PSI – NY Life, Accident, and Health Insurance Practice Exam 17–55 – Questions and 100% correct
Answers (all 3 latest versions)
LIFE ACCIDENT AND HEALTH PRACTICE EXAM 17-55 2026: 120+
QUESTIONS AND 100% VERIFIED ANSWERS | GRADED A+|
GUARANTEED PASS!!
A consumer report used to determine eligibility for insurance may include all of
the following EXCEPT
- answer-Medical underwriting exam
A group conversion option may be used in all the following instances EXCEPT
- answer-a life-changing event, such as marriage, divorce, or childbirth
According to the Time Payment of Claims provision, the insurer must make the
payment immediately after receiving proof of loss EXCEPT
- answer-for claims involving periodic payments
All of the following are characteristics of variable whole life EXCEPT
- answer-there is no guaranteed minimum death benefit.
All of the following are classifications of risk EXCEPT
- answer-non-nicotine
All of the following are common exclusions from loss found in disability income
policies EXCEPT for that incurred while
- answer-Committing a misdemeanor
All of the following are ownership rights EXCEPT
- answer-Switching the policy from one insured to another
All of the following are required signatures on a life insurance application
EXCEPT
- answer-The minor in a juvenile policy
All of the following are requirements to qualify for Social Security disability
benefits EXCEPT when
- answer-unable to work in occupation in which the worker was trained or educated
All of the following are tax qualified retirement plans EXCEPT
- answer-Section 529 plan.
,PSI – NY Life, Accident, and Health Insurance Practice Exam 17–55 – Questions and 100% correct
Answers (all 3 latest versions)
All of the following are TRUE regarding incomplete applications EXCEPT
- answer-The incomplete application can be accepted with the missing information
added later
At which point are contractual death benefit settlement options determined and by
whom are they determined?
- answer-At the time the policy is purchased by the owner of the policy
Compared to basic hospital, medical and surgical policies, which type of insurance
provides broader coverage, fewer gaps, higher individual benefits, and higher
policy maximums?
- answer-major medical insurance
Current assumption whole life policies are sensitive to which of the following?
- answer-interest rates
For an individual long-term care policy there is an annual dollar limit for tax
deductions that is based on which of the following?
- answer-age
How do warranties differ from representations?
- answer-a warranty is guaranteed to be true, a representation is believed to be true
to the best of one's knowledge.
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
How long after being entitled to disability benefits will an individual be eligible to
receive Medicare benefits?
- answer-2 years
If the insurer wishes to share an applicant's HIV status, the applicant must be given
full notice of all of the following EXCEPT
- answer-the treatment procedures that are covered by the policy.
In a case where an individual's health is insured by both their own policy and their
spouse's policy, which policy pays in the event of an illness?
,PSI – NY Life, Accident, and Health Insurance Practice Exam 17–55 – Questions and 100% correct
Answers (all 3 latest versions)
- answer-The individual's policy pays first, the spouse's policy pays the remaining
up to coverage amount.
In a home healthcare benefit, all of the following are eligible expenses EXCEPT
- answer-blood transfusions
In noncontributory plans, which percentage of eligible members must participate?
- answer-100%
In which of the following does a covered employee agree to a reduction in
compensation so the amount can be used to cover medical expenses?
- answer-Flexible Spending Account (FSA)
Managed care plans increase efficiency by all of the following means EXCEPT
- answer-transferring the management of costs to the insureds.
Obtaining consumer information reports under false pretenses is prosecutable by
which of the following?
- answer-Fair Credit Reporting Act
Short term disability insurance generally only covers injuries due to which of the
following?
- answer-Non-occupational injuries
States generally define a true "group" for insurance as requiring a minimum of how
many participants?
- answer-10
The group conversion option is allowed for all of the following EXCEPT
- answer-during the annual benefits enrollment period.
The right to change the beneficiary or dispose of the policy or its benefits in any
manner one chooses is reserved to the policy owner UNLESS which of the
following is true?
- answer-The policy owner has named an irrevocable beneficiary
Under which situation must insurable interest exist between the applicant and
insured at the time of application?
- answer-When a third-party applicant names themselves beneficiary
, PSI – NY Life, Accident, and Health Insurance Practice Exam 17–55 – Questions and 100% correct
Answers (all 3 latest versions)
What does coinsurance mean?
- answer-The insurer and the insured share expenses over the deductible.
What does first dollar coverage mean?
- answer-As soon as covered medical expenses are incurred, the policy begins to
pay
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
What is a MIB report?
- answer-medical information on an applicant for assessing life or health insurance
risk
What is the purpose of Stranger-originated life insurance (STOLI)?
- answer-the policy is originated primarily or solely for the purpose of resale
What is the waiver of premium provision?
- answer-In a long term care contract, the premium is waived after the insured has
been confined for a specific period of time
What procedure is used by an insurer to protect itself in the event a dispute arises
and the applicant and the agent do not recall the changes that were made in a
completed application?
- answer-The applicant and possibly the agent initial any changes made.
What specific new procedures does the USA Patriot Act require of insurance
companies?
- answer-Establish an anti-money laundering program
What type of insurance should a company purchase if it wants to insure the life of
its CEO?
