PSI Life, Accident, and Health Practice Exam
questions with verified answers
A group conversion option may be used in all the following instances
EXCEPT Ans✔✔-a life-changing event, such as marriage, divorce, or
childbirth.
Which is the primary purpose of Health Reimbursement Accounts
(HRAs)? Ans✔✔-To assist covered employees with the payment of
medical expenses on a high deductible plan funded through pre-tax
contributions.
All of the following are characteristics of variable whole life EXCEPT
Ans✔✔-there is no guaranteed minimum death benefit.
When should a buy-sell agreement include a provision for the buy-out of
an owner's business interest in the event of a disability? Ans✔✔-When
there is a buy-sell agreement funded with life insurance to buyout the
interest of a deceased owner or partner.
Which of the following is TRUE of a point of service plan? Ans✔✔-A
patient's care is coordinated by an in-network primary care physician.
Which of the following coverage types pays a monthly cash benefit
following the elimination period for total disability due to accident or
sickness? Ans✔✔-Disability income insuran
, Which of the following is TRUE of an equity-indexed annuity? Ans✔✔-
It has a guaranteed minimum interest rate.
All of the following are characteristics of COBRA EXCEPT Ans✔✔-
change in medical privacy procedures.
In which of the following does a covered employee agree to a reduction
in compensation so the amount can be used to cover medical expenses?
Ans✔✔-Flexible Spending Account (FSA)
Which problem was universal life insurance designed to address?
Ans✔✔-low interest rates during periods of high inflation
A basic vision care package includes all of the following EXCEPT
Ans✔✔-safety glasses
Which of the following is the most common method to supplement
Medicare coverage? Ans✔✔-Coverage offered by private insurers
Which of the following is TRUE for a flexible premium annuity?
Ans✔✔-The purchaser has the option to vary the amount of each
premium payment falling between a minimum and maximum amount.
Compared to basic hospital, medical and surgical policies, which type of
insurance provides broader coverage, fewer gaps, higher individual
benefits, and higher policy maximums? Ans✔✔-major medical insurance
questions with verified answers
A group conversion option may be used in all the following instances
EXCEPT Ans✔✔-a life-changing event, such as marriage, divorce, or
childbirth.
Which is the primary purpose of Health Reimbursement Accounts
(HRAs)? Ans✔✔-To assist covered employees with the payment of
medical expenses on a high deductible plan funded through pre-tax
contributions.
All of the following are characteristics of variable whole life EXCEPT
Ans✔✔-there is no guaranteed minimum death benefit.
When should a buy-sell agreement include a provision for the buy-out of
an owner's business interest in the event of a disability? Ans✔✔-When
there is a buy-sell agreement funded with life insurance to buyout the
interest of a deceased owner or partner.
Which of the following is TRUE of a point of service plan? Ans✔✔-A
patient's care is coordinated by an in-network primary care physician.
Which of the following coverage types pays a monthly cash benefit
following the elimination period for total disability due to accident or
sickness? Ans✔✔-Disability income insuran
, Which of the following is TRUE of an equity-indexed annuity? Ans✔✔-
It has a guaranteed minimum interest rate.
All of the following are characteristics of COBRA EXCEPT Ans✔✔-
change in medical privacy procedures.
In which of the following does a covered employee agree to a reduction
in compensation so the amount can be used to cover medical expenses?
Ans✔✔-Flexible Spending Account (FSA)
Which problem was universal life insurance designed to address?
Ans✔✔-low interest rates during periods of high inflation
A basic vision care package includes all of the following EXCEPT
Ans✔✔-safety glasses
Which of the following is the most common method to supplement
Medicare coverage? Ans✔✔-Coverage offered by private insurers
Which of the following is TRUE for a flexible premium annuity?
Ans✔✔-The purchaser has the option to vary the amount of each
premium payment falling between a minimum and maximum amount.
Compared to basic hospital, medical and surgical policies, which type of
insurance provides broader coverage, fewer gaps, higher individual
benefits, and higher policy maximums? Ans✔✔-major medical insurance
