PSI: LIFE, ACCIDENT, AND HEALTH PRACTICE
EXAM 2023-2024 Questions And Answers 100%
Score!!!!!
Quiz :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? - Answer :Benefits are adjusted to an amount
that the premium would have purchased at the correct age or gender.
Quiz :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? - Answer :Notice of claim.
Quiz :When will a policy pay on a UCR basis? - Answer :When particular
benefits are not listed on a payment schedule.
Quiz :All of the following are non-forfeiture options EXCEPT - Answer :Cash
dividend option.
Quiz :What happens when the lifetime maximum benefit limit has been
reached? - Answer :The insured will pay all of the remaining medial costs for
as long as the policy is in force.
Quiz :Whose responsibility is it to make sure that the company is notified of a
death claim at the earliest possible opportunity (in most cases)? - Answer :The
producer.
Quiz :What is the waiver of premium provision? - Answer :In a long term care
contract, the premium is waived after the insured has been confined for a
specific period of time.
Quiz :All of the following are common exclusions from loss found in disability
income policies EXCEPT for that incurred while? - Answer :Committing a
misdemeanor
Quiz :Which is a disadvantage to a flexible premium annuity? - Answer :The
actual amount of the annuity benefit cannot be determined in advance.
Quiz :What does coninsurance mean? - Answer :The insurer and the insured
share expenses over the deductible.
, Quiz :Under normal conditions which of the following is TRUE for proof of loss
when a single loss is claimed? - Answer :The insured has 90 days from the date
of loss to provide proof of loss.
Quiz :Which one of the following represents an advantage of obtaining a
policy loan versus a withdrawal? - Answer :The loan is not taxed while a
withdrawal is taxed for amounts above the contract cost basis.
Quiz :All of the following statements define preexisting conditions EXCEPT? -
Answer :Any chronic health condition that presents symptoms and which was
unknown at the time of application.
Quiz :Which is the difference between participating and non-participating? -
Answer :Participating policies pay dividends while non-participating policies do
not.
Quiz :How does the per captia rule apply to proceeds from a life insurance
policy? - Answer :The proceeds are divided equally among living primary
beneficiaries.
Quiz :How does a noncancelable policy differ from a guaranteed renewable
policy? - Answer :With the noncancelable policy the insurer may increase
premiums only based on the terms of the policy.
Quiz :Which of the following refers to how often a premium is paid? -
Answer :Mode
Quiz :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.
Quiz :What does first dollar coverage mean? - Answer :As soon as covered
medical expenses are incurred, the policy begins to pay.
Quiz :When the suicide clause is inserted in a life insurance contract, death by
suicide is not covered during the policy's initial: - Answer :2 year period
Quiz :All of the following are required signatures on a life insurance
application EXCEPT? - Answer :The minor in a juvenile policy.
EXAM 2023-2024 Questions And Answers 100%
Score!!!!!
Quiz :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? - Answer :Benefits are adjusted to an amount
that the premium would have purchased at the correct age or gender.
Quiz :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? - Answer :Notice of claim.
Quiz :When will a policy pay on a UCR basis? - Answer :When particular
benefits are not listed on a payment schedule.
Quiz :All of the following are non-forfeiture options EXCEPT - Answer :Cash
dividend option.
Quiz :What happens when the lifetime maximum benefit limit has been
reached? - Answer :The insured will pay all of the remaining medial costs for
as long as the policy is in force.
Quiz :Whose responsibility is it to make sure that the company is notified of a
death claim at the earliest possible opportunity (in most cases)? - Answer :The
producer.
Quiz :What is the waiver of premium provision? - Answer :In a long term care
contract, the premium is waived after the insured has been confined for a
specific period of time.
Quiz :All of the following are common exclusions from loss found in disability
income policies EXCEPT for that incurred while? - Answer :Committing a
misdemeanor
Quiz :Which is a disadvantage to a flexible premium annuity? - Answer :The
actual amount of the annuity benefit cannot be determined in advance.
Quiz :What does coninsurance mean? - Answer :The insurer and the insured
share expenses over the deductible.
, Quiz :Under normal conditions which of the following is TRUE for proof of loss
when a single loss is claimed? - Answer :The insured has 90 days from the date
of loss to provide proof of loss.
Quiz :Which one of the following represents an advantage of obtaining a
policy loan versus a withdrawal? - Answer :The loan is not taxed while a
withdrawal is taxed for amounts above the contract cost basis.
Quiz :All of the following statements define preexisting conditions EXCEPT? -
Answer :Any chronic health condition that presents symptoms and which was
unknown at the time of application.
Quiz :Which is the difference between participating and non-participating? -
Answer :Participating policies pay dividends while non-participating policies do
not.
Quiz :How does the per captia rule apply to proceeds from a life insurance
policy? - Answer :The proceeds are divided equally among living primary
beneficiaries.
Quiz :How does a noncancelable policy differ from a guaranteed renewable
policy? - Answer :With the noncancelable policy the insurer may increase
premiums only based on the terms of the policy.
Quiz :Which of the following refers to how often a premium is paid? -
Answer :Mode
Quiz :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.
Quiz :What does first dollar coverage mean? - Answer :As soon as covered
medical expenses are incurred, the policy begins to pay.
Quiz :When the suicide clause is inserted in a life insurance contract, death by
suicide is not covered during the policy's initial: - Answer :2 year period
Quiz :All of the following are required signatures on a life insurance
application EXCEPT? - Answer :The minor in a juvenile policy.