- answer-key person insurance
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
- answer-a detailed and comprehensive summary of the accelerated benefit
Answers (all 3 latest versions)
LIFE ACCIDENT AND HEALTH PRACTICE EXAM 17-55 2026: 120+
QUESTIONS AND 100% VERIFIED ANSWERS | GRADED A+|
GUARANTEED PASS!!
A consumer report used to determine eligibility for insurance may include all of
the following EXCEPT
- answer-Medical underwriting exam
A group conversion option may be used in all the following instances EXCEPT
- answer-a life-changing event, such as marriage, divorce, or childbirth
According to the Time Payment of Claims provision, the insurer must make the
payment immediately after receiving proof of loss EXCEPT
- answer-for claims involving periodic payments
All of the following are characteristics of variable whole life EXCEPT
- answer-there is no guaranteed minimum death benefit.
All of the following are classifications of risk EXCEPT
- answer-non-nicotine
All of the following are common exclusions from loss found in disability income
policies EXCEPT for that incurred while
- answer-Committing a misdemeanor
All of the following are ownership rights EXCEPT
- answer-Switching the policy from one insured to another
All of the following are required signatures on a life insurance application
EXCEPT
- answer-The minor in a juvenile policy
All of the following are requirements to qualify for Social Security disability
benefits EXCEPT when
- answer-unable to work in occupation in which the worker was trained or educated
All of the following are tax qualified retirement plans EXCEPT
- answer-Section 529 plan.
,PSI – NY Life, Accident, and Health Insurance Practice Exam 17–55 – Questions and 100% correct
Answers (all 3 latest versions)
All of the following are TRUE regarding incomplete applications EXCEPT
- answer-The incomplete application can be accepted with the missing information
added later
At which point are contractual death benefit settlement options determined and by
whom are they determined?
- answer-At the time the policy is purchased by the owner of the policy
Compared to basic hospital, medical and surgical policies, which type of insurance
provides broader coverage, fewer gaps, higher individual benefits, and higher
policy maximums?
- answer-major medical insurance
Current assumption whole life policies are sensitive to which of the following?
- answer-interest rates
For an individual long-term care policy there is an annual dollar limit for tax
deductions that is based on which of the following?
- answer-age
How do warranties differ from representations?
- answer-a warranty is guaranteed to be true, a representation is believed to be true
to the best of one's knowledge.
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
How long after being entitled to disability benefits will an individual be eligible to
receive Medicare benefits?
- answer-2 years
If the insurer wishes to share an applicant's HIV status, the applicant must be given
full notice of all of the following EXCEPT
- answer-the treatment procedures that are covered by the policy.
In a case where an individual's health is insured by both their own policy and their
spouse's policy, which policy pays in the event of an illness?
,PSI – NY Life, Accident, and Health Insurance Practice Exam 17–55 – Questions and 100% correct
Answers (all 3 latest versions)
- answer-The individual's policy pays first, the spouse's policy pays the remaining
up to coverage amount.
In a home healthcare benefit, all of the following are eligible expenses EXCEPT
- answer-blood transfusions
In noncontributory plans, which percentage of eligible members must participate?
- answer-100%
In which of the following does a covered employee agree to a reduction in
compensation so the amount can be used to cover medical expenses?
- answer-Flexible Spending Account (FSA)
Managed care plans increase efficiency by all of the following means EXCEPT
- answer-transferring the management of costs to the insureds.
Obtaining consumer information reports under false pretenses is prosecutable by
which of the following?
- answer-Fair Credit Reporting Act
Short term disability insurance generally only covers injuries due to which of the
following?
- answer-Non-occupational injuries
States generally define a true "group" for insurance as requiring a minimum of how
many participants?
- answer-10
The group conversion option is allowed for all of the following EXCEPT
- answer-during the annual benefits enrollment period.
The right to change the beneficiary or dispose of the policy or its benefits in any
manner one chooses is reserved to the policy owner UNLESS which of the
following is true?
- answer-The policy owner has named an irrevocable beneficiary
Under which situation must insurable interest exist between the applicant and
insured at the time of application?
- answer-When a third-party applicant names themselves beneficiary
, PSI – NY Life, Accident, and Health Insurance Practice Exam 17–55 – Questions and 100% correct
Answers (all 3 latest versions)
What does coinsurance mean?
- answer-The insurer and the insured share expenses over the deductible.
What does first dollar coverage mean?
- answer-As soon as covered medical expenses are incurred, the policy begins to
pay
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
What is a MIB report?
- answer-medical information on an applicant for assessing life or health insurance
risk
What is the purpose of Stranger-originated life insurance (STOLI)?
- answer-the policy is originated primarily or solely for the purpose of resale
What is the waiver of premium provision?
- answer-In a long term care contract, the premium is waived after the insured has
been confined for a specific period of time
What procedure is used by an insurer to protect itself in the event a dispute arises
and the applicant and the agent do not recall the changes that were made in a
completed application?
- answer-The applicant and possibly the agent initial any changes made.
What specific new procedures does the USA Patriot Act require of insurance
companies?
- answer-Establish an anti-money laundering program
What type of insurance should a company purchase if it wants to insure the life of
its CEO?
- answer-key person insurance
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
- answer-a detailed and comprehensive summary of the accelerated benefit
