1|Page
PSI: LIFE, ACCIDENT, AND HEALTH PRACTICE EXAM Questions with
100% Verified Answers LATEST UPDATE!!!.
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.
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.
When will a policy pay on a UCR basis? - ANSWER When
particular benefits are not listed on a payment schedule.
All of the following are non-forfeiture options EXCEPT - ANSWER
Cash dividend option.
, 2|Page
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.
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.
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.
All of the following are common exclusions from loss found in
disability income policies EXCEPT for that incurred while? -
ANSWER Committing a misdemeanor
Which is a disadvantage to a flexible premium annuity? -
ANSWER The actual amount of the annuity benefit cannot be
determined in advance.
What does coninsurance mean? - ANSWER The insurer and the
insured share expenses over the deductible.
PSI: LIFE, ACCIDENT, AND HEALTH PRACTICE EXAM Questions with
100% Verified Answers LATEST UPDATE!!!.
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.
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.
When will a policy pay on a UCR basis? - ANSWER When
particular benefits are not listed on a payment schedule.
All of the following are non-forfeiture options EXCEPT - ANSWER
Cash dividend option.
, 2|Page
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.
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.
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.
All of the following are common exclusions from loss found in
disability income policies EXCEPT for that incurred while? -
ANSWER Committing a misdemeanor
Which is a disadvantage to a flexible premium annuity? -
ANSWER The actual amount of the annuity benefit cannot be
determined in advance.
What does coninsurance mean? - ANSWER The insurer and the
insured share expenses over the deductible.
