PSI life, accident, and health Exam
Questions with correct Answers
How long after being entitled to disability benefits will an individual be eligible
to receive
Medicare
benefits?
A. immediately
B. 1 year
C. 2
years
D. At age 65 - ANSWER-2 years
What is the return of premium rider?
A. an increasing amount of term insurance that always equals the total
of premiums paid up to the current point
B. a provision that allows the insured to cancel the policy in the first two
years and have premiums refunded
C. an increasing amount of term insurance that equals the cash value of
the policy at any point in time
D. a provision that states the insurer must return any premiums paid during
the free-look period - ANSWER-an increasing amount of term insurance that
always equals the total of premiums paid up to the current point
In a home healthcare benefit, all of the following are eligible
expenses EXCEPT A. intermittent part-time nursing care;
B. physical, occupational, or speech
therapy; C. blood transfusions
D. medical social services; - ANSWER-blood transfusions
All of the following are classifications of risk
EXCEPT A. substandard
B.
preferred
C.
declined
D. non-nicotine - ANSWER-non-nicotine
Which of the following is exempted from the incontestability provision in
insurance policies?
A. fraudulent
misstatements B. pre-
PSI life, accident, and health Exam Questions with correct Answers
,existing conditions C.
change in health
D. changes in the insurance code - ANSWER-fraudulent misstatements
A group conversion option may be used in all the following instances EXCEPT
PSI life, accident, and health Exam Questions with correct Answers
, A. the termination of the master policy.
B. loss of coverage due to loss of employment.
C. loss of eligibility on the part of a class of insureds.
D. a life-changing event, such as marriage, divorce, or childbirth. -
ANSWER-a life- changing event, such as marriage, divorce, or childbirth.
Which of the following is characteristic of a non-
qualified plan? A. defined vesting schedule
B. plan established by the employer
C. plan does not meet federal guidelines for tax benefits
D. employer contributions are deductible business expenses - ANSWER-plan
does not meet federal guidelines for tax benefits
What does it mean if a health policy is conditionally renewable?
A. Insurer may elect NOT to renew based on the health of the insured.
B. Insurer may elect NOT to renew for any reason only on the policy
anniversary or premium due date.
C. Insurer may elect NOT to renew only under conditions specified in the
policy.
D. Insurer may elect NOT to review if the insured exceeds the maximum
number of claims. - ANSWER-Insurer may elect NOT to renew only under
conditions specified in the policy.
Which of the following is TRUE of an equity-indexed
annuity? A. It is a variable annuity.
B. It may decrease in value.
C. It requires a securities license to sell.
D. It has a guaranteed minimum interest rate. - ANSWER-It has a
guaranteed minimum interest rate
During which period of a Disability Income Policy is coverage effective but
during which no benefits will be paid under the policy?
A. benefit period
B. elimination
period C. grace
period
D. probationary period - ANSWER-probationary period
What specific new procedures does the USA Patriot Act require of
insurance companies?
A. Establish an anti-money laundering
program B. Investigate applicants for
potential terrorist links
C. Report large transactions by charitable organizations
D. To take action against employees for failure to implement the Act. -
ANSWER- Establish an anti-money laundering program
PSI life, accident, and health Exam Questions with correct Answers
Questions with correct Answers
How long after being entitled to disability benefits will an individual be eligible
to receive
Medicare
benefits?
A. immediately
B. 1 year
C. 2
years
D. At age 65 - ANSWER-2 years
What is the return of premium rider?
A. an increasing amount of term insurance that always equals the total
of premiums paid up to the current point
B. a provision that allows the insured to cancel the policy in the first two
years and have premiums refunded
C. an increasing amount of term insurance that equals the cash value of
the policy at any point in time
D. a provision that states the insurer must return any premiums paid during
the free-look period - ANSWER-an increasing amount of term insurance that
always equals the total of premiums paid up to the current point
In a home healthcare benefit, all of the following are eligible
expenses EXCEPT A. intermittent part-time nursing care;
B. physical, occupational, or speech
therapy; C. blood transfusions
D. medical social services; - ANSWER-blood transfusions
All of the following are classifications of risk
EXCEPT A. substandard
B.
preferred
C.
declined
D. non-nicotine - ANSWER-non-nicotine
Which of the following is exempted from the incontestability provision in
insurance policies?
A. fraudulent
misstatements B. pre-
PSI life, accident, and health Exam Questions with correct Answers
,existing conditions C.
change in health
D. changes in the insurance code - ANSWER-fraudulent misstatements
A group conversion option may be used in all the following instances EXCEPT
PSI life, accident, and health Exam Questions with correct Answers
, A. the termination of the master policy.
B. loss of coverage due to loss of employment.
C. loss of eligibility on the part of a class of insureds.
D. a life-changing event, such as marriage, divorce, or childbirth. -
ANSWER-a life- changing event, such as marriage, divorce, or childbirth.
Which of the following is characteristic of a non-
qualified plan? A. defined vesting schedule
B. plan established by the employer
C. plan does not meet federal guidelines for tax benefits
D. employer contributions are deductible business expenses - ANSWER-plan
does not meet federal guidelines for tax benefits
What does it mean if a health policy is conditionally renewable?
A. Insurer may elect NOT to renew based on the health of the insured.
B. Insurer may elect NOT to renew for any reason only on the policy
anniversary or premium due date.
C. Insurer may elect NOT to renew only under conditions specified in the
policy.
D. Insurer may elect NOT to review if the insured exceeds the maximum
number of claims. - ANSWER-Insurer may elect NOT to renew only under
conditions specified in the policy.
Which of the following is TRUE of an equity-indexed
annuity? A. It is a variable annuity.
B. It may decrease in value.
C. It requires a securities license to sell.
D. It has a guaranteed minimum interest rate. - ANSWER-It has a
guaranteed minimum interest rate
During which period of a Disability Income Policy is coverage effective but
during which no benefits will be paid under the policy?
A. benefit period
B. elimination
period C. grace
period
D. probationary period - ANSWER-probationary period
What specific new procedures does the USA Patriot Act require of
insurance companies?
A. Establish an anti-money laundering
program B. Investigate applicants for
potential terrorist links
C. Report large transactions by charitable organizations
D. To take action against employees for failure to implement the Act. -
ANSWER- Establish an anti-money laundering program
PSI life, accident, and health Exam Questions with correct Answers
