PSI: LIFE, ACCIDENT, AND HEALTH PRACTICE
Under the misstatement of age or gender provision, what happens if it is
determined at death that the insured's age or gender was misstated on a life
insurance policy application? ~CORRECT ANSWER~✓✓Benefits are adjusted to
an amount that the premium would have purchased at the correct age or gender.
Which of the following must be given to the insurer within 20 days after
occurrence or commencement of any loss covered by the policy, or as thereafter
as is reasonably possible? ~CORRECT ANSWER~✓✓Notice of claim.
When will a policy pay on a UCR basis? ~CORRECT ANSWER~✓✓When
particular benefits are not listed on a payment schedule.
All of the following are non-forfeiture options EXCEPT ~CORRECT
ANSWER~✓✓Cash dividend option.
What happens when the lifetime maximum benefit limit has been reached?
~CORRECT ANSWER~✓✓The insured will pay all of the remaining medial costs
for as long as the policy is in force.
Whose responsibility is it to make sure that the company is notified of a death
claim at the earliest possible opportunity (in most cases)? ~CORRECT
ANSWER~✓✓The producer.
, 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.
All of the following are common exclusions from loss found in disability income
policies EXCEPT for that incurred while? ~CORRECT ANSWER~✓✓Committing
a misdemeanor
Which is a disadvantage to a flexible premium annuity? ~CORRECT
ANSWER~✓✓The actual amount of the annuity benefit cannot be determined in
advance.
What does coninsurance mean? ~CORRECT ANSWER~✓✓The insurer and the
insured share expenses over the deductible.
Under normal conditions which of the following is TRUE for proof of loss when
a single loss is claimed? ~CORRECT ANSWER~✓✓The insured has 90 days from
the date of loss to provide proof of loss.
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.
All of the following statements define preexisting conditions EXCEPT?
~CORRECT ANSWER~✓✓Any chronic health condition that presents symptoms
and which was unknown at the time of application.
Under the misstatement of age or gender provision, what happens if it is
determined at death that the insured's age or gender was misstated on a life
insurance policy application? ~CORRECT ANSWER~✓✓Benefits are adjusted to
an amount that the premium would have purchased at the correct age or gender.
Which of the following must be given to the insurer within 20 days after
occurrence or commencement of any loss covered by the policy, or as thereafter
as is reasonably possible? ~CORRECT ANSWER~✓✓Notice of claim.
When will a policy pay on a UCR basis? ~CORRECT ANSWER~✓✓When
particular benefits are not listed on a payment schedule.
All of the following are non-forfeiture options EXCEPT ~CORRECT
ANSWER~✓✓Cash dividend option.
What happens when the lifetime maximum benefit limit has been reached?
~CORRECT ANSWER~✓✓The insured will pay all of the remaining medial costs
for as long as the policy is in force.
Whose responsibility is it to make sure that the company is notified of a death
claim at the earliest possible opportunity (in most cases)? ~CORRECT
ANSWER~✓✓The producer.
, 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.
All of the following are common exclusions from loss found in disability income
policies EXCEPT for that incurred while? ~CORRECT ANSWER~✓✓Committing
a misdemeanor
Which is a disadvantage to a flexible premium annuity? ~CORRECT
ANSWER~✓✓The actual amount of the annuity benefit cannot be determined in
advance.
What does coninsurance mean? ~CORRECT ANSWER~✓✓The insurer and the
insured share expenses over the deductible.
Under normal conditions which of the following is TRUE for proof of loss when
a single loss is claimed? ~CORRECT ANSWER~✓✓The insured has 90 days from
the date of loss to provide proof of loss.
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.
All of the following statements define preexisting conditions EXCEPT?
~CORRECT ANSWER~✓✓Any chronic health condition that presents symptoms
and which was unknown at the time of application.
