PSI 200 Life Health Accident Exam Questions and Answers

PSI 200 Life Health Accident Exam Questions and Answers Nonforfeiture Options - CORRECT ANSWER-cash value, reduced paid-up insurance, extended term insurance Cash Value - CORRECT ANSWER-the amount of money a whole life policyholder would receive if the policy were surrendered before death or maturity Reduced Paid-Up - CORRECT ANSWER-The amount of equity (ownership) or cash accumulation in a permanent life insurance policy. Extended Term - CORRECT ANSWER-A nonforfeiture option that allows the policyowner to use the cash values of a lapsed permanent policy, as a net premium, to purchase term insurance with the same amount of protection as the lapsed policy offered. Dividend Options - CORRECT ANSWER-Participating policyowners have choices with regard to policy dividends: cash, reduction of future premiums, additional paid-up insurance, accumulate with interest. reduction of future premiums - CORRECT ANSWER-The net premium calculation does not take into account future .. states' tax laws may allow insurance companies to reduce their gross premium. additional paid-up insurance - CORRECT ANSWER-is available as a rider on a whole life policy. It lets policyholders increase their death benefit and living benefit by increasing the policy's cash value. Accumulation at Interest - CORRECT ANSWER-Dividend option in which the insurer retains the dividend to be invested. Medicare Part A - CORRECT ANSWER-hospital insurance Medicare Part B - CORRECT ANSWER-The part of the Medicare program that pays for physician services, outpatient hospital services, durable medical equipment, and other services and supplies. Medicare Part C - CORRECT ANSWER-Medicare Advantage Medicare Part D - CORRECT ANSWER-Prescription drug coverage Medicare Supplement Policy - CORRECT ANSWER-designed to fill in the gaps of Part A and Part B Medicare Misrepresentation - CORRECT ANSWER-A false statement or lie that can render the contract void.