PSI LIFE HEALTH QUESTIONS OHIO
EXAM QUESTIONS & ELABORATED
ANSWERS PASSED RATED 100%
CORRECT
which of the following is true of an equity-indexed annuity - Correct Answer ✔✔ it has a
guaranteed minimum interest rate
what is the primary purpose of Health reimbursement accounts (HRAs) - Correct
Answer ✔✔ to assist covered employees with payment of medical expenses on a high
deductible plan funded through pre-tax contributions
A basic vision care package includes all of the following EXCEPT? - Correct Answer
✔✔ safety glasses
Which of the following is true of a point of service plan? - Correct Answer ✔✔ A
patient's care is coordinated by an in-network primary care physician.
what is the most common method to supplement Medicare coverage? - Correct Answer
✔✔ Coverage offered by private insurers
all the following are characteristics of variable whole life except - Correct Answer ✔✔
There is no guaranteed minimum death benefit.
what coverage type pays a monthly cash benefit following the elimination period for total
disability die to accident or sickness - Correct Answer ✔✔ disability income insurance
all of the following are characteristics of Cobra except - Correct Answer ✔✔ Change in
medical privacy procedures.
which of the following is covered by a dread disease policy - Correct Answer ✔✔
illnesses that do not occur frequently but incur significant costs when they do occur
Compared to basic Hospital medical, and surgical policies which type of insurance
provides broader coverage, gaps higher, individual benefits, and higher policy
maximums - Correct Answer ✔✔ major medical insurance
A group conversion option may NOT be used in the when - Correct Answer ✔✔ there's
a life-changing event such as marriage divorce or childbirth
, Current assumption Whole Life policies are sensitive to which of the following - Correct
Answer ✔✔ interest rates
when should a buy-sell agreement include a provision for a buyout of an owner's
business interest in an event of a disability? - Correct Answer ✔✔ When there is a buy-
sell agreement funded with a life insurance to buy out the interest of a deceased owner
or partner
States generally define a true "group" for insurance as requiring a minimum of how
many participants - Correct Answer ✔✔ 10
which of the following is true about a decreasing term life policy - Correct Answer ✔✔
the face amount reaches zero at policy expiration
which is true for a flexible premium annuity - Correct Answer ✔✔ the purchaser has the
option to vary the amount of each premium payment following between minimum and
maximum amount
3 common types of permanent individual life insurance - Correct Answer ✔✔ variable
whole life, whole life, and universal life
which policy types is considered double indemnity - Correct Answer ✔✔ accidental
death
which of the following is a characteristic of preferred provider organizations (ppos) -
Correct Answer ✔✔ prearranged costs for services rendered
limited pay whole life policy coverage.. - Correct Answer ✔✔ continues after policy is
paid up
how does the per capita rule apply to proceeds from a life insurance policy - Correct
Answer ✔✔ The proceeds are divided equally among living primary beneficiaries.
How are term riders used - Correct Answer ✔✔ to purchase insurance on a family
member of the originally insured
In order for an insurer to increase the premium on a non-cancellable policy which of the
following MUST be true - Correct Answer ✔✔ the premium increase must be in the
contract at the time it is issued
at which point are the contractual death benefit settlement options determined and by
whom? - Correct Answer ✔✔ at the time of policy is purchased by the owner of the
policy
what is the maximum amount of time the insured has to file legal action against the
insurer adapter room proof of loss is provided - Correct Answer ✔✔ 3 years
EXAM QUESTIONS & ELABORATED
ANSWERS PASSED RATED 100%
CORRECT
which of the following is true of an equity-indexed annuity - Correct Answer ✔✔ it has a
guaranteed minimum interest rate
what is the primary purpose of Health reimbursement accounts (HRAs) - Correct
Answer ✔✔ to assist covered employees with payment of medical expenses on a high
deductible plan funded through pre-tax contributions
A basic vision care package includes all of the following EXCEPT? - Correct Answer
✔✔ safety glasses
Which of the following is true of a point of service plan? - Correct Answer ✔✔ A
patient's care is coordinated by an in-network primary care physician.
what is the most common method to supplement Medicare coverage? - Correct Answer
✔✔ Coverage offered by private insurers
all the following are characteristics of variable whole life except - Correct Answer ✔✔
There is no guaranteed minimum death benefit.
what coverage type pays a monthly cash benefit following the elimination period for total
disability die to accident or sickness - Correct Answer ✔✔ disability income insurance
all of the following are characteristics of Cobra except - Correct Answer ✔✔ Change in
medical privacy procedures.
which of the following is covered by a dread disease policy - Correct Answer ✔✔
illnesses that do not occur frequently but incur significant costs when they do occur
Compared to basic Hospital medical, and surgical policies which type of insurance
provides broader coverage, gaps higher, individual benefits, and higher policy
maximums - Correct Answer ✔✔ major medical insurance
A group conversion option may NOT be used in the when - Correct Answer ✔✔ there's
a life-changing event such as marriage divorce or childbirth
, Current assumption Whole Life policies are sensitive to which of the following - Correct
Answer ✔✔ interest rates
when should a buy-sell agreement include a provision for a buyout of an owner's
business interest in an event of a disability? - Correct Answer ✔✔ When there is a buy-
sell agreement funded with a life insurance to buy out the interest of a deceased owner
or partner
States generally define a true "group" for insurance as requiring a minimum of how
many participants - Correct Answer ✔✔ 10
which of the following is true about a decreasing term life policy - Correct Answer ✔✔
the face amount reaches zero at policy expiration
which is true for a flexible premium annuity - Correct Answer ✔✔ the purchaser has the
option to vary the amount of each premium payment following between minimum and
maximum amount
3 common types of permanent individual life insurance - Correct Answer ✔✔ variable
whole life, whole life, and universal life
which policy types is considered double indemnity - Correct Answer ✔✔ accidental
death
which of the following is a characteristic of preferred provider organizations (ppos) -
Correct Answer ✔✔ prearranged costs for services rendered
limited pay whole life policy coverage.. - Correct Answer ✔✔ continues after policy is
paid up
how does the per capita rule apply to proceeds from a life insurance policy - Correct
Answer ✔✔ The proceeds are divided equally among living primary beneficiaries.
How are term riders used - Correct Answer ✔✔ to purchase insurance on a family
member of the originally insured
In order for an insurer to increase the premium on a non-cancellable policy which of the
following MUST be true - Correct Answer ✔✔ the premium increase must be in the
contract at the time it is issued
at which point are the contractual death benefit settlement options determined and by
whom? - Correct Answer ✔✔ at the time of policy is purchased by the owner of the
policy
what is the maximum amount of time the insured has to file legal action against the
insurer adapter room proof of loss is provided - Correct Answer ✔✔ 3 years
