PSI Insurance Exam OH Life, Accident, and Health updated Questions
and Revised Answers Latest 2026/2027 graded A+ !!!
1.What is it called when a life insurance policy pays a multiple of the
coverage amount when certain types of accidents occur?
multiple indemnity
2.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?
30 days
3.Which of the following does not apply to the time limit on certain
defenses provision in health insurance policies?
fraudulent misstatements
4.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?
The individual's policy pays first, the spouse's policy pays the remaining
up to coverage amount.
5.When can the premiums of an individually owned health insurance
policy be deducted from the individual's income tax?
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
2 year period.
Which of the following is a characteristic of Health Maintenance
Organizations (HMOs)?
preventive care
1|Page
,The life insurance policy will not be truly effective until all of the
following occur EXCEPT
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?
when a third-party applicant names themselves beneficiary
Which of the following is a distinguishing feature of a variable life
insurance policy?
The cash value earnings are based on the performance of the separate
account.
The person who receives the benefit of an annuity is known as the
annuitant.
Which of the following is an example of a premium payment mode?
annual premium payment
How do most disability policies handle the case of a recurrent disability
occurring at least 90 days after the first claim?
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?
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?
6 months
What does an application for insurance contractually represent for the
insured?
2|Page
, an offer
Which of the following is exempted from the incontestability provision
in insurance policies?
fraudulent misstatements
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?
elimination period
How long after being entitled to Social Security disability benefits will
an individual be eligible to receive Medicare benefits?
2 years
If a policy is determined to be a Modified Endowment Contract (MEC),
funds received under the policy will be
considered taxable income first.
Which type of annuity attempts to offset inflation by providing a benefit
linked to an underlying investment account?
variable
What is a MIB report?
medical information on an applicant for assessing life or health
insurance risk
Group Life Policies typically include which of the following provisions?
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?
The individual's policy pays first, the spouse's policy pays the remaining
up to coverage amount.
3|Page
and Revised Answers Latest 2026/2027 graded A+ !!!
1.What is it called when a life insurance policy pays a multiple of the
coverage amount when certain types of accidents occur?
multiple indemnity
2.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?
30 days
3.Which of the following does not apply to the time limit on certain
defenses provision in health insurance policies?
fraudulent misstatements
4.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?
The individual's policy pays first, the spouse's policy pays the remaining
up to coverage amount.
5.When can the premiums of an individually owned health insurance
policy be deducted from the individual's income tax?
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
2 year period.
Which of the following is a characteristic of Health Maintenance
Organizations (HMOs)?
preventive care
1|Page
,The life insurance policy will not be truly effective until all of the
following occur EXCEPT
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?
when a third-party applicant names themselves beneficiary
Which of the following is a distinguishing feature of a variable life
insurance policy?
The cash value earnings are based on the performance of the separate
account.
The person who receives the benefit of an annuity is known as the
annuitant.
Which of the following is an example of a premium payment mode?
annual premium payment
How do most disability policies handle the case of a recurrent disability
occurring at least 90 days after the first claim?
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?
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?
6 months
What does an application for insurance contractually represent for the
insured?
2|Page
, an offer
Which of the following is exempted from the incontestability provision
in insurance policies?
fraudulent misstatements
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?
elimination period
How long after being entitled to Social Security disability benefits will
an individual be eligible to receive Medicare benefits?
2 years
If a policy is determined to be a Modified Endowment Contract (MEC),
funds received under the policy will be
considered taxable income first.
Which type of annuity attempts to offset inflation by providing a benefit
linked to an underlying investment account?
variable
What is a MIB report?
medical information on an applicant for assessing life or health
insurance risk
Group Life Policies typically include which of the following provisions?
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?
The individual's policy pays first, the spouse's policy pays the remaining
up to coverage amount.
3|Page
