Psi life stuvia - Study guides, Class notes & Summaries

PSI - NY Life, Accident and Health Practice Exam 17-55, (TEST) (LOT) 2023 with Complete SolutionsPSI - NY Life, Accident and Health Practice Exam 17-55, (TEST) (LOT) 2023 with Complete SolutionsPSI - NY Life, Accident and Health Practice Exam 17-55, (TEST) (LOT) 2023 with Complete SolutionsPSI - NY Life, Accident and Health Practice Exam 17-55, (TEST) (LOT) 2023 with Complete SolutionsPSI - NY Life, Accident and Health Practice Exam 17-55, (TEST) (LOT) 2023 with Complete Solutions

Reduced Paid Up - ANSWER-Nonforfeiture option provides new whole life policy at reduced face amount of protection. Provides coverage for longest time. Extended Term - ANSWER-Nonforfeiture option provides new TERM policy with same face amount of coverage as original policy Guaranteed Lifetime Withdrawal - ANSWER-Annuity rider that assures owner will at least get amount paid for the annuity Guaranteed Minimum Income - ANSWER-Rider that guarantees you will get a set amount annually Paid...

How long after being entitled to disability benefits will an individual be eligible to receive Medicare benefits? A. immediately B. 1 year C. 2 years D. At age 65 - ANSWERS2 years What is the return of premium rider? A. an increasing amount of term insurance that always equals the total of premiums paid up to the current point B. a provision that allows the insured to cancel the policy in the first two years and have premiums refunded C. an increasing amount of term insurance that e...

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? - ANSWERSFree Look When will a policy pay on a UCR basis? - ANSWERSWhen 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? - ANSWERSlong term care rider Which of th...

A group conversion option may be used in all the following instances EXCEPT - ANSWERSa life-changing event, such as marriage, divorce, or childbirth. Which is the primary purpose of Health Reimbursement Accounts (HRAs)? - ANSWERSTo assist covered employees with the payment of medical expenses on a high deductible plan funded through pre-tax contributions. All of the following are characteristics of variable whole life EXCEPT - ANSWERSthere is no guaranteed minimum death benefit. When sh...

Which of the following is TRUE of an equity-indexed annuity? - ANSWERIt has a guaranteed minimum interest rate Compared to basic hospital, medical and surgical policies, which type of insurance provides broader coverage, fewer gaps, higher individual benefits, and higher policy maximums? - ANSWERmajor medical insurance Which of the following is TRUE for a flexible premium annuity? - ANSWERThe purchaser has the option to vary the amount of each premium payment falling between a minimum and ...

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? - ANSWERSFree Look When will a policy pay on a UCR basis? - ANSWERSWhen 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? - ANSWERSlong term care rider Which of th...

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? -ANSWERS 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? -ANSWERS Notice of claim....