PSI: LIFE, ACCIDENT, AND HEALTH PRACTICE EXAM
2025 UPDATE Verified Questions and well detailed
Answers | Guaranteed Success!!
Under the misstatement of age or gender provision, what happens if it is determined at
death that the insured's age or gender was misstated on a life insurance policy
application? -CORRECT ANSWER Benefits are adjusted to an amount that the
premium would have purchased at the correct age or gender.
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 thereafter as is reasonably
possible? -CORRECT ANSWER Notice of claim.
When will a policy pay on a UCR basis? -CORRECT ANSWER When particular
benefits are not listed on a payment schedule.
All of the following are non-forfeiture options EXCEPT -CORRECT ANSWER Cash
dividend option.
What happens when the lifetime maximum benefit limit has been reached? -CORRECT
ANSWER The insured will pay all of the remaining medial costs for as long as the policy
is in force.
, Whose responsibility is it to make sure that the company is notified of a death claim at
the earliest possible opportunity (in most cases)? -CORRECT ANSWER The producer.
What is the waiver of premium provision? -CORRECT ANSWER In a long term care
contract, the premium is waived after the insured has been confined for a specific period
of time.
All of the following are common exclusions from loss found in disability income policies
EXCEPT for that incurred while? -CORRECT ANSWER Committing a misdemeanor
Which is a disadvantage to a flexible premium annuity? -CORRECT ANSWER The
actual amount of the annuity benefit cannot be determined in advance.
What does coninsurance mean? -CORRECT ANSWER The insurer and the insured
share expenses over the deductible.
Under normal conditions which of the following is TRUE for proof of loss when a single
loss is claimed? -CORRECT ANSWER The insured has 90 days from the date of loss
to provide proof of loss.
Which one of the following represents an advantage of obtaining a policy loan versus a
withdrawal? -CORRECT ANSWER The loan is not taxed while a withdrawal is taxed for
amounts above the contract cost basis.
2025 UPDATE Verified Questions and well detailed
Answers | Guaranteed Success!!
Under the misstatement of age or gender provision, what happens if it is determined at
death that the insured's age or gender was misstated on a life insurance policy
application? -CORRECT ANSWER Benefits are adjusted to an amount that the
premium would have purchased at the correct age or gender.
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 thereafter as is reasonably
possible? -CORRECT ANSWER Notice of claim.
When will a policy pay on a UCR basis? -CORRECT ANSWER When particular
benefits are not listed on a payment schedule.
All of the following are non-forfeiture options EXCEPT -CORRECT ANSWER Cash
dividend option.
What happens when the lifetime maximum benefit limit has been reached? -CORRECT
ANSWER The insured will pay all of the remaining medial costs for as long as the policy
is in force.
, Whose responsibility is it to make sure that the company is notified of a death claim at
the earliest possible opportunity (in most cases)? -CORRECT ANSWER The producer.
What is the waiver of premium provision? -CORRECT ANSWER In a long term care
contract, the premium is waived after the insured has been confined for a specific period
of time.
All of the following are common exclusions from loss found in disability income policies
EXCEPT for that incurred while? -CORRECT ANSWER Committing a misdemeanor
Which is a disadvantage to a flexible premium annuity? -CORRECT ANSWER The
actual amount of the annuity benefit cannot be determined in advance.
What does coninsurance mean? -CORRECT ANSWER The insurer and the insured
share expenses over the deductible.
Under normal conditions which of the following is TRUE for proof of loss when a single
loss is claimed? -CORRECT ANSWER The insured has 90 days from the date of loss
to provide proof of loss.
Which one of the following represents an advantage of obtaining a policy loan versus a
withdrawal? -CORRECT ANSWER The loan is not taxed while a withdrawal is taxed for
amounts above the contract cost basis.
