PSI - NY Life, Accident and Health Practice Exam 17-55 |
Certified Questions and Revised Answers A+ Graded
1. Which policy provision permits the policy owner to taḱe 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 Looḱ
2. When will a policy pay on a UCR basis?: Whenparticular benefitsare not listed on a payment
schedule
3. Which type of rider reimburses health and social service expenses incurred in a
convalescent or nursing home facility?: long termcarerider
4. Which of the following is exempted from the incontestability provision in
insurance policies?: Fraudulent misstatements
5. What does first dollar coveragemean?: As soonas coveredmedicalexpensesare incurred,the
policy begins to pay
6. What is the waiver of premium provision?: In a long termcarecontract,thepremiumis waivedafter
the insured has been confined for a specific period of time
7. According to the Time Payment of Claims provision, the insurer must maḱe the
payment immediately after receiving proof of loss EXCEPT: claims
for involving periodic
payments
8. Which is a disadvantageto a flexible premiumannuity?: the actual amount of the
annuity
benefit cannot be determined in advance
9. 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 comprehensivesummary of the acceleratedbenefit
10. which one of the following represents an advantageof obtaining a policy loan
versus a withdrawal?:the loan is not taxed while a withdrawal is taxed for amounts above the contract
costbasis
11. How does a noncancelablepolicy differ from a guaranteedrenewablepol- icy?: with
1/
10
, the non cancelable policy the insurer may increase premiums only based on the terms of the policy
12. Whatdoesit meanif a healthpolicy is conditionally renewable?:Insurer mayelect
NOT to renew only under the conditionsspecifiedin the policy
13. When the suicide clause is inserted in a life insurance contract, death by suicide
is not covered during the policy's initial:: year
2 period
14. What doescoinsurancemean?:The insurer and the insuredshare expensesover the deductible.
2/
10
Certified Questions and Revised Answers A+ Graded
1. Which policy provision permits the policy owner to taḱe 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 Looḱ
2. When will a policy pay on a UCR basis?: Whenparticular benefitsare not listed on a payment
schedule
3. Which type of rider reimburses health and social service expenses incurred in a
convalescent or nursing home facility?: long termcarerider
4. Which of the following is exempted from the incontestability provision in
insurance policies?: Fraudulent misstatements
5. What does first dollar coveragemean?: As soonas coveredmedicalexpensesare incurred,the
policy begins to pay
6. What is the waiver of premium provision?: In a long termcarecontract,thepremiumis waivedafter
the insured has been confined for a specific period of time
7. According to the Time Payment of Claims provision, the insurer must maḱe the
payment immediately after receiving proof of loss EXCEPT: claims
for involving periodic
payments
8. Which is a disadvantageto a flexible premiumannuity?: the actual amount of the
annuity
benefit cannot be determined in advance
9. 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 comprehensivesummary of the acceleratedbenefit
10. which one of the following represents an advantageof obtaining a policy loan
versus a withdrawal?:the loan is not taxed while a withdrawal is taxed for amounts above the contract
costbasis
11. How does a noncancelablepolicy differ from a guaranteedrenewablepol- icy?: with
1/
10
, the non cancelable policy the insurer may increase premiums only based on the terms of the policy
12. Whatdoesit meanif a healthpolicy is conditionally renewable?:Insurer mayelect
NOT to renew only under the conditionsspecifiedin the policy
13. When the suicide clause is inserted in a life insurance contract, death by suicide
is not covered during the policy's initial:: year
2 period
14. What doescoinsurancemean?:The insurer and the insuredshare expensesover the deductible.
2/
10
