PSI life, accident, and health 2023/2024

How long after being entitled to disability benefits will an individual be eligible to receive Medicare benefits? - Answer- 2 years What is the return of premium rider? - Answer- an increasing amount of term insurance that always equals the total of premiums paid up to the current point In a home healthcare benefit, all of the following are eligible expenses EXCEPT - Answer- blood transfusions All of the following are classifications of risk EXCEPT - Answer- non-nicotine Which of the following is exempted from the incontestability provision in insurance policies? - Answer- fraudulent misstatements Which of the following is characteristic of a non-qualified plan? - Answer- plan does not meet federal guidelines for tax benefits What does it mean if a health policy is conditionally renewable? - Answer- Insurer may elect NOT to renew only under conditions specified in the policy. During which period of a Disability Income Policy is coverage effective but during which no benefits will be paid under the policy? - Answer- probationary period What specific new procedures does the USA Patriot Act require of insurance companies? - Answer- Establish an anti-money laundering program A consumer report used to determine eligibility for insurance may include all of the following EXCEPT - Answer- medical underwriting exam. All of the following are TRUE regarding incomplete applications EXCEPT - Answer- the incomplete application can be accepted with the missing information added later. Compared to basic hospital, medical and surgical policies, which type of insurance provides broader coverage, fewer gaps, higher individual benefits, and higher policy maximums? - Answer- major medical insurance Which type of rider reimburses health and social service expenses incurred in a convalescent or nursing home facility? - Answer- long term care rider All of the following are characteristics of COBRA EXCEPT - Answer- change in medical privacy procedures.