Study Set for PSI Life, Accident and Health Practice Exam Latest Updated

Study Set for PSI Life, Accident and Health Practice Exam Latest Updated A group conversion option may be used in all the following instances EXCEPT - CORRECT ANSWER-a life-changing event, such as marriage, divorce, or childbirth. Which is the primary purpose of Health Reimbursement Accounts (HRAs)? - CORRECT ANSWER-To assist covered employees with the payment of medical expenses on a high deductible plan funded through pre-tax contributions. All of the following are characteristics of variable whole life EXCEPT - CORRECT ANSWER-there is no guaranteed minimum death benefit. When should a buy-sell agreement include a provision for the buy-out of an owner's business interest in the event of a disability? - CORRECT ANSWER-When there is a buy-sell agreement funded with life insurance to buyout the interest of a deceased owner or partner. 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. Which of the following coverage types pays a monthly cash benefit following the elimination period for total disability due to accident or sickness? - CORRECT ANSWER-Disability income insuran Which of the following is TRUE of an equity-indexed annuity? - CORRECT ANSWER-It has a guaranteed minimum interest rate. All of the following are characteristics of COBRA EXCEPT - CORRECT ANSWERchange in medical privacy procedures. In which of the following does a covered employee agree to a reduction in compensation so the amount can be used to cover medical expenses? - CORRECT ANSWER-Flexible Spending Account (FSA) Which problem was universal life insurance designed to address? - CORRECT ANSWER-low interest rates during periods of high inflation A basic vision care package includes all of the following EXCEPT - CORRECT ANSWER-safety glasses Which of the following is the most common method to supplement Medicare coverage? - CORRECT ANSWER-Coverage offered by private insurers