PSI NY Life, Accident and Health Practice Exam 17-55 actual test series 17-55

PSI NY Life, Accident and Health Practice Exam 17-55 actual test series 17-55 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 ANSWER-Free Look When will a policy pay on a UCR basis? - CORRECT ANSWER-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 ANSWER-long term care rider Which of the following is exempted from the incontestability provision in insurance policies? - CORRECT ANSWER-Fraudulent misstatements What does first dollar coverage mean? - CORRECT ANSWER-As soon as covered medical expenses are incurred, the policy begins to pay What is the waiver of premium provision? - CORRECT ANSWER-In a long term care contract, the premium is waived after the insured has been confined for a specific period of time According to the Time Payment of Claims provision, the insurer must make the payment immediately after receiving proof of loss EXCEPT - CORRECT ANSWER-for claims involving periodic payments Which is a disadvantage to a flexible premium annuity? - CORRECT ANSWER-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 ANSWER-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 ANSWER-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 ANSWER-with the non cancelable policy the insurer may increase premiums only based on the terms of the policy What does it mean if a health policy is conditionally renewable? - CORRECT ANSWERInsurer may elect NOT to renew only under the conditions specified in the policy When the suicide clause is inserted in a life insurance contract, death by suicide is not covered during the policy's initial: - CORRECT ANSWER-2 year period What does coinsurance mean? - CORRECT ANSWER-The insurer and the insured share expenses over the deductible. 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 soon thereafter as is reasonably possible? - CORRECT ANSWER-Notice of claim