PSI Life, Accident, and Health 11-35 Practice Test with verified questions
and answers A+ Grade
Which type of receipt makes the insurer liable for the risk from the date of application, regardless of the
applicant's insurability?
-Inspection receipt
-temporary receipt
-conditional receipt
-binding receipt
- correct answer binding receipt
Which of the following occurs immediately after the application is submitted and the initial premium is
paid?
-the applicant's references
-insurance goes into effect
-the beneficiaries are selected
-the underwriting process begins
- correct answer The underwriting process begins
The entire contract includes the actual policy and
-certification of authority
- application
-consideration
-representations
- correct answer application
, Which of the following is TRUE of a point of service plan?
-A patients care is coordinated by an in-network primary care physician
-a patient may see any provider for any condition for the same cost and does not need to consult a
primary care physician
-patients must submit claim forms for all services received
-the difference in cost between in-network and out-of-network is relatively small
- correct answer A patient may see any provider for any condition for the same cost and does not need
to consult a primary care physician
Which of the following may be thought of as a time deductible rather a dollar deductible in a disability
income policy because benefits are not payable during a time?
-benefit period
-elimination period
-probationary period
-grace period
- correct answer Elimination Period
What is the maximum amount of time the insured has to file legal action against the insurer?
-10 years
-3 years
-5 years
-1 year
- correct answer 3 years
How are issues of ambiguity usually resolved because insurance contracts are contracts to adhesion?
-in favor of the insured because the insurance company drafts the language
-in favor of the insurer because most issues arise from misrepresentation on the part of the insured
and answers A+ Grade
Which type of receipt makes the insurer liable for the risk from the date of application, regardless of the
applicant's insurability?
-Inspection receipt
-temporary receipt
-conditional receipt
-binding receipt
- correct answer binding receipt
Which of the following occurs immediately after the application is submitted and the initial premium is
paid?
-the applicant's references
-insurance goes into effect
-the beneficiaries are selected
-the underwriting process begins
- correct answer The underwriting process begins
The entire contract includes the actual policy and
-certification of authority
- application
-consideration
-representations
- correct answer application
, Which of the following is TRUE of a point of service plan?
-A patients care is coordinated by an in-network primary care physician
-a patient may see any provider for any condition for the same cost and does not need to consult a
primary care physician
-patients must submit claim forms for all services received
-the difference in cost between in-network and out-of-network is relatively small
- correct answer A patient may see any provider for any condition for the same cost and does not need
to consult a primary care physician
Which of the following may be thought of as a time deductible rather a dollar deductible in a disability
income policy because benefits are not payable during a time?
-benefit period
-elimination period
-probationary period
-grace period
- correct answer Elimination Period
What is the maximum amount of time the insured has to file legal action against the insurer?
-10 years
-3 years
-5 years
-1 year
- correct answer 3 years
How are issues of ambiguity usually resolved because insurance contracts are contracts to adhesion?
-in favor of the insured because the insurance company drafts the language
-in favor of the insurer because most issues arise from misrepresentation on the part of the insured
