PSI - NY Life, Accident and Health Practice Exam 17-55 1 4/1/2026
Terms in this set (75)
Which policy provision permits the policy owner to Free Look
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 basis? When particular benefits are not listed on a payment schedule
Which type of rider reimburses health and social long term care rider
service expenses incurred in a convalescent or
nursing home facility?
Which of the following is exempted from the Fraudulent misstatements
incontestability provision in insurance policies?
What does first dollar coverage mean? As soon as covered medical expenses are incurred, the policy begins to
pay
Page 1 4/1/2026 PSI - NY Life, Accident and Health Practice Exam 17-55.pdf
, PSI - NY Life, Accident and Health Practice Exam 17-55 2 4/1/2026
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, for claims involving periodic payments
the insurer must make the payment immediately
after receiving proof of loss EXCEPT
Which is a disadvantage to a flexible premium the actual amount of the annuity benefit cannot be determined in
annuity? advance
When a policy or certificate containing an a detailed and comprehensive summary of the 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 represents an advantage the loan is not taxed while a withdrawal is taxed for amounts above the
of obtaining a policy loan versus a withdrawal? contract cost basis
Page 2 4/1/2026 PSI - NY Life, Accident and Health Practice Exam 17-55.pdf
Terms in this set (75)
Which policy provision permits the policy owner to Free Look
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 basis? When particular benefits are not listed on a payment schedule
Which type of rider reimburses health and social long term care rider
service expenses incurred in a convalescent or
nursing home facility?
Which of the following is exempted from the Fraudulent misstatements
incontestability provision in insurance policies?
What does first dollar coverage mean? As soon as covered medical expenses are incurred, the policy begins to
pay
Page 1 4/1/2026 PSI - NY Life, Accident and Health Practice Exam 17-55.pdf
, PSI - NY Life, Accident and Health Practice Exam 17-55 2 4/1/2026
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, for claims involving periodic payments
the insurer must make the payment immediately
after receiving proof of loss EXCEPT
Which is a disadvantage to a flexible premium the actual amount of the annuity benefit cannot be determined in
annuity? advance
When a policy or certificate containing an a detailed and comprehensive summary of the 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 represents an advantage the loan is not taxed while a withdrawal is taxed for amounts above the
of obtaining a policy loan versus a withdrawal? contract cost basis
Page 2 4/1/2026 PSI - NY Life, Accident and Health Practice Exam 17-55.pdf
