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PSI: LIFE, ACCIDENT, AND HEALTH PRACTICE EXAM correctly answered
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PSI: LIFE, ACCIDENT, AND HEALTH PRACTICE EXAM correctly answered
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PSI: LIFE, ACCIDENT, AND HEALTHPRACTICE 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.
What does first dollar coverage mean? - correct answer ✔✔As soon as covered medical expenses are
incurred, the policy begins to pay.
When the suicide clause is inserted in a life insurance contract, death by suicide is not covered during
the policy's initial: - correct answer ✔✔2 year period
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