PSI: LIFE, ACCIDENT, AND HEALTH PRACTICE EXAM
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1. Under the misstatement of age or gender Benefits are adjusted to an amount that
provision, what happens if it is determined the premium would have purchased at the
at death that the insured's age or gender correct age or gender.
was misstated on a life insurance policy ap-
plication?
2. Which of the following must be given to the Notice of claim.
insurer within 20 days after occurrence or
commencement of any loss covered by the
policy, or as thereafter as is reasonably pos-
sible?
3. When will a policy pay on a UCR basis? When particular benefits are not listed on
a payment schedule.
4. All of the following are non-forfeiture op- Cash dividend option.
tions EXCEPT
5. What happens when the lifetime maximum The insured will pay all of the remaining
benefit limit has been reached? medial costs for as long as the policy is in
force.
6. Whose responsibility is it to make sure that The producer.
the company is notified of a death claim at
the earliest possible opportunity (in most
cases)?
7. What is the waiver of premium provision? In a long term care contract, the premium
is waived after the insured has been con-
fined for a specific period of time.
8. Committing a misdemeanor
1/9
, PSI: LIFE, ACCIDENT, AND HEALTH PRACTICE EXAM
Study online at https://quizlet.com/_1v5duf
All of the following are common exclusions
from loss found in disability income policies
EXCEPT for that incurred while?
9. Which is a disadvantage to a flexible premi- The actual amount of the annuity benefit
um annuity? cannot be determined in advance.
10. What does coninsurance mean? The insurer and the insured share expens-
es over the deductible.
11. Under normal conditions which of the fol- The insured has 90 days from the date of
lowing is TRUE for proof of loss when a sin- loss to provide proof of loss.
gle loss is claimed?
12. Which one of the following represents an The loan is not taxed while a withdrawal is
advantage of obtaining a policy loan versus taxed for amounts above the contract cost
a withdrawal? basis.
13. All of the following statements define preex- Any chronic health condition that presents
isting conditions EXCEPT? symptoms and which was unknown at the
time of application.
14. Which is the difference between participat- Participating policies pay dividends while
ing and non-participating? non-participating policies do not.
15. How does the per captia rule apply to pro- The proceeds are divided equally among
ceeds from a life insurance policy? living primary beneficiaries.
16. How does a noncancelable policy differ from With the noncancelable policy the insurer
a guaranteed renewable policy? may increase premiums only based on the
terms of the policy.
17. Which of the following refers to how often a Mode
premium is paid?
2/9
Study online at https://quizlet.com/_1v5duf
1. Under the misstatement of age or gender Benefits are adjusted to an amount that
provision, what happens if it is determined the premium would have purchased at the
at death that the insured's age or gender correct age or gender.
was misstated on a life insurance policy ap-
plication?
2. Which of the following must be given to the Notice of claim.
insurer within 20 days after occurrence or
commencement of any loss covered by the
policy, or as thereafter as is reasonably pos-
sible?
3. When will a policy pay on a UCR basis? When particular benefits are not listed on
a payment schedule.
4. All of the following are non-forfeiture op- Cash dividend option.
tions EXCEPT
5. What happens when the lifetime maximum The insured will pay all of the remaining
benefit limit has been reached? medial costs for as long as the policy is in
force.
6. Whose responsibility is it to make sure that The producer.
the company is notified of a death claim at
the earliest possible opportunity (in most
cases)?
7. What is the waiver of premium provision? In a long term care contract, the premium
is waived after the insured has been con-
fined for a specific period of time.
8. Committing a misdemeanor
1/9
, PSI: LIFE, ACCIDENT, AND HEALTH PRACTICE EXAM
Study online at https://quizlet.com/_1v5duf
All of the following are common exclusions
from loss found in disability income policies
EXCEPT for that incurred while?
9. Which is a disadvantage to a flexible premi- The actual amount of the annuity benefit
um annuity? cannot be determined in advance.
10. What does coninsurance mean? The insurer and the insured share expens-
es over the deductible.
11. Under normal conditions which of the fol- The insured has 90 days from the date of
lowing is TRUE for proof of loss when a sin- loss to provide proof of loss.
gle loss is claimed?
12. Which one of the following represents an The loan is not taxed while a withdrawal is
advantage of obtaining a policy loan versus taxed for amounts above the contract cost
a withdrawal? basis.
13. All of the following statements define preex- Any chronic health condition that presents
isting conditions EXCEPT? symptoms and which was unknown at the
time of application.
14. Which is the difference between participat- Participating policies pay dividends while
ing and non-participating? non-participating policies do not.
15. How does the per captia rule apply to pro- The proceeds are divided equally among
ceeds from a life insurance policy? living primary beneficiaries.
16. How does a noncancelable policy differ from With the noncancelable policy the insurer
a guaranteed renewable policy? may increase premiums only based on the
terms of the policy.
17. Which of the following refers to how often a Mode
premium is paid?
2/9
