PSI - NY Life, Accident and |! |! |! |! |! |!
Health Practice Exam 17-55 |! |! |! |!
questions with solutions |! |!
Which policy provision permits the policy owner to take a
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specified number of days to examine the contract, and allows
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for cancellation and a full refund if the policy owner rejects the
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terms or costs? - Correct answer ✔Free Look
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When will a policy pay on a UCR basis? - Correct answer ✔When
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particular benefits are not listed on a payment schedule
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Which type of rider reimburses health and social service
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expenses incurred in a convalescent or nursing home facility? -
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Correct answer ✔long term care rider
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Which of the following is exempted from the incontestability
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provision in insurance policies? - Correct answer ✔Fraudulent
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misstatements
What does first dollar coverage mean? - Correct answer ✔As
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soon as covered medical expenses are incurred, the policy
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begins to pay |! |!
, What is the waiver of premium provision? - Correct answer ✔In a
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long term care contract, the premium is waived after the
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insured has been confined for a specific period of time
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According to the Time Payment of Claims provision, the insurer |! |! |! |! |! |! |! |! |! |!
must make the payment immediately after receiving proof of
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loss EXCEPT - Correct answer ✔for claims involving periodic
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payments
Which is a disadvantage to a flexible premium annuity? - Correct
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answer ✔the actual amount of the annuity benefit cannot be
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determined in advance |! |!
When a policy or certificate containing an accelerated benefit
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provision is applied for or delivered, the producer is responsible
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for providing that applicant a summary of coverage that includes
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all of the following EXCEPT - Correct answer ✔a detailed and
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comprehensive summary of the accelerated benefit |! |! |! |! |!
which one of the following represents an advantage of obtaining
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a policy loan versus a withdrawal? - Correct answer ✔the loan is
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not taxed while a withdrawal is taxed for amounts above the
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contract cost basis |! |!
How does a noncancelable policy differ from a guaranteed
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renewable policy? - Correct answer ✔with the non cancelable |! |! |! |! |! |! |! |! |!
policy the insurer may increase premiums only based on the
|! |! |! |! |! |! |! |! |! |!
terms of the policy |! |! |!
Health Practice Exam 17-55 |! |! |! |!
questions with solutions |! |!
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 |! |! |!
