PSI NY Life, Accident and Health Practice Exam 17-55 75 Questions - Actual Test 150 Questions & Answers

PSI NY Life, Accident and Health Practice Exam 17-55 75 Questions - Actual Test 150 Questions & Answers 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? - CORRECT ANSWER-Free Look When will a policy pay on a UCR basis? - CORRECT 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? - CORRECT ANSWER-long term care rider Which of the following is exempted from the incontestability provision in insurance policies? - CORRECT ANSWER-Fraudulent misstatements What does first dollar coverage mean? - CORRECT ANSWER-As soon as covered medical expenses are incurred, the policy begins to pay What is the waiver of premium provision? - CORRECT 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 - CORRECT ANSWER-for claims involving periodic payments Which is a disadvantage to a flexible premium annuity? - CORRECT 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 - CORRECT 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? - CORRECT ANSWER-the loan is not taxed while a withdrawal is taxed for amounts above the contract cost basis