PSI - NY LIFE, ACCIDENT AND HEALTH PRACTICE EXAM
17-55, JUST MY CARDS + 199+ 75 ( TEST) (LOT)
QUESTIONS AND ANSWERS LATEST DOWNLOAD
2024/2025 ALL ANSWERS 100% CORRECT DETAILED
BEST GRADED A+ FOR PASS
Which of the following is characteristic of a nonqualified plan? - CORRECT ANSWERS plan does not
meet federal guidelines for tax benefits
In a home healthcare benefit, all of the following are eligible expenses EXCEPT - CORRECT ANSWERS
blood transfusions
All of the following are requirements to qualify for Social Security disability benefits EXCEPT when -
CORRECT ANSWERS unable to work in occupation in which the worker was trained or educated
How long after being entitled to disability benefits will an individual be eligible to receive Medicare
benefits? - CORRECT ANSWERS 2 years
Which of the following amends the Social Security Act to make Medicare secondary to group health
plans? - CORRECT ANSWERS TEFRA
Which of the following is TRUE of a point of service plan? - CORRECT ANSWERS A patient's care is
coordinated by an in-network primary care physician.
A group conversion option may be used in all the following instances EXCEPT - CORRECT ANSWERS a
life-changing event, such as marriage, divorce, or childbirth
Which problem was universal life insurance designed to address? - CORRECT ANSWERS low interest
rates during periods of high inflation
Compared to basic hospital, medical and surgical policies, which type of insurance provides broader
coverage, fewer gaps, higher individual benefits, and higher policy maximums? - CORRECT ANSWERS
major medical insurance
Current assumption whole life policies are sensitive to which of the following? - CORRECT ANSWERS
interest rates
,PSI - NY LIFE, ACCIDENT AND HEALTH PRACTICE EXAM
17-55, JUST MY CARDS + 199+ 75 ( TEST) (LOT)
QUESTIONS AND ANSWERS LATEST DOWNLOAD
2024/2025 ALL ANSWERS 100% CORRECT DETAILED
BEST GRADED A+ FOR PASS
Which is the major reason why long term care insurance is becoming increasingly important? -
CORRECT ANSWERS As life expectancy increases, the chances of needing long term care also
increase
Which of the following is defined as the dollar amount beyond which the insured no longer
participates in payment of medical expenses? - CORRECT ANSWERS Stop Loss Limit
Which is the primary purpose of Health Reimbursement Accounts (HRAs)? - CORRECT ANSWERS To
assist covered employees with the payment of medical expenses on a high deductible plan funded
through pre-tax contributions.
States generally define a true "group" for insurance as requiring a minimum of how many
participants? - CORRECT ANSWERS 10
When should a buy-sell agreement include a provision for the buy-out of an owner's business
interest in the event of a disability? - CORRECT ANSWERS When there is a buy-sell agreement
funded with life insurance to buyout the interest of a deceased owner or partner.
Which type of life policy can be continued year after year without a required medical examination
but rates are dependent on the insured's current age? - CORRECT ANSWERS renewable term
Which of the following is true about a decreasing term life policy? - CORRECT ANSWERS The face
amount reaches zero at policy expiration.
Which of the following is TRUE of the limited pay whole life policy? - CORRECT ANSWERS Coverage
continues after the policy is paid-up.
Which of the following is a characteristic of Preferred Provider Organizations (PPOs)? - CORRECT
ANSWERS prearranged costs for services rendered
All of the following are characteristics of variable whole life EXCEPT - CORRECT ANSWERS there is no
guaranteed minimum death benefit.
