1|Page
PSI - NY LIFE, ACCIDENT AND HEALTH PRACTICE
EXAM 2025| BRAND NEW ACTUAL EXAM WITH 100%
VERIFIED QUESTIONS AND CORRECT SOLUTIONS|
GUARANTEED VALUE PACK| ACE YOUR GRADES.
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? - (answers)Free Look
When will a policy pay on a UCR basis? - (answers)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? - (answers)long term care rider
Which of the following is exempted from the incontestability provision in
insurance policies? - (answers)Fraudulent misstatements
What does first dollar coverage mean? - (answers)As soon as covered medical
expenses are incurred, the policy begins to pay
What is the waiver of premium provision? - (answers)In a long term care contract,
the premium is waived after the insured has been confined for a specific period of
time
, 2|Page
According to the Time Payment of Claims provision, the insurer must make the
payment immediately after receiving proof of loss EXCEPT - (answers)for claims
involving periodic payments
Which is a disadvantage to a flexible premium annuity? - (answers)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 - (answers)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? - (answers)the loan is not taxed while a withdrawal is taxed
for amounts above the contract cost basis
How does a noncancelable policy differ from a guaranteed renewable policy? -
(answers)with the non cancelable policy the insurer may increase premiums only
based on the terms of the policy
What does it mean if a health policy is conditionally renewable? -
(answers)Insurer may elect NOT to renew only under the conditions specified in
the policy
When the suicide clause is inserted in a life insurance contract, death by suicide is
not covered during the policy's initial: - (answers)2 year period
PSI - NY LIFE, ACCIDENT AND HEALTH PRACTICE
EXAM 2025| BRAND NEW ACTUAL EXAM WITH 100%
VERIFIED QUESTIONS AND CORRECT SOLUTIONS|
GUARANTEED VALUE PACK| ACE YOUR GRADES.
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? - (answers)Free Look
When will a policy pay on a UCR basis? - (answers)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? - (answers)long term care rider
Which of the following is exempted from the incontestability provision in
insurance policies? - (answers)Fraudulent misstatements
What does first dollar coverage mean? - (answers)As soon as covered medical
expenses are incurred, the policy begins to pay
What is the waiver of premium provision? - (answers)In a long term care contract,
the premium is waived after the insured has been confined for a specific period of
time
, 2|Page
According to the Time Payment of Claims provision, the insurer must make the
payment immediately after receiving proof of loss EXCEPT - (answers)for claims
involving periodic payments
Which is a disadvantage to a flexible premium annuity? - (answers)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 - (answers)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? - (answers)the loan is not taxed while a withdrawal is taxed
for amounts above the contract cost basis
How does a noncancelable policy differ from a guaranteed renewable policy? -
(answers)with the non cancelable policy the insurer may increase premiums only
based on the terms of the policy
What does it mean if a health policy is conditionally renewable? -
(answers)Insurer may elect NOT to renew only under the conditions specified in
the policy
When the suicide clause is inserted in a life insurance contract, death by suicide is
not covered during the policy's initial: - (answers)2 year period
