PSI LIFE, ACCIDENT, AND HEALTH PRACTICE EXAM.pdf file:///C:/Users/HP/Desktop/New%20folder%20(2)/PSI%20LIFE,%
PSI LIFE, ACCIDENT, AND HEALTH PRACTICE
EXAM QUESTIONS AND ANSWERS
1. 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 thepremium would have
purchased at the correct age or gender.
2. Which of the following must be given to the insurer within 20 days after oc-
currence or commencement of any loss covered by the policy, or as thereafteras
is reasonably possible?
Answer Notice of claim.
3. When will a policy pay on a UCR basis?
Answer When particular benefits are not listedon a payment schedule.
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,PSI LIFE, ACCIDENT, AND HEALTH PRACTICE EXAM.pdf file:///C:/Users/HP/Desktop/New%20folder%20(2)/PSI%20LIFE,%
4. All of the following are non-forfeiture options EXCEPT
Answer Cash dividend option.
5. 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 inforce.
6. 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.
7. 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.
8. All of the following are common exclusions from loss found in disability
income policies EXCEPT for that incurred while?
Answer Committing a misdemeanor
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PSI LIFE, ACCIDENT, AND HEALTH PRACTICE
EXAM QUESTIONS AND ANSWERS
1. 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 thepremium would have
purchased at the correct age or gender.
2. Which of the following must be given to the insurer within 20 days after oc-
currence or commencement of any loss covered by the policy, or as thereafteras
is reasonably possible?
Answer Notice of claim.
3. When will a policy pay on a UCR basis?
Answer When particular benefits are not listedon a payment schedule.
1/5
1 of 15 11/18/2024, 3:33
,PSI LIFE, ACCIDENT, AND HEALTH PRACTICE EXAM.pdf file:///C:/Users/HP/Desktop/New%20folder%20(2)/PSI%20LIFE,%
4. All of the following are non-forfeiture options EXCEPT
Answer Cash dividend option.
5. 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 inforce.
6. 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.
7. 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.
8. All of the following are common exclusions from loss found in disability
income policies EXCEPT for that incurred while?
Answer Committing a misdemeanor
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2 of 15 11/18/2024, 3:33