,PSI - NY LIFE, ACCIDENT AND HEALTH PRACTICE EXAM
17-55, JUST MY CARDS + 199+ 75 ( TEST) (LOT)
QUESTIONS AND ANSWERS LATEST DOWNLOAD
2024/2025 ALL ANSWERS 100% CORRECT DETAILED
BEST GRADED A+ FOR PASS
Which of the following policy types is considered double indemnity? - CORRECT ANSWERS accidental
death
Which of the following lists the three common types of permanent individual life insurance? -
CORRECT ANSWERS Variable Life, Whole Life, Universal Life
Which of the following is TRUE for a flexible premium annuity? - CORRECT ANSWERS The purchaser
has the option to vary the amount of each premium payment falling between a minimum and
maximum amount.
Which type of annuity covers two or more annuitants and provides monthly income only until the
first annuitant dies? - CORRECT ANSWERS Joint Life Annuity
Which of the following coverage types pays a monthly cash benefit following the elimination period
for total disability due to accident or sickness? - CORRECT ANSWERS Disability income insurance
In which of the following does a covered employee agree to a reduction in compensation so the
amount can be used to cover medical expenses? - CORRECT ANSWERS Flexible Spending Account
(FSA)
Which of the following is covered by a dread disease policy? - CORRECT ANSWERS illnesses that do
not occur frequently but incur significant costs when they do occur
Which insurance plans are commonly offered through the worksite (employer sponsored) EXCEPT? -
CORRECT ANSWERS Medicare
Process 2103 (d-i) - CORRECT ANSWERS 1. The Superintendent may issue a license to any person,
firm or corporation who has complied with the requirements of the Insurance Code, authorizing the
licensee to act as agent of any authorized insurer. Every individual applicant for a license under this
section and every proposed sub-licensee must be 18 years of age or older at the time of issuance of
, PSI - NY LIFE, ACCIDENT AND HEALTH PRACTICE EXAM
17-55, JUST MY CARDS + 199+ 75 ( TEST) (LOT)
QUESTIONS AND ANSWERS LATEST DOWNLOAD
2024/2025 ALL ANSWERS 100% CORRECT DETAILED
BEST GRADED A+ FOR PASS
such license. The person must submit to and pass a written examination required by the
Superintendent.
Producer Definition (2101(k)) - CORRECT ANSWERS An insurance producer means an insurance
agent, insurance broker, reinsurance intermediary, excess lines broker, or any other person required
to be licensed under the insurance laws of this state to sell, solicit or negotiate insurance.
Who Should be Licensed (2101(k)(1)) - CORRECT ANSWERS 1. The term "insurance producer" does
not include: An officer, director or employee of a licensed insurer, fraternal benefit society or health
maintenance organization or of a licensed insurance producer, provided that the officer, director or
employee does not receive any commission on policies written or sold to insure risks residing,
located or to be performed in this state and:
(a) the officer, director or employee's activities are executive, administrative, managerial, clerical or a
combination of these, and are only indirectly related to the sale, solicitation or negotiation of
insurance;
(b) the officer, director or employee's function relates to underwriting, loss control, Inspection or the
processing, adjusting, investigating or settling of a claim on a contract of Insurance; or (c) the officer,
director or employee is acting in the capacity of a special agent or agency supervisor assisting
licensed insurance producers where the person's activities are limited to providing technical advice
and assistance to licensed insurance producers and do not include the sale, solicitation or
negotiation of insurance.
Home State (2101(l)) - CORRECT ANSWERS Home state means the District of Columbia or any state
or territory of the United States in which an insurance producer maintains his, her or its principal
place of residence or principal place of business and is licensed to act as an insurance producer.
Negotiate (2101(m)) - CORRECT ANSWERS Negotiate or negotiation means the act of conferring
directly with or offering advice directly to a purchaser or prospective purchaser of a particular
contract of insurance concerning any of the substantive benefits, terms or conditions of the contract,
provided that the person engaged in that act either sells insurance or obtains insurance from
licensed insurers, fraternal benefit societies or health maintenance organizations for purchasers.
Sell (2101(n)) - CORRECT ANSWERS Sell or sale means to exchange a contract of insurance by any
means, for money or its equivalent, on behalf of a licensed insurer, fraternal benefit society or health
maintenance organization.
