PSI - NY Life, Accident and Health Practice Exam 17-55 CORRECT 100%
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? - ANSWER Free Look
When will a policy pay on a UCR basis? - 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? - ANSWER long term care rider
Which of the following is exempted from the incontestability provision in
insurance policies? - ANSWER Fraudulent misstatements
,What does first dollar coverage mean? - ANSWER As soon as covered medical
expenses are incurred, the policy begins to pay
What is the waiver of premium provision? - 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 - ANSWER for claims
involving periodic payments
Which is a disadvantage to a flexible premium annuity? - 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 - 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? - ANSWER the loan is not taxed while a withdrawal is
taxed for amounts above the contract cost basis
A consumer report used to determine eligibility for insurance may include all of
the following EXCEPT - ANSWER Medical underwriting exam
All of the following are required signatures on a life insurance application
EXCEPT - ANSWER The minor in a juvenile policy
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? - ANSWER Free Look
When will a policy pay on a UCR basis? - 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? - ANSWER long term care rider
Which of the following is exempted from the incontestability provision in
insurance policies? - ANSWER Fraudulent misstatements
,What does first dollar coverage mean? - ANSWER As soon as covered medical
expenses are incurred, the policy begins to pay
What is the waiver of premium provision? - 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 - ANSWER for claims
involving periodic payments
Which is a disadvantage to a flexible premium annuity? - 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 - 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? - ANSWER the loan is not taxed while a withdrawal is
taxed for amounts above the contract cost basis
A consumer report used to determine eligibility for insurance may include all of
the following EXCEPT - ANSWER Medical underwriting exam
All of the following are required signatures on a life insurance application
EXCEPT - ANSWER The minor in a juvenile policy
