Psi life health accident - Study guides, Class notes & Summaries

PSI - NY Life, Accident and Health Practice Exam Questions With 100% Correct Answers (2022)

Nonforfeiture Options - Answer cash value, reduced paid-up insurance, extended term insurance Cash Value - Answer the amount of money a whole life policyholder would receive if the policy were surrendered before death or maturity Reduced Paid-Up - Answer The amount of equity (ownership) or cash accumulation in a permanent life insurance policy. Extended Term - Answer A nonforfeiture option that allows the policyowner to use the cash values of a lapsed permanent policy, as a net ...

PSI - NY Life, Accident and Health Practice Exam Latest 2023 - 2024 questions verified with 100% correct answers

Admitted Insurance Company vs. Non-Admitted Insurance Company - An admitted insurance company is authorized to transact insurance in California because it has a Certificate of Authority granted by the California Department of Insurance (CDI) A non-admitted insurance company is not authorized to transact insurance in California because of failing to comply with California requirements or did not seek admission Pure Risk vs. Speculative Risk - Pure risks are insurable but Speculative risks ar...

California Life PSI Site - Life, Accident and Health Agent Examination (Life Agent) Questions and Answers (2022/2023) (Verified Answers) Admitted Insurance Company vs. Non-Admitted Insurance Company - (Correct Answer) An admitted insurance company is authorized to transact insurance in California because it has a Certificate of Authority granted by the California Department of Insurance (CDI) A non-admitted insurance company is not authorized to transact insurance in California because of fa...

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 - ANSWER-2 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...

PSI: LIFE, ACCIDENT, AND HEALTH PRACTICE EXAM ALREADY PASSED 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? 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 a...