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PSI - NY Life, Accident and Health Practice Exam 17-55 questions and answers with solutions 2025
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PSI - NY Life, Accident and Health Practice Exam 17-55 questions and answers with solutions 2025
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PSI - NY Life, Accident and Health PracticeExam 17-55
Which policy provision permits the policy owner to take a specified number of days to examine t
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he contract, and allows for cancellation and a full refund if the policy owner rejects the terms or
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costs? - ANSWER Free Look
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O
When will a policy pay on a UCR basis? -
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ANSWER When particular benefits are not listed on a payment schedule
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O
Which type of rider reimburses health and social service expenses incurred in a convalescent or
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nursing home facility? - ANSWER long term care rider
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O
Which of the following is exempted from the incontestability provision in insurance policies? -
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ANSWER Fraudulent misstatements
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O
What does first dollar coverage mean? -
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ANSWER As soon as covered medical expenses are incurred, the policy begins to pay
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O
What is the waiver of premium provision? -
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ANSWER In a long term care contract, the premium is waived after the insured has been confine
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d for a specific period of time
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O
According to the Time Payment of Claims provision, the insurer must make the payment immedi
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ately after receiving proof of loss EXCEPT - ANSWER for claims involving periodic payments
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O
Which is a disadvantage to a flexible premium annuity? -
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ANSWER the actual amount of the annuity benefit cannot be determined in advance
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O
When a policy or certificate containing an accelerated benefit provision is applied for or delivere
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d, the producer is responsible for providing that applicant a summary of coverage that includes
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all of the following EXCEPT -
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ANSWER a detailed and comprehensive summary of the accelerated benefit
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O
, which one of the following represents an advantage of obtaining a policy loan versus a withdraw
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al? - O
ANSWER the loan is not taxed while a withdrawal is taxed for amounts above the contract cost
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basis O
O
How does a noncancelable policy differ from a guaranteed renewable policy? -
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ANSWER with the non cancelable policy the insurer may increase premiums only based on the t
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erms of the policy O O O O
O
What does it mean if a health policy is conditionally renewable? -
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ANSWER Insurer may elect NOT to renew only under the conditions specified in the policy
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O
When the suicide clause is inserted in a life insurance contract, death by suicide is not covered d
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uring the policy's initial: - ANSWER 2 year period
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O
What does coinsurance mean? -
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ANSWER The insurer and the insured share expenses over the deductible.
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O
Which of the following must be given to the insurer within 20 days after occurrence or commen
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cement of any loss covered by the policy, or as soon thereafter as is reasonably possible? -
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OANSWER Notice of claim O O O O
O
The right to change the beneficiary or dispose of the policy or its benefits in any manner one ch
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ooses is reserved to the policy owner UNLESS which of the following is true? -
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OANSWER The policy owner has named an irrevocable beneficiary
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O
Which of the following refers to how often a premium is paid? - ANSWER Mode
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O
All of the following are common exclusions from loss found in disability income policies EXCEPT f
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or that incurred while - ANSWER Committing a misdemeanor
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O
At which point are contractual death benefit settlement options determined and by whom are t
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hey determined? - ANSWER At the time the policy is purchased by the owner of the policy
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O
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