PSI LIFE, ACCIDENT, AND HEALTH PRACTICE
EXAM QUESTIONS AND ANSWERS
1. 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?
ANS Benefits are adjusted to an amount that the premium would have purchased at the
correct age or gender.
2. 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?
ANS Notice of claim.
3. When will a policy pay on a UCR basis?
ANS When particular benefits are not listed on a payment
schedule.
4. All of the following are non-forfeiture options EXCEPT
ANS Cash dividend option.
5. What happens when the lifetime maximum benefit limit has been
reached?-
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, ANS The insured will pay all of the remaining medial costs for as long as the policy is in force.
6. Whose responsibility is it to make sure that the company is notified of
a death claim at the earliest possible opportunity (in most cases)?
ANS The producer.
7. What is the waiver of premium provision?
ANS In a long term care contract, the premium is waived
after the insured has been confined for a specific period of time.
8. All of the following are common exclusions from loss found in
disability income policies EXCEPT for that incurred while?
ANS Committing a misdemeanor
9. Which is a disadvantage to a flexible premium annuity?
ANS The actual amount of the annuity
benefit cannot be determined in advance.
10. What does coninsurance mean?
ANS The insurer and the insured share expenses over the deductible.
11. Under normal conditions which of the following is TRUE for proof of
loss when a single loss is claimed?
ANS The insured has 90 days from the date of loss to provide proof of loss.
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EXAM QUESTIONS AND ANSWERS
1. 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?
ANS Benefits are adjusted to an amount that the premium would have purchased at the
correct age or gender.
2. 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?
ANS Notice of claim.
3. When will a policy pay on a UCR basis?
ANS When particular benefits are not listed on a payment
schedule.
4. All of the following are non-forfeiture options EXCEPT
ANS Cash dividend option.
5. What happens when the lifetime maximum benefit limit has been
reached?-
1/
12
, ANS The insured will pay all of the remaining medial costs for as long as the policy is in force.
6. Whose responsibility is it to make sure that the company is notified of
a death claim at the earliest possible opportunity (in most cases)?
ANS The producer.
7. What is the waiver of premium provision?
ANS In a long term care contract, the premium is waived
after the insured has been confined for a specific period of time.
8. All of the following are common exclusions from loss found in
disability income policies EXCEPT for that incurred while?
ANS Committing a misdemeanor
9. Which is a disadvantage to a flexible premium annuity?
ANS The actual amount of the annuity
benefit cannot be determined in advance.
10. What does coninsurance mean?
ANS The insurer and the insured share expenses over the deductible.
11. Under normal conditions which of the following is TRUE for proof of
loss when a single loss is claimed?
ANS The insured has 90 days from the date of loss to provide proof of loss.
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