17-55, JUST MY CARDS + 199+ 75 ( TEST) (LOT)
QUESTIONS AND ANSWERS LATEST DOWNLOAD
2024/2025 ALL ANSWERS 100% CORRECT DETAILED
BEST GRADED A+ FOR PASS
Which of the following is characteristic of a nonqualified plan? - CORRECT ANSWERS plan does not
meet federal guidelines for tax benefits
In a home healthcare benefit, all of the following are eligible expenses EXCEPT - CORRECT ANSWERS
blood transfusions
All of the following are requirements to qualify for Social Security disability benefits EXCEPT when -
CORRECT ANSWERS unable to work in occupation in which the worker was trained or educated
How long after being entitled to disability benefits will an individual be eligible to receive Medicare
benefits? - CORRECT ANSWERS 2 years
Which of the following amends the Social Security Act to make Medicare secondary to group health
plans? - CORRECT ANSWERS TEFRA
Which of the following is TRUE of a point of service plan? - CORRECT ANSWERS A patient's care is
coordinated by an in-network primary care physician.
A group conversion option may be used in all the following instances EXCEPT - CORRECT ANSWERS a
life-changing event, such as marriage, divorce, or childbirth
Which problem was universal life insurance designed to address? - CORRECT ANSWERS low interest
rates during periods of high inflation
Compared to basic hospital, medical and surgical policies, which type of insurance provides broader
coverage, fewer gaps, higher individual benefits, and higher policy maximums? - CORRECT ANSWERS
major medical insurance
Current assumption whole life policies are sensitive to which of the following? - CORRECT ANSWERS
interest rates
,PSI - NY LIFE, ACCIDENT AND HEALTH PRACTICE EXAM
17-55, JUST MY CARDS + 199+ 75 ( TEST) (LOT)
QUESTIONS AND ANSWERS LATEST DOWNLOAD
2024/2025 ALL ANSWERS 100% CORRECT DETAILED
BEST GRADED A+ FOR PASS
Which is the major reason why long term care insurance is becoming increasingly important? -
CORRECT ANSWERS As life expectancy increases, the chances of needing long term care also
increase
Which of the following is defined as the dollar amount beyond which the insured no longer
participates in payment of medical expenses? - CORRECT ANSWERS Stop Loss Limit
Which is the primary purpose of Health Reimbursement Accounts (HRAs)? - CORRECT ANSWERS To
assist covered employees with the payment of medical expenses on a high deductible plan funded
through pre-tax contributions.
States generally define a true "group" for insurance as requiring a minimum of how many
participants? - CORRECT ANSWERS 10
When should a buy-sell agreement include a provision for the buy-out of an owner's business
interest in the event of a disability? - CORRECT ANSWERS When there is a buy-sell agreement
funded with life insurance to buyout the interest of a deceased owner or partner.
Which type of life policy can be continued year after year without a required medical examination
but rates are dependent on the insured's current age? - CORRECT ANSWERS renewable term
Which of the following is true about a decreasing term life policy? - CORRECT ANSWERS The face
amount reaches zero at policy expiration.
Which of the following is TRUE of the limited pay whole life policy? - CORRECT ANSWERS Coverage
continues after the policy is paid-up.
Which of the following is a characteristic of Preferred Provider Organizations (PPOs)? - CORRECT
ANSWERS prearranged costs for services rendered
All of the following are characteristics of variable whole life EXCEPT - CORRECT ANSWERS there is no
guaranteed minimum death benefit.
,PSI - NY LIFE, ACCIDENT AND HEALTH PRACTICE EXAM
17-55, JUST MY CARDS + 199+ 75 ( TEST) (LOT)
QUESTIONS AND ANSWERS LATEST DOWNLOAD
2024/2025 ALL ANSWERS 100% CORRECT DETAILED
BEST GRADED A+ FOR PASS
Which of the following policy types is considered double indemnity? - CORRECT ANSWERS accidental
death
Which of the following lists the three common types of permanent individual life insurance? -
CORRECT ANSWERS Variable Life, Whole Life, Universal Life
Which of the following is TRUE for a flexible premium annuity? - CORRECT ANSWERS The purchaser
has the option to vary the amount of each premium payment falling between a minimum and
maximum amount.
