PSI - NY Life, Accident and Health Practice Exam 17-55 Questions & Correct Answers 2024/2025

Which policy provision permits the policy owner to take a specified number of days to examine the contract, and allows for cancellation and a full refund if the policy owner rejects the terms or costs? - Correct Answer Free Look When will a policy pay on a UCR basis? - Correct Answer When particular benefits are not listed on a payment schedule Which type of rider reimburses health and social service expenses incurred in a convalescent or nursing home facility? - Correct Answer long term care rider Which of the following is exempted from the incontestability provision in insurance policies? - Correct Answer Fraudulent misstatements What does first dollar coverage mean? - Correct Answer As soon as covered medical expenses are incurred, the policy begins to pay 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 According to the Time Payment of Claims provision, the insurer must make the payment immediately after receiving proof of loss EXCEPT - Correct Answer for claims involving periodic payments Which is a disadvantage to a flexible premium annuity? - Correct Answer the actual amount of the annuity benefit cannot be determined in advance When a policy or certificate containing an accelerated benefit provision is applied for or delivered, the producer is responsible for providing that applicant a summary of coverage that includes all of the following EXCEPT - Correct Answer a detailed and comprehensive summary of the accelerated benefit 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 How does a noncancelable policy differ from a guaranteed renewable policy? - Correct Answer with the non cancelable policy the insurer may increase premiums only based on the terms of the policy