PSI - NY Life, Accident and Health
Practice Exam 17-55| 75 Questions -
Actual Test| GRADED A
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
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
, 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
Which is a disadvantage to a flexible premium annuity? - ANSWER-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 - ANSWER-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? - 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
Practice Exam 17-55| 75 Questions -
Actual Test| GRADED A
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
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
, 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
Which is a disadvantage to a flexible premium annuity? - ANSWER-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 - ANSWER-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? - 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
