OHIO LIFE ACCIDENT AND HEALTH
INSURANCE EXAM PSI COMPLETE MOCK
EXAM AND STUDY MATERIAL 2026
◉ 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 individual's policy pays first, the spouse's policy pays
the remaining up to coverage amount.
◉ The feature of a Life Insurance Policy stating that the policy will
NOT cover certain risks is known as
Answer: exclusion.
◉ The primary purpose of Health Reimbursement Accounts (HRAs)
is to assist
Answer: covered employees with the payment of medical expenses
on a high deductible plan funded through pre-tax contributions.
◉ What type of insurance should a company purchase if it wants to
insure the life of its CEO?
,Answer: key person insurance
◉ Which is the major reason why long term care insurance is
becoming increasingly important?
Answer: As life expectancy increases, the chances of needing long
term care also increase.
◉ Which of the following requires the claim information to be
submitted to the insurer prior to treatment to determine whether
the treatment is covered and how much the insured's plan will pay?
Answer: precertification provision
◉ Which policy provision permits the policyowner to take a
specified number of days to examine the contract, and allows for
cancellation and a full refund if the policyowner rejects the terms or
costs?
Answer: free look
◉ A life insurance policy may be returned for cancellation and full
refund if it is returned NO later than
Answer: 20 days after receipt by the policyholder.
◉ Which of the following features makes Universal Life Insurance
different from other forms of Whole Life Insurance?
, Answer: premium schedules
◉ Which of the following is TRUE in a key employee life insurance
policy?
Answer: The corporation is the applicant and policy holder. The
employee is the insured.
◉ How are issues of ambiguity usually resolved because insurance
contracts are contracts of adhesion?
Answer: in favor of the insured because the insurance company
drafts the language in the contract
◉ Which of the following is a characteristic of indexed universal life
insurance?
Answer: A portion of the cash value is tied to an equity index
account linked to a stipulated stock index.
◉ Managed care plans increase efficiency by all of the following
means EXCEPT
Answer: transferring the management of costs to the insureds.
◉ Which type of policy allows the policyowner the option to change
the face value, amount of premium, length of coverage, and type of
coverage without changing policies?
INSURANCE EXAM PSI COMPLETE MOCK
EXAM AND STUDY MATERIAL 2026
◉ 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 individual's policy pays first, the spouse's policy pays
the remaining up to coverage amount.
◉ The feature of a Life Insurance Policy stating that the policy will
NOT cover certain risks is known as
Answer: exclusion.
◉ The primary purpose of Health Reimbursement Accounts (HRAs)
is to assist
Answer: covered employees with the payment of medical expenses
on a high deductible plan funded through pre-tax contributions.
◉ What type of insurance should a company purchase if it wants to
insure the life of its CEO?
,Answer: key person insurance
◉ Which is the major reason why long term care insurance is
becoming increasingly important?
Answer: As life expectancy increases, the chances of needing long
term care also increase.
◉ Which of the following requires the claim information to be
submitted to the insurer prior to treatment to determine whether
the treatment is covered and how much the insured's plan will pay?
Answer: precertification provision
◉ Which policy provision permits the policyowner to take a
specified number of days to examine the contract, and allows for
cancellation and a full refund if the policyowner rejects the terms or
costs?
Answer: free look
◉ A life insurance policy may be returned for cancellation and full
refund if it is returned NO later than
Answer: 20 days after receipt by the policyholder.
◉ Which of the following features makes Universal Life Insurance
different from other forms of Whole Life Insurance?
, Answer: premium schedules
◉ Which of the following is TRUE in a key employee life insurance
policy?
Answer: The corporation is the applicant and policy holder. The
employee is the insured.
◉ How are issues of ambiguity usually resolved because insurance
contracts are contracts of adhesion?
Answer: in favor of the insured because the insurance company
drafts the language in the contract
◉ Which of the following is a characteristic of indexed universal life
insurance?
Answer: A portion of the cash value is tied to an equity index
account linked to a stipulated stock index.
◉ Managed care plans increase efficiency by all of the following
means EXCEPT
Answer: transferring the management of costs to the insureds.
◉ Which type of policy allows the policyowner the option to change
the face value, amount of premium, length of coverage, and type of
coverage without changing policies?
