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PSI - NY Life, Accident and Health Practice Exam 17-55, Just my cards + 199+ 75 (TEST) (LOT) 527 Quizzes & Correct Ans/ Newly Updated. $16.49
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PSI - NY Life, Accident and Health Practice Exam 17-55, Just my cards + 199+ 75 (TEST) (LOT) 527 Quizzes & Correct Ans/ Newly Updated.
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PSI - NY Life, Accident and Health
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PSI - NY Life, Accident And Health
PSI - NY Life, Accident and Health Practice Exam 17-55, Just my cards + 199+ 75 (TEST) (LOT) 527 Quizzes & Correct Ans/ Newly Updated.
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...
PSI - NY Life, Accident and Health Practice
Exam 17-55, Just my cards + 199+ 75 (TEST)
(LOT) 527 Quizzes & Correct Ans/ Newly
Updated.
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? - Answer: Free Look
When will a policy pay on a UCR basis? - 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
nursing home facility? - Answer: long term care rider
Which of the following is exempted from the incontestability provision in insurance policies? -
Answer: Fraudulent misstatements
Page 1 of 127
,What does first dollar coverage mean? - Answer: As soon as covered medical expenses are
incurred, the policy begins to pay
What is the waiver of premium provision? - Answer: In 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 - Answer: for claims involving periodic
payments
Which is a disadvantage to a flexible premium annuity? - 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, the producer is responsible for providing that applicant a summary of coverage that
includes all of the following EXCEPT - 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? - 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? - Answer: with 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? - Answer: Insurer may elect
NOT to renew only under the conditions specified in the policy
Page 2 of 127
,When the suicide clause is inserted in a life insurance contract, death by suicide is not covered
during the policy's initial: - Answer: 2 year period
What does coinsurance mean? - 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
commencement of any loss covered by the policy, or as soon thereafter as is reasonably
possible? - Answer: Notice 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? - Answer: The
policy owner has named an irrevocable beneficiary
Which of the following refers to how often a premium is paid? - Answer: Mode
All of the following are common exclusions from loss found in disability income policies EXCEPT
for that incurred while - Answer: Committing a misdemeanor
At which point are contractual death benefit settlement options determined and by whom are
they determined? - Answer: At the time the policy is purchased by the owner of the policy
All of the following are ownership rights EXCEPT - Answer: Switching the policy from one
insured to another
All of the following are TRUE regarding incomplete applications EXCEPT - Answer: The
incomplete application can be accepted with the missing information added later
Page 3 of 127
, A consumer report used to determine eligibility for insurance may include all of the following
EXCEPT - Answer: Medical underwriting exam
All of the following are required signatures on a life insurance application EXCEPT - Answer: The
minor in a juvenile policy
Why are insurance policies considered conditional contracts? - 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? - 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
premium paid? - Answer: the underwriting process begins
Obtaining consumer information reports under false pretenses is prosecutable by which of the
following? - Answer: Fair Credit Reporting Act
What is the purpose of Stranger-originated life insurance (STOLI)? - Answer: the policy is
originated primarily or solely for the purpose of resale
All of the following are classifications of risk EXCEPT - Answer: non-nicotine
What specific new procedures does the USA Patriot Act require of insurance companies? -
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
applicant and the agent do not recall the changes that were made in a completed application? -
Answer: The applicant and possibly the agent initial any changes made.
Page 4 of 127
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