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PSI INSURANCE EXAM - OH LIFE, ACCIDENT,
AND HEALTH EXAM GUIDE ACTUAL PREP
QUESTIONS AND WELL REVISED ANSWERS -
LATEST AND COMPLETE UPDATE WITH
VERIFIED SOLUTIONS – ASSURES PASS
What is it called when a life insurance policy pays a multiple of the coverage
amount when certain types of accidents occur? - ANSWER: multiple indemnity
Upon the issuance of a conditional receipt for a renewal when the premium is paid
AFTER the time granted by the insurer, what is the maximum amount of time for
reinstatement of the policy? - ANSWER: 30 days
Which of the following statements regarding a pure life annuity payout option is
correct? - ANSWER: This option provides the highest monthly income.
Which of the following does not apply to the time limit on certain defenses
provision in health insurance policies? - ANSWER: fraudulent misstatements
If an individual is insured by both their own health insurance policy and their
spouse's policy, which policy pays first in the event of an illness? - ANSWER:
The individual's policy pays first, the spouse's policy pays the remaining up to
coverage amount.
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When can the premiums of an individually owned health insurance policy be
deducted from the individual's income tax? - ANSWER: when the taxpayer's
unreimbursed medical expenses exceed 7.5% of adjusted gross income during a
taxable year
When the suicide clause is inserted in a life insurance contract, death by suicide is
not covered during the policy's initial - ANSWER: 2 year period.
Which of the following is a characteristic of Health Maintenance Organizations
(HMOs)? - ANSWER: preventive care
The life insurance policy will not be truly effective until all of the following occur
EXCEPT - ANSWER: the producer has explained the policy to the client.
Under which situation must insurable interest exist between the applicant and
insured at the time of application? - ANSWER: when a third-party applicant
names themselves beneficiary
Which of the following is a distinguishing feature of a variable life insurance
policy? - ANSWER: The cash value earnings are based on the performance of the
separate account.
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The person who receives the benefit of an annuity is known as the - ANSWER:
annuitant.
Which of the following is an example of a premium payment mode? - ANSWER:
annual premium payment
How do most disability policies handle the case of a recurrent disability occurring
at least 90 days after the first claim? - ANSWER: it must be handled as a new
claim for a new period of disability, requiring a new elimination period.
Which of the following is true for most comprehensive dental policies? -
ANSWER: Routine care is provided without coinsurance or deductibles.
Under a Medicare Supplement Policy, preexisting conditions CANNOT be
excluded after how many months from the effective date of the policy? -
ANSWER: 6 months
What does an application for insurance contractually represent for the insured? -
ANSWER: an offer
Which of the following is exempted from the incontestability provision in
insurance policies? - ANSWER: fraudulent misstatements
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Which of the following may be thought of as a time deductible rather than a dollar
deductible in a disability income policy because benefits are not payable during
that time? - ANSWER: elimination period
How long after being entitled to Social Security disability benefits will an
individual be eligible to receive Medicare benefits? - ANSWER: 2 years
If a policy is determined to be a Modified Endowment Contract (MEC), funds
received under the policy will be - ANSWER: considered taxable income first.
Which type of annuity attempts to offset inflation by providing a benefit linked to
an underlying investment account? - ANSWER: variable
What is a MIB report? - ANSWER: medical information on an applicant for
assessing life or health insurance risk
Group Life Policies typically include which of the following provisions? -
ANSWER: conversion privilege
In a case where an individual's health is insured by both their own policy and their
spouse's policy, which policy pays in the event of an illness? - ANSWER: The
PSI INSURANCE EXAM - OH LIFE, ACCIDENT,
AND HEALTH EXAM GUIDE ACTUAL PREP
QUESTIONS AND WELL REVISED ANSWERS -
LATEST AND COMPLETE UPDATE WITH
VERIFIED SOLUTIONS – ASSURES PASS
What is it called when a life insurance policy pays a multiple of the coverage
amount when certain types of accidents occur? - ANSWER: multiple indemnity
Upon the issuance of a conditional receipt for a renewal when the premium is paid
AFTER the time granted by the insurer, what is the maximum amount of time for
reinstatement of the policy? - ANSWER: 30 days
Which of the following statements regarding a pure life annuity payout option is
correct? - ANSWER: This option provides the highest monthly income.
Which of the following does not apply to the time limit on certain defenses
provision in health insurance policies? - ANSWER: fraudulent misstatements
If an individual is insured by both their own health insurance policy and their
spouse's policy, which policy pays first in the event of an illness? - ANSWER:
The individual's policy pays first, the spouse's policy pays the remaining up to
coverage amount.
,2|Page
When can the premiums of an individually owned health insurance policy be
deducted from the individual's income tax? - ANSWER: when the taxpayer's
unreimbursed medical expenses exceed 7.5% of adjusted gross income during a
taxable year
When the suicide clause is inserted in a life insurance contract, death by suicide is
not covered during the policy's initial - ANSWER: 2 year period.
Which of the following is a characteristic of Health Maintenance Organizations
(HMOs)? - ANSWER: preventive care
The life insurance policy will not be truly effective until all of the following occur
EXCEPT - ANSWER: the producer has explained the policy to the client.
Under which situation must insurable interest exist between the applicant and
insured at the time of application? - ANSWER: when a third-party applicant
names themselves beneficiary
Which of the following is a distinguishing feature of a variable life insurance
policy? - ANSWER: The cash value earnings are based on the performance of the
separate account.
,3|Page
The person who receives the benefit of an annuity is known as the - ANSWER:
annuitant.
Which of the following is an example of a premium payment mode? - ANSWER:
annual premium payment
How do most disability policies handle the case of a recurrent disability occurring
at least 90 days after the first claim? - ANSWER: it must be handled as a new
claim for a new period of disability, requiring a new elimination period.
Which of the following is true for most comprehensive dental policies? -
ANSWER: Routine care is provided without coinsurance or deductibles.
Under a Medicare Supplement Policy, preexisting conditions CANNOT be
excluded after how many months from the effective date of the policy? -
ANSWER: 6 months
What does an application for insurance contractually represent for the insured? -
ANSWER: an offer
Which of the following is exempted from the incontestability provision in
insurance policies? - ANSWER: fraudulent misstatements
, 4|Page
Which of the following may be thought of as a time deductible rather than a dollar
deductible in a disability income policy because benefits are not payable during
that time? - ANSWER: elimination period
How long after being entitled to Social Security disability benefits will an
individual be eligible to receive Medicare benefits? - ANSWER: 2 years
If a policy is determined to be a Modified Endowment Contract (MEC), funds
received under the policy will be - ANSWER: considered taxable income first.
Which type of annuity attempts to offset inflation by providing a benefit linked to
an underlying investment account? - ANSWER: variable
What is a MIB report? - ANSWER: medical information on an applicant for
assessing life or health insurance risk
Group Life Policies typically include which of the following provisions? -
ANSWER: conversion privilege
In a case where an individual's health is insured by both their own policy and their
spouse's policy, which policy pays in the event of an illness? - ANSWER: The
