PSI LIFE, ACCIDENT AND HEALTH EXAM ACTUAL EXAM
2 VERSIONS (VERSION A AND B) COMPLETE ACCURATE
EXAM QUESTIONS WITH DETAILED VERIFIED ANSWERS
(100% CORRECT ANSWERS) /ALREADY GRADED A+
What is the maximum amount of time an insurer has to provide the claimant the
forms for filing proof of loss?
1. 7 days
2. 15 days
3. 30 days
4. 90 days - ANSWER: 2. 15 days
Which of the following is the most common method to supplement Medicare
coverage?
1. Medicaid
2. Group health insurance
3. Employer Health Insurance
4. Coverage offered by private insurers - ANSWER: 4. Coverage offered by private
insurers
In which of the following must a beneficiary change request be filed in writing to the
insurer and is made effective by the insurance company recording the change in its
records?
1. designation option
2. recording method
3. endorsement method
4. succession of beneficiaries - ANSWER: 2. recording method
Which of the following amends the Social Security Act to make Medicare secondary
to group health plans?
1. ADEA
2. ERISA
3. OBRA
4. TEFRA - ANSWER: 4. TEFRA
Managed care plans increase efficiency by all of the following means EXCEPT
1. increasing beneficiary cost sharing.
2. controlling inpatient admissions and length of stay.
3. selectively contracting with health care providers.
4. transferring the management of costs to the insureds. - ANSWER: 4. transferring
the management of costs to the insureds.
A basic vision care package includes all of the following EXCEPT
1. safety glasses.
2. the annual eye exam.
, 3. lenses and frames.
4. contact lenses. - ANSWER: 1. safety glasses.
A group conversion option may be used in all the following instances EXCEPT
1. the termination of the master policy.
2. loss of coverage due to loss of employment.
3. loss of eligibility on the part of a class of insureds.
4. a life-changing event, such as marriage, divorce, or childbirth. - ANSWER: 4. a life-
changing event, such as marriage, divorce, or childbirth.
What does the grace period protect the policyholder from?
1. an unintentional lapse of the policy
2. a change in mind about the initial purchase of the policy
3. mistakenly omitting a beneficiary from the initial contract
4. having to prove whether a condition is pre-existing - ANSWER: 1. an unintentional
lapse of the policy
Which insurance plans are commonly offered through the worksite (employer
sponsored) EXCEPT?
1. Medicare
2. Dental Insurance
3. Long Term Care Insurance
4. Supplemental Disability Insurance - ANSWER: 1. Medicare
Under normal conditions which of the following is TRUE for proof of loss when a
single loss is claimed?
1. The insured has 90 days from the date of loss to provide proof of loss.
2. The insured has 30 days from the date of loss to provide proof of loss.
3. The insured is not required to file proof of loss if unable to submit it at time of
loss.
4. The insured has two years to file proof of loss if unable to submit it at the time of
loss. - ANSWER: 1. The insured has 90 days from the date of loss to provide proof of
loss.
How do most disability policies handle the case of a recurrent disability occurring at
least 90 days after the first claim?
1. It is handled as a continuation of the existing claim.
2. it is excluded from coverage because benefits have already been paid.
3. it must be handled as a new claim for a new period of disability, requiring a new
elimination period.
4. it must be handled as a new claim for a new period of disability, without requiring
a new elimination period. - ANSWER: 3. it must be handled as a new claim for a new
period of disability, requiring a new elimination period.
What is the waiver of premium provision?
1. In a long term care contract, the premium is waived after the insured has been
confined for a specific period of time.
2 VERSIONS (VERSION A AND B) COMPLETE ACCURATE
EXAM QUESTIONS WITH DETAILED VERIFIED ANSWERS
(100% CORRECT ANSWERS) /ALREADY GRADED A+
What is the maximum amount of time an insurer has to provide the claimant the
forms for filing proof of loss?
1. 7 days
2. 15 days
3. 30 days
4. 90 days - ANSWER: 2. 15 days
Which of the following is the most common method to supplement Medicare
coverage?
1. Medicaid
2. Group health insurance
3. Employer Health Insurance
4. Coverage offered by private insurers - ANSWER: 4. Coverage offered by private
insurers
In which of the following must a beneficiary change request be filed in writing to the
insurer and is made effective by the insurance company recording the change in its
records?
1. designation option
2. recording method
3. endorsement method
4. succession of beneficiaries - ANSWER: 2. recording method
Which of the following amends the Social Security Act to make Medicare secondary
to group health plans?
1. ADEA
2. ERISA
3. OBRA
4. TEFRA - ANSWER: 4. TEFRA
Managed care plans increase efficiency by all of the following means EXCEPT
1. increasing beneficiary cost sharing.
2. controlling inpatient admissions and length of stay.
3. selectively contracting with health care providers.
4. transferring the management of costs to the insureds. - ANSWER: 4. transferring
the management of costs to the insureds.
A basic vision care package includes all of the following EXCEPT
1. safety glasses.
2. the annual eye exam.
, 3. lenses and frames.
4. contact lenses. - ANSWER: 1. safety glasses.
A group conversion option may be used in all the following instances EXCEPT
1. the termination of the master policy.
2. loss of coverage due to loss of employment.
3. loss of eligibility on the part of a class of insureds.
4. a life-changing event, such as marriage, divorce, or childbirth. - ANSWER: 4. a life-
changing event, such as marriage, divorce, or childbirth.
What does the grace period protect the policyholder from?
1. an unintentional lapse of the policy
2. a change in mind about the initial purchase of the policy
3. mistakenly omitting a beneficiary from the initial contract
4. having to prove whether a condition is pre-existing - ANSWER: 1. an unintentional
lapse of the policy
Which insurance plans are commonly offered through the worksite (employer
sponsored) EXCEPT?
1. Medicare
2. Dental Insurance
3. Long Term Care Insurance
4. Supplemental Disability Insurance - ANSWER: 1. Medicare
Under normal conditions which of the following is TRUE for proof of loss when a
single loss is claimed?
1. The insured has 90 days from the date of loss to provide proof of loss.
2. The insured has 30 days from the date of loss to provide proof of loss.
3. The insured is not required to file proof of loss if unable to submit it at time of
loss.
4. The insured has two years to file proof of loss if unable to submit it at the time of
loss. - ANSWER: 1. The insured has 90 days from the date of loss to provide proof of
loss.
How do most disability policies handle the case of a recurrent disability occurring at
least 90 days after the first claim?
1. It is handled as a continuation of the existing claim.
2. it is excluded from coverage because benefits have already been paid.
3. it must be handled as a new claim for a new period of disability, requiring a new
elimination period.
4. it must be handled as a new claim for a new period of disability, without requiring
a new elimination period. - ANSWER: 3. it must be handled as a new claim for a new
period of disability, requiring a new elimination period.
What is the waiver of premium provision?
1. In a long term care contract, the premium is waived after the insured has been
confined for a specific period of time.
