Page 1 of 18 PSI - NY Life, Accident and Health Practice ExamPSI
17-55
- NY Life, Accident and Health Practice Exam 17-55
PSI - NY Life, Accident and Health
Practice Exam 17-55
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?
Free Look
When will a policy pay on a UCR basis?
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?
long term care rider
Which of the following is exempted from the incontestability provision in
insurance policies?
Fraudulent misstatements
PSI - NY Life, Accident and Health Practice ExamPSI
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- NY Life, Accident and Health Practice Exam 17-55 Page 1
,Page 2 of 18 PSI - NY Life, Accident and Health Practice ExamPSI
17-55
- NY Life, Accident and Health Practice Exam 17-55
What does first dollar coverage mean?
As soon as covered medical expenses are incurred, the policy begins to pay
What is the waiver of premium provision?
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
for claims involving periodic payments
Which is a disadvantage to a flexible premium annuity?
the actual amount of the annuity benefit cannot be determined in advance
PSI - NY Life, Accident and Health Practice ExamPSI
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- NY Life, Accident and Health Practice Exam 17-55 Page 2
, Page 3 of 18 PSI - NY Life, Accident and Health Practice ExamPSI
17-55
- NY Life, Accident and Health Practice Exam 17-55
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
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?
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?
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?
Insurer may elect NOT to renew only under the conditions specified in the policy
PSI - NY Life, Accident and Health Practice ExamPSI
17-55
- NY Life, Accident and Health Practice Exam 17-55 Page 3
17-55
- NY Life, Accident and Health Practice Exam 17-55
PSI - NY Life, Accident and Health
Practice Exam 17-55
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?
Free Look
When will a policy pay on a UCR basis?
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?
long term care rider
Which of the following is exempted from the incontestability provision in
insurance policies?
Fraudulent misstatements
PSI - NY Life, Accident and Health Practice ExamPSI
17-55
- NY Life, Accident and Health Practice Exam 17-55 Page 1
,Page 2 of 18 PSI - NY Life, Accident and Health Practice ExamPSI
17-55
- NY Life, Accident and Health Practice Exam 17-55
What does first dollar coverage mean?
As soon as covered medical expenses are incurred, the policy begins to pay
What is the waiver of premium provision?
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
for claims involving periodic payments
Which is a disadvantage to a flexible premium annuity?
the actual amount of the annuity benefit cannot be determined in advance
PSI - NY Life, Accident and Health Practice ExamPSI
17-55
- NY Life, Accident and Health Practice Exam 17-55 Page 2
, Page 3 of 18 PSI - NY Life, Accident and Health Practice ExamPSI
17-55
- NY Life, Accident and Health Practice Exam 17-55
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
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?
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?
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?
Insurer may elect NOT to renew only under the conditions specified in the policy
PSI - NY Life, Accident and Health Practice ExamPSI
17-55
- NY Life, Accident and Health Practice Exam 17-55 Page 3
