PSI - NY Life, Accident and Health
Practice ExaM 17-55 Questions With
100% Correct Verified Answers
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? - {✔✔ANSWER✔✔}-Free Look
When will a policy pay on a UCR basis? -
{✔✔ANSWER✔✔}-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? -
{✔✔ANSWER✔✔}-long term care rider
Which of the following is exempted from the incontestability
provision in insurance policies? - {✔✔ANSWER✔✔}-
Fraudulent misstatements
What does first dollar coverage mean? -
{✔✔ANSWER✔✔}-As soon as covered medical expenses
are incurred, the policy begins to pay
which one of the following represents an advantage of
obtaining a policy loan versus a withdrawal? -
, {✔✔ANSWER✔✔}-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? - {✔✔ANSWER✔✔}-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?
- {✔✔ANSWER✔✔}-Insurer may elect NOT to renew only
under the conditions specified in the policy
When the suicide clause is inserted in a life insurance contract,
death by suicide is not covered during the policy's initial: -
{✔✔ANSWER✔✔}-2 year period
What does coinsurance mean? - {✔✔ANSWER✔✔}-The
insurer and the insured share expenses over the deductible.
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 soon thereafter as is reasonably possible? -
{✔✔ANSWER✔✔}-Notice of claim
Practice ExaM 17-55 Questions With
100% Correct Verified Answers
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? - {✔✔ANSWER✔✔}-Free Look
When will a policy pay on a UCR basis? -
{✔✔ANSWER✔✔}-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? -
{✔✔ANSWER✔✔}-long term care rider
Which of the following is exempted from the incontestability
provision in insurance policies? - {✔✔ANSWER✔✔}-
Fraudulent misstatements
What does first dollar coverage mean? -
{✔✔ANSWER✔✔}-As soon as covered medical expenses
are incurred, the policy begins to pay
which one of the following represents an advantage of
obtaining a policy loan versus a withdrawal? -
, {✔✔ANSWER✔✔}-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? - {✔✔ANSWER✔✔}-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?
- {✔✔ANSWER✔✔}-Insurer may elect NOT to renew only
under the conditions specified in the policy
When the suicide clause is inserted in a life insurance contract,
death by suicide is not covered during the policy's initial: -
{✔✔ANSWER✔✔}-2 year period
What does coinsurance mean? - {✔✔ANSWER✔✔}-The
insurer and the insured share expenses over the deductible.
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 soon thereafter as is reasonably possible? -
{✔✔ANSWER✔✔}-Notice of claim
