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PSI - NY Life, Accident and Health Practice Exam 17-55, Just my cards + 199+ 75 ( TEST) (LOT)
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PSI - NY Life, Accident and Health Practice Exam 17-55, Just my cards + 199+ 75 ( TEST) (LOT)
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PSI - NY Life, Accident and Health PracticeExam 17-55, Just my cards + 199+ 75
( TEST) (LOT)
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
? .- .(correct .answer) .-Free .Look
When .will .a .policy .pay .on .a .UCR .basis? .- .(correct .answer) .-
When .particular .benefits .are .not .listed .on .a .payment .schedule
Which .type .of .rider .reimburses .health .and .social .service .expenses .incurred .in .a .convalescent .or .nur
sing .home .facility? .- .(correct .answer) .-long .term .care .rider
Which .of .the .following .is .exempted .from .the .incontestability .provision .in .insurance .policies? .- .
(correct .answer) .-Fraudulent .misstatements
What .does .first .dollar .coverage .mean? .- .(correct .answer) .-
As .soon .as .covered .medical .expenses .are .incurred, .the .policy .begins .to .pay
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 .speci
fic .period .of .time
According .to .the .Time .Payment .of .Claims .provision, .the .insurer .must .make .the .payment .immediatel
y .after .receiving .proof .of .loss .EXCEPT .- .(correct .answer) .-for .claims .involving .periodic .payments
Which .is .a .disadvantage .to .a .flexible .premium .annuity? .- .(correct .answer) .-the .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, .t
he .producer .is .responsible .for .providing .that .applicant .a .summary .of .coverage .that .includes .all .of .t
he .following .EXCEPT .- .(correct .answer) .-
a .detailed .and .comprehensive .summary .of .the .accelerated .benefit
,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
How .does .a .noncancelable .policy .differ .from .a .guaranteed .renewable .policy? .- .(correct .answer) .-
with .the .non .cancelable .policy .the .insurer .may .increase .premiums .only .based .on .the .terms .of .the .p
olicy
What .does .it .mean .if .a .health .policy .is .conditionally .renewable? .- .(correct .answer) .-
Insurer .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 .duri
ng .the .policy's .initial: .- .(correct .answer) .-2 .year .period
What .does .coinsurance .mean? .- .(correct .answer) .-
The .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 .commence
ment .of .any .loss .covered .by .the .policy, .or .as .soon .thereafter .as .is .reasonably .possible? .- .
(correct .answer) .-Notice .of .claim
The .right .to .change .the .beneficiary .or .dispose .of .the .policy .or .its .benefits .in .any .manner .one .choos
es .is .reserved .to .the .policy .owner .UNLESS .which .of .the .following .is .true? .- .(correct .answer) .-
The .policy .owner .has .named .an .irrevocable .beneficiary
Which .of .the .following .refers .to .how .often .a .premium .is .paid? .- .(correct .answer) .-Mode
All .of .the .following .are .common .exclusions .from .loss .found .in .disability .income .policies .EXCEPT .for .
that .incurred .while .- .(correct .answer) .-Committing .a .misdemeanor
At .which .point .are .contractual .death .benefit .settlement .options .determined .and .by .whom .are .they .
determined? .- .(correct .answer) .-At .the .time .the .policy .is .purchased .by .the .owner .of .the .policy
All .of .the .following .are .ownership .rights .EXCEPT .- .(correct .answer) .-
Switching .the .policy .from .one .insured .to .another
All .of .the .following .are .TRUE .regarding .incomplete .applications .EXCEPT .- .(correct .answer) .-
The .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 .EXCEP
T .- .(correct .answer) .-Medical .underwriting .exam
All .of .the .following .are .required .signatures .on .a .life .insurance .application .EXCEPT .- .
(correct .answer) .-The .minor .in .a .juvenile .policy
Why .are .insurance .policies .considered .conditional .contracts? .- .(correct .answer) .-
Certain .conditions .need .to .be .met .to .make .the .contract .legally .enforceable.
,When .does .insurable .interest .come .into .play .in .a .life .insurance .policy? .- .(correct .answer) .-when .the
.applicant .for .the .policy .is .not .the .insured
Which .of .the .following .occurs .immediately .after .the .application .is .submitted .and .the .initial .premiu
m .paid? .- .(correct .answer) .-the .underwriting .process .begins
Obtaining .consumer .information .reports .under .false .pretenses .is .prosecutable .by .which .of .the .follo
wing? .- .(correct .answer) .-Fair .Credit .Reporting .Act
What .is .the .purpose .of .Stranger-originated .life .insurance .(STOLI)? .- .(correct .answer) .-
the .policy .is .originated .primarily .or .solely .for .the .purpose .of .resale
All .of .the .following .are .classifications .of .risk .EXCEPT .- .(correct .answer) .-non-nicotine
What .specific .new .procedures .does .the .USA .Patriot .Act .require .of .insurance .companies? .- .
