PSI - NY Life, Accident and Health Practice
Exam 17-55 |2026 EXAM QUESTIONS
|FREQUENTLY TESTED QUESTIONS ||VERIFIED
SOLUTIONS (100% CORRECT)
Save
Terms in this set (527)
Which policy provision permits the Free Look
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?
When will a policy pay on a UCR When particular benefits are not listed on a
basis? payment schedule
Which type of rider reimburses long term care rider
health and social service expenses
incurred in a convalescent or
nursing home facility?
Which of the following is exempted Fraudulent misstatements
from the incontestability provision
in insurance policies?
What does first dollar coverage As soon as covered medical expenses are
mean? incurred, the policy begins to pay
,What is the waiver of premium In a long term care contract, the premium is
provision? waived after the insured has been confined for a
specific period of time
According to the Time Payment of for claims involving periodic payments
Claims provision, the insurer must
make the payment immediately
after receiving proof of loss
EXCEPT
Which is a disadvantage to a the actual amount of the annuity benefit cannot
flexible premium annuity? be determined in advance
When a policy or certificate a detailed and comprehensive summary of the
containing an accelerated benefit 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
which one of the following the loan is not taxed while a withdrawal is taxed
represents an advantage of for amounts above the contract cost basis
obtaining a policy loan versus a
withdrawal?
How does a noncancelable policy with the non cancelable policy the insurer may
differ from a guaranteed renewable increase premiums only based on the terms of
policy? the policy
What does it mean if a health policy Insurer may elect NOT to renew only under the
is conditionally renewable? conditions specified in the policy
, When the suicide clause is inserted 2 year period
in a life insurance contract, death
by suicide is not covered during the
policy's initial:
What does coinsurance mean? The insurer and the insured share expenses over
the deductible.
Which of the following must be Notice of claim
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?
The right to change the beneficiary The policy owner has named an irrevocable
or dispose of the policy or its beneficiary
benefits in any manner one chooses
is reserved to the policy owner
UNLESS which of the following is
true?
Which of the following refers to Mode
how often a premium is paid?
All of the following are common Committing a misdemeanor
exclusions from loss found in
disability income policies EXCEPT
for that incurred while
At which point are contractual At the time the policy is purchased by the owner
death benefit settlement options of the policy
determined and by whom are they
determined?
Exam 17-55 |2026 EXAM QUESTIONS
|FREQUENTLY TESTED QUESTIONS ||VERIFIED
SOLUTIONS (100% CORRECT)
Save
Terms in this set (527)
Which policy provision permits the Free Look
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?
When will a policy pay on a UCR When particular benefits are not listed on a
basis? payment schedule
Which type of rider reimburses long term care rider
health and social service expenses
incurred in a convalescent or
nursing home facility?
Which of the following is exempted Fraudulent misstatements
from the incontestability provision
in insurance policies?
What does first dollar coverage As soon as covered medical expenses are
mean? incurred, the policy begins to pay
,What is the waiver of premium In a long term care contract, the premium is
provision? waived after the insured has been confined for a
specific period of time
According to the Time Payment of for claims involving periodic payments
Claims provision, the insurer must
make the payment immediately
after receiving proof of loss
EXCEPT
Which is a disadvantage to a the actual amount of the annuity benefit cannot
flexible premium annuity? be determined in advance
When a policy or certificate a detailed and comprehensive summary of the
containing an accelerated benefit 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
which one of the following the loan is not taxed while a withdrawal is taxed
represents an advantage of for amounts above the contract cost basis
obtaining a policy loan versus a
withdrawal?
How does a noncancelable policy with the non cancelable policy the insurer may
differ from a guaranteed renewable increase premiums only based on the terms of
policy? the policy
What does it mean if a health policy Insurer may elect NOT to renew only under the
is conditionally renewable? conditions specified in the policy
, When the suicide clause is inserted 2 year period
in a life insurance contract, death
by suicide is not covered during the
policy's initial:
What does coinsurance mean? The insurer and the insured share expenses over
the deductible.
Which of the following must be Notice of claim
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?
The right to change the beneficiary The policy owner has named an irrevocable
or dispose of the policy or its beneficiary
benefits in any manner one chooses
is reserved to the policy owner
UNLESS which of the following is
true?
Which of the following refers to Mode
how often a premium is paid?
All of the following are common Committing a misdemeanor
exclusions from loss found in
disability income policies EXCEPT
for that incurred while
At which point are contractual At the time the policy is purchased by the owner
death benefit settlement options of the policy
determined and by whom are they
determined?
