PSI - NY Life, Accident and Health
Practice Exam 17-55 Questions and
Answers (Latest 2026)
Which policy provision permits the policy owner to take a
specified number of days to examine the contract, and allows
for cancellation and a full refund if the policy owner rejects
the terms or costs? - Correct Answers ✅Free Look
When will a policy pay on a UCR basis? - Correct Answers
✅When particular 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?
- Correct Answers ✅long term care rider
Which of the following is exempted from the incontestability
provision in insurance policies? - Correct Answers
✅Fraudulent misstatements
What does first dollar coverage mean? - Correct Answers
✅As soon as covered medical expenses are incurred, the
policy begins to pay
What is the waiver of premium provision? - Correct Answers
✅In a long term care contract, the premium is waived after
the insured has been confined for a specific period of time
, PSI - NY Life, Accident and Health
Practice Exam 17-55 Questions and
Answers (Latest 2026)
According to the Time Payment of Claims provision, the
insurer must make the payment immediately after receiving
proof of loss EXCEPT - Correct Answers ✅for claims
involving periodic payments
Which is a disadvantage to a flexible premium annuity? -
Correct Answers ✅the actual amount of the annuity
benefit cannot be determined in advance
When a policy or certificate 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 - Correct
Answers ✅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? - Correct
Answers ✅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? - Correct Answers ✅with the non
cancelable policy the insurer may increase premiums only
based on the terms of the policy
Practice Exam 17-55 Questions and
Answers (Latest 2026)
Which policy provision permits the policy owner to take a
specified number of days to examine the contract, and allows
for cancellation and a full refund if the policy owner rejects
the terms or costs? - Correct Answers ✅Free Look
When will a policy pay on a UCR basis? - Correct Answers
✅When particular 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?
- Correct Answers ✅long term care rider
Which of the following is exempted from the incontestability
provision in insurance policies? - Correct Answers
✅Fraudulent misstatements
What does first dollar coverage mean? - Correct Answers
✅As soon as covered medical expenses are incurred, the
policy begins to pay
What is the waiver of premium provision? - Correct Answers
✅In a long term care contract, the premium is waived after
the insured has been confined for a specific period of time
, PSI - NY Life, Accident and Health
Practice Exam 17-55 Questions and
Answers (Latest 2026)
According to the Time Payment of Claims provision, the
insurer must make the payment immediately after receiving
proof of loss EXCEPT - Correct Answers ✅for claims
involving periodic payments
Which is a disadvantage to a flexible premium annuity? -
Correct Answers ✅the actual amount of the annuity
benefit cannot be determined in advance
When a policy or certificate 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 - Correct
Answers ✅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? - Correct
Answers ✅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? - Correct Answers ✅with the non
cancelable policy the insurer may increase premiums only
based on the terms of the policy
