PSI - NY Life, Accident and Health
Practice Exam 17-55, Just my cards
+ 199+ 75 (TEST) (LOT)LATEST
GRADES
1. 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? - ✓✓✓Free Look
2. When will a policy pay on a UCR basis? - ✓✓✓When particular
benefits are not listed on a payment schedule
3. Which type of rider reimburses health and social service expenses
incurred in a convalescent or nursing home facility? - ✓✓✓long
term care rider
4. Which of the following is exempted from the incontestability
provision in insurance policies? - ✓✓✓Fraudulent misstatements
5. What does first dollar coverage mean? - ✓✓✓As soon as covered
medical expenses are incurred, the policy begins to pay
[Date]
1
,6. What is the waiver of premium provision? - ✓✓✓In a long term
care contract, the premium is waived after the insured has been
confined for a specific period of time
7. According to the Time Payment of Claims provision, the insurer
must make the payment immediately after receiving proof of loss
EXCEPT - ✓✓✓for claims involving periodic payments
8. Which is a disadvantage to a flexible premium annuity? - ✓✓✓the
actual amount of the annuity benefit cannot be determined in
advance
9. 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 - ✓✓✓a detailed and comprehensive
summary of the accelerated benefit
10. which one of the following represents an advantage of
obtaining a policy loan versus a withdrawal? - ✓✓✓the loan is not
taxed while a withdrawal is taxed for amounts above the contract
cost basis
11. How does a noncancelable policy differ from a guaranteed
renewable policy? - ✓✓✓with the non cancelable policy the
[Date]
2
, insurer may increase premiums only based on the terms of the
policy
12. What does it mean if a health policy is conditionally
renewable? - ✓✓✓Insurer may elect NOT to renew only under
the conditions specified in the policy
13. When the suicide clause is inserted in a life insurance
contract, death by suicide is not covered during the policy's initial:
- ✓✓✓2 year period
14. What does coinsurance mean? - ✓✓✓The insurer and the
insured share expenses over the deductible.
15. Which of the following must be given to the insurer within
20 days after occurrence or commencement of any loss covered
by the policy, or as soon thereafter as is reasonably possible? -
✓✓✓Notice of claim
16. The right to change the beneficiary or dispose of the policy
or its benefits in any manner one chooses is reserved to the policy
owner UNLESS which of the following is true? - ✓✓✓The policy
owner has named an irrevocable beneficiary
17. Which of the following refers to how often a premium is
paid? - ✓✓✓Mode
[Date]
3
, 18. All of the following are common exclusions from loss found
in disability income policies EXCEPT for that incurred while -
✓✓✓Committing a misdemeanor
19. At which point are contractual death benefit settlement
options determined and by whom are they determined? - ✓✓✓At
the time the policy is purchased by the owner of the policy
20. All of the following are ownership rights EXCEPT -
✓✓✓Switching the policy from one insured to another
21. All of the following are TRUE regarding incomplete
applications EXCEPT - ✓✓✓The incomplete application can be
accepted with the missing information added later
22. A consumer report used to determine eligibility for
insurance may include all of the following EXCEPT - ✓✓✓Medical
underwriting exam
23. All of the following are required signatures on a life
insurance application EXCEPT - ✓✓✓The minor in a juvenile
policy
[Date]
4
Practice Exam 17-55, Just my cards
+ 199+ 75 (TEST) (LOT)LATEST
GRADES
1. 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? - ✓✓✓Free Look
2. When will a policy pay on a UCR basis? - ✓✓✓When particular
benefits are not listed on a payment schedule
3. Which type of rider reimburses health and social service expenses
incurred in a convalescent or nursing home facility? - ✓✓✓long
term care rider
4. Which of the following is exempted from the incontestability
provision in insurance policies? - ✓✓✓Fraudulent misstatements
5. What does first dollar coverage mean? - ✓✓✓As soon as covered
medical expenses are incurred, the policy begins to pay
[Date]
1
,6. What is the waiver of premium provision? - ✓✓✓In a long term
care contract, the premium is waived after the insured has been
confined for a specific period of time
7. According to the Time Payment of Claims provision, the insurer
must make the payment immediately after receiving proof of loss
EXCEPT - ✓✓✓for claims involving periodic payments
8. Which is a disadvantage to a flexible premium annuity? - ✓✓✓the
actual amount of the annuity benefit cannot be determined in
advance
9. 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 - ✓✓✓a detailed and comprehensive
summary of the accelerated benefit
10. which one of the following represents an advantage of
obtaining a policy loan versus a withdrawal? - ✓✓✓the loan is not
taxed while a withdrawal is taxed for amounts above the contract
cost basis
11. How does a noncancelable policy differ from a guaranteed
renewable policy? - ✓✓✓with the non cancelable policy the
[Date]
2
, insurer may increase premiums only based on the terms of the
policy
12. What does it mean if a health policy is conditionally
renewable? - ✓✓✓Insurer may elect NOT to renew only under
the conditions specified in the policy
13. When the suicide clause is inserted in a life insurance
contract, death by suicide is not covered during the policy's initial:
- ✓✓✓2 year period
14. What does coinsurance mean? - ✓✓✓The insurer and the
insured share expenses over the deductible.
15. Which of the following must be given to the insurer within
20 days after occurrence or commencement of any loss covered
by the policy, or as soon thereafter as is reasonably possible? -
✓✓✓Notice of claim
16. The right to change the beneficiary or dispose of the policy
or its benefits in any manner one chooses is reserved to the policy
owner UNLESS which of the following is true? - ✓✓✓The policy
owner has named an irrevocable beneficiary
17. Which of the following refers to how often a premium is
paid? - ✓✓✓Mode
[Date]
3
, 18. All of the following are common exclusions from loss found
in disability income policies EXCEPT for that incurred while -
✓✓✓Committing a misdemeanor
19. At which point are contractual death benefit settlement
options determined and by whom are they determined? - ✓✓✓At
the time the policy is purchased by the owner of the policy
20. All of the following are ownership rights EXCEPT -
✓✓✓Switching the policy from one insured to another
21. All of the following are TRUE regarding incomplete
applications EXCEPT - ✓✓✓The incomplete application can be
accepted with the missing information added later
22. A consumer report used to determine eligibility for
insurance may include all of the following EXCEPT - ✓✓✓Medical
underwriting exam
23. All of the following are required signatures on a life
insurance application EXCEPT - ✓✓✓The minor in a juvenile
policy
[Date]
4