(correct .answer) .-Establish .an .anti-money .laundering .program
What .procedure .is .used .by .an .insurer .to .protect .itself .in .the .event .a .dispute .arises .and .the .applica
nt .and .the .agent .do .not .recall .the .changes .that .were .made .in .a .completed .application? .- .
(correct .answer) .-The .applicant .and .possibly .the .agent .initial .any .changes .made.
What .is .a .MIB .report? .- .(correct .answer) .-
medical .information .on .an .applicant .for .assessing .life .or .health .insurance .risk
How .do .warranties .differ .from .representations? .- .(correct .answer) .-
a .warranty .is .guaranteed .to .be .true, .a .representation .is .believed .to .be .true .to .the .best .of .one's .kn
owledge.
If .the .insurer .wishes .to .share .an .applicant's .HIV .status, .the .applicant .must .be .given .full .notice .of .all
.of .the .following .EXCEPT .- .(correct .answer) .-
the .treatment .procedures .that .are .covered .by .the .policy.
Which .of .the .following .was .specifically .designed .to .address .STOLI .and .IOLI .practices? .- .
(correct .answer) .-NCOIL .Act
Why .is .rehabilitation .considered .worthy .of .federal .help .under .workers' .compensation? .- .
(correct .answer) .-it .reduces .insurance .losses .and .helps .regain .the .worker's .dignity
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 .group .conversion .option .is .allowed .for .all .of .the .following .EXCEPT .- .(correct .answer) .-
during .the .annual .benefits .enrollment .period.
What .type .of .insurance .should .a .company .purchase .if .it .wants .to .insure .the .life .of .its .CEO? .- .
(correct .answer) .-key .person .insurance
, All .of .the .following .are .tax .qualified .retirement .plans .EXCEPT .- .(correct .answer) .-Section .529 .plan.
Why .is .relying .solely .on .employer .group .life .insurance .generally .considered .inadequate .for .most .ind
ividual's .needs? .- .(correct .answer) .-It .is .financially .insufficient .to .cover .end .of .life .expenses.
For .an .individual .long-
term .care .policy .there .is .an .annual .dollar .limit .for .tax .deductions .that .is .based .on .which .of .the .foll
owing? .- .(correct .answer) .-age
When .can .the .premiums .of .an .individually .owned .health .insurance .policy .be .deducted .from .the .indi
vidual's .income .tax? .- .(correct .answer) .-
when .the .taxpayer's .medical .expenses .exceed .7.5% .of .adjusted .gross .income .during .a .taxable .year
In .noncontributory .plans, .which .percentage .of .eligible .members .must .participate? .- .
(correct .answer) .-100%
Short .term .disability .insurance .generally .only .covers .injuries .due .to .which .of .the .following? .- .
(correct .answer) .-Non-occupational .injuries
Managed .care .plans .increase .efficiency .by .all .of .the .following .means .EXCEPT .- .(correct .answer) .-
transferring .the .management .of .costs .to .the .insureds.
Under .which .situation .must .insurable .interest .exist .between .the .applicant .and .insured .at .the .time .o
f .application? .- .(correct .answer) .-When .a .third-party .applicant .names .themselves .beneficiary
Which .of .the .following .is .characteristic .of .a .nonqualified .plan? .- .(correct .answer) .-
plan .does .not .meet .federal .guidelines .for .tax .benefits
In .a .home .healthcare .benefit, .all .of .the .following .are .eligible .expenses .EXCEPT .- .(correct .answer) .-
blood .transfusions
All .of .the .following .are .requirements .to .qualify .for .Social .Security .disability .benefits .EXCEPT .when .- .
(correct .answer) .-unable .to .work .in .occupation .in .which .the .worker .was .trained .or .educated
How .long .after .being .entitled .to .disability .benefits .will .an .individual .be .eligible .to .receive .Medicare .
benefits? .- .(correct .answer) .-2 .years
Which .of .the .following .amends .the .Social .Security .Act .to .make .Medicare .secondary .to .group .health
.plans? .- .(correct .answer) .-TEFRA
Which .of .the .following .is .TRUE .of .a .point .of .service .plan? .- .(correct .answer) .-
A .patient's .care .is .coordinated .by .an .in-network .primary .care .physician.
A .group .conversion .option .may .be .used .in .all .the .following .instances .EXCEPT .- .(correct .answer) .-
a .life-changing .event, .such .as .marriage, .divorce, .or .childbirth
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