss to provide proof of loss.

Which one of the following represents an advantage of obtaining a policy loan
versus a withdrawal? - CORRECT ANSWER-The loan is not taxed while a
withdrawal is taxed for amounts above the contract cost basis.

All of the following statements define preexisting conditions EXCEPT? -
CORRECT ANSWER-Any chronic health condition that presents symptoms and
which was unknown at the time of application.

Which is the difference between participating and non-participating? - CORRECT
ANSWER-Participating policies pay dividends while non-participating policies do
not.

How does the per captia rule apply to proceeds from a life insurance policy? -
CORRECT ANSWER-The proceeds are divided equally among living primary
beneficiaries.

How does a noncancelable policy differ from a guaranteed renewable policy? -
CORRECT ANSWER-With the noncancelable policy the insurer may increase
premiums only based on the terms of the policy.

Which of the following refers to how often a premium is paid? - CORRECT
ANSWER-Mode

What is the return of premium rider? - CORRECT ANSWER-An increasing
amount of term insurance that always equals the total of premiums paid up to the
current point.

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