Which type of annuity covers two or more annuitants and provides monthly income only until the
first annuitant dies? - CORRECT ANSWERS Joint Life Annuity
Which of the following coverage types pays a monthly cash benefit following the elimination period
for total disability due to accident or sickness? - CORRECT ANSWERS Disability income insurance
In which of the following does a covered employee agree to a reduction in compensation so the
amount can be used to cover medical expenses? - CORRECT ANSWERS Flexible Spending Account
(FSA)
Which of the following is covered by a dread disease policy? - CORRECT ANSWERS illnesses that do
not occur frequently but incur significant costs when they do occur
Which insurance plans are commonly offered through the worksite (employer sponsored) EXCEPT? -
CORRECT ANSWERS Medicare
Process 2103 (d-i) - CORRECT ANSWERS 1. The Superintendent may issue a license to any person,
firm or corporation who has complied with the requirements of the Insurance Code, authorizing the
licensee to act as agent of any authorized insurer. Every individual applicant for a license under this
section and every proposed sub-licensee must be 18 years of age or older at the time of issuance of
, PSI - NY LIFE, ACCIDENT AND HEALTH PRACTICE EXAM
17-55, JUST MY CARDS + 199+ 75 ( TEST) (LOT)
QUESTIONS AND ANSWERS LATEST DOWNLOAD
2024/2025 ALL ANSWERS 100% CORRECT DETAILED
BEST GRADED A+ FOR PASS
such license. The person must submit to and pass a written examination required by the
Superintendent.
Producer Definition (2101(k)) - CORRECT ANSWERS An insurance producer means an insurance
agent, insurance broker, reinsurance intermediary, excess lines broker, or any other person required
to be licensed under the insurance laws of this state to sell, solicit or negotiate insurance.
Who Should be Licensed (2101(k)(1)) - CORRECT ANSWERS 1. The term "insurance producer" does
not include: An officer, director or employee of a licensed insurer, fraternal benefit society or health
maintenance organization or of a licensed insurance producer, provided that the officer, director or
employee does not receive any commission on policies written or sold to insure risks residing,
located or to be performed in this state and:
(a) the officer, director or employee's activities are executive, administrative, managerial, clerical or a
combination of these, and are only indirectly related to the sale, solicitation or negotiation of
insurance;
(b) the officer, director or employee's function relates to underwriting, loss control, Inspection or the
processing, adjusting, investigating or settling of a claim on a contract of Insurance; or (c) the officer,
director or employee is acting in the capacity of a special agent or agency supervisor assisting
licensed insurance producers where the person's activities are limited to providing technical advice
and assistance to licensed insurance producers and do not include the sale, solicitation or
negotiation of insurance.
Home State (2101(l)) - CORRECT ANSWERS Home state means the District of Columbia or any state
or territory of the United States in which an insurance producer maintains his, her or its principal
place of residence or principal place of business and is licensed to act as an insurance producer.
Negotiate (2101(m)) - CORRECT ANSWERS Negotiate or negotiation means the act of conferring
directly with or offering advice directly to a purchaser or prospective purchaser of a particular
contract of insurance concerning any of the substantive benefits, terms or conditions of the contract,
provided that the person engaged in that act either sells insurance or obtains insurance from
licensed insurers, fraternal benefit societies or health maintenance organizations for purchasers.
Sell (2101(n)) - CORRECT ANSWERS Sell or sale means to exchange a contract of insurance by any
means, for money or its equivalent, on behalf of a licensed insurer, fraternal benefit society or health
maintenance organization.
