PSI - NY Life, Accident and Health Prac ce Exam 17-55
/Ques ons and answers Newest RATED A+ 2025/2026
Updated
Which policy provision permits the policy owner to take a specified number of days to examine
the contract, and allows for cancella on and a full refund if the policy owner rejects the terms
or costs? - Free Look
When will a policy pay on a UCR basis? - When par cular 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? - long term care rider
Which of the following is exempted from the incontestability provision in insurance policies? -
Fraudulent misstatements
What does first dollar coverage mean? - As soon as covered medical expenses are incurred, the
policy begins to pay
What is the waiver of premium provision? - In a long term care contract, the premium is waived
a'er the insured has been confined for a specific period of me
According to the Time Payment of Claims provision, the insurer must make the payment
immediately a'er receiving proof of loss EXCEPT - for claims involving periodic payments
Which is a disadvantage to a flexible premium annuity? - the actual amount of the annuity
benefit cannot be determined in advance
, When a policy or cer ficate 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 - 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? - 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? - with the non
cancelable policy the insurer may increase premiums only based on the terms of the policy
What does it mean if a health policy is condi onally renewable? - Insurer may elect NOT to
renew only under the condi ons specified in the policy
When the suicide clause is inserted in a life insurance contract, death by suicide is not covered
during the policy's ini al: - 2 year period
What does coinsurance mean? - The insurer and the insured share expenses over the
deduc ble.
Which of the following must be given to the insurer within 20 days a'er occurrence or
commencement of any loss covered by the policy, or as soon therea'er as is reasonably
possible? - No ce of claim
The right to change the beneficiary or dispose of the policy or its benefits in any manner one
chooses is reserved to the policy owner UNLESS which of the following is true? - The policy
owner has named an irrevocable beneficiary
Which of the following refers to how o'en a premium is paid? - Mode
/Ques ons and answers Newest RATED A+ 2025/2026
Updated
Which policy provision permits the policy owner to take a specified number of days to examine
the contract, and allows for cancella on and a full refund if the policy owner rejects the terms
or costs? - Free Look
When will a policy pay on a UCR basis? - When par cular 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? - long term care rider
Which of the following is exempted from the incontestability provision in insurance policies? -
Fraudulent misstatements
What does first dollar coverage mean? - As soon as covered medical expenses are incurred, the
policy begins to pay
What is the waiver of premium provision? - In a long term care contract, the premium is waived
a'er the insured has been confined for a specific period of me
According to the Time Payment of Claims provision, the insurer must make the payment
immediately a'er receiving proof of loss EXCEPT - for claims involving periodic payments
Which is a disadvantage to a flexible premium annuity? - the actual amount of the annuity
benefit cannot be determined in advance
, When a policy or cer ficate 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 - 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? - 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? - with the non
cancelable policy the insurer may increase premiums only based on the terms of the policy
What does it mean if a health policy is condi onally renewable? - Insurer may elect NOT to
renew only under the condi ons specified in the policy
When the suicide clause is inserted in a life insurance contract, death by suicide is not covered
during the policy's ini al: - 2 year period
What does coinsurance mean? - The insurer and the insured share expenses over the
deduc ble.
Which of the following must be given to the insurer within 20 days a'er occurrence or
commencement of any loss covered by the policy, or as soon therea'er as is reasonably
possible? - No ce of claim
The right to change the beneficiary or dispose of the policy or its benefits in any manner one
chooses is reserved to the policy owner UNLESS which of the following is true? - The policy
owner has named an irrevocable beneficiary
Which of the following refers to how o'en a premium is paid? - Mode
