PSI: LIFE, ACCIDENT, AND HEALTH
PRACTICE EXAM Questions and Answers
2026 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? -
Correct Answers ✅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? -
Correct Answers ✅Notice of claim.
When will a policy pay on a UCR basis? - Correct Answers
✅When particular benefits are not listed on a payment
schedule.
All of the following are non-forfeiture options EXCEPT -
Correct Answers ✅Cash dividend option.
What happens when the lifetime maximum benefit limit has
been reached? - Correct Answers ✅The insured will pay all
of the remaining medial costs for as long as the policy is in
force.
, PSI: LIFE, ACCIDENT, AND HEALTH
PRACTICE EXAM Questions and Answers
2026 Update
Whose responsibility is it to make sure that the company is
notified of a death claim at the earliest possible opportunity
(in most cases)? - Correct Answers ✅The producer.
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.
All of the following are common exclusions from loss found in
disability income policies EXCEPT for that incurred while? -
Correct Answers ✅Committing a misdemeanor
Which is a disadvantage to a flexible premium annuity? -
Correct Answers ✅The actual amount of the annuity
benefit cannot be determined in advance.
What does coninsurance mean? - Correct Answers ✅The
insurer and the insured share expenses over the deductible.
Under normal conditions which of the following is TRUE for
proof of loss when a single loss is claimed? - Correct
Answers ✅The insured has 90 days from the date of loss to
provide proof of loss.
PRACTICE EXAM Questions and Answers
2026 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? -
Correct Answers ✅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? -
Correct Answers ✅Notice of claim.
When will a policy pay on a UCR basis? - Correct Answers
✅When particular benefits are not listed on a payment
schedule.
All of the following are non-forfeiture options EXCEPT -
Correct Answers ✅Cash dividend option.
What happens when the lifetime maximum benefit limit has
been reached? - Correct Answers ✅The insured will pay all
of the remaining medial costs for as long as the policy is in
force.
, PSI: LIFE, ACCIDENT, AND HEALTH
PRACTICE EXAM Questions and Answers
2026 Update
Whose responsibility is it to make sure that the company is
notified of a death claim at the earliest possible opportunity
(in most cases)? - Correct Answers ✅The producer.
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.
All of the following are common exclusions from loss found in
disability income policies EXCEPT for that incurred while? -
Correct Answers ✅Committing a misdemeanor
Which is a disadvantage to a flexible premium annuity? -
Correct Answers ✅The actual amount of the annuity
benefit cannot be determined in advance.
What does coninsurance mean? - Correct Answers ✅The
insurer and the insured share expenses over the deductible.
Under normal conditions which of the following is TRUE for
proof of loss when a single loss is claimed? - Correct
Answers ✅The insured has 90 days from the date of loss to
provide proof of loss.
