PSI - NY Life, Accident And Health Practice
Exam 17-55 Questions And 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?
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
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
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
Exam 17-55 Questions And 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?
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
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
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
