Exam
PSI - NY Life, Accident and Health
Practice Exam 17-55 2023 New
updated 100% pared pass!!!
When should a buy-sell agreement include a provision for the buy-out of an owners
business interest in the event of a disability? - ANSWER ✓✓✓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 policy types is considered double indemnity? - ANSWER ✓✓✓
Accidental Health
Which of the following amends the social security act to make medicare secondary to
group health plans? - ANSWER ✓✓✓TEFRA
All of the following can be used to qualify for medicare parts a and be except -
ANSWER ✓✓✓Financial Need
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? - ANSWER ✓✓
✓Flexible Spending Accounts (FSA)
, What is the primary purpose of Health Reimbursements Accounts? (HRAS) - ANSWER
✓✓✓To assist covered employees with the payment of medical expenses on a high
deductible plan funded through pre tax contributions
Which of the following is the most common method to supplement medicare coverage?
- ANSWER ✓✓✓Coverage offered by Private Insurers
A group conversion option may be used in all the following instances EXCEPT -
ANSWER ✓✓✓a life-changing event, such a marriage, divorce, or childbirth
Which is a primary difference between individual and group health insurance? -
ANSWER ✓✓✓Individual insurance requires evidence of insurability
State generally define a true "Group" for insurance as requiring a minimum of how many
participants? - ANSWER ✓✓✓10
Which of the following is considered the major advantage of HIPAA - ANSWER ✓✓✓
Portability
What is the major reason that insurance regulators are often critical of dread disease
insurance policies? - ANSWER ✓✓✓Buyers often think they are getting broader
coverage that they actually purchase
Which of the following is an example of a hospital indemnity plan? - ANSWER ✓✓✓
pays a fixed amount per day to the insured for each day the insured is hospitalized
Which whole life policy premium type is the most common? - ANSWER ✓✓✓
continuous premium
Which of the following is true of the limited pay whole life policy? - ANSWER ✓✓✓
coverage continues after the policy is paid up
In an Adjustable Life policy all of the following can be changed by the policy owner
EXCEPT - ANSWER ✓✓✓The interest rate
Which problem was universal life insurance designed to address? - ANSWER ✓✓✓
low interest rates during periods of high inflation
All of the following are characteristics of variable whole life except? - ANSWER ✓✓✓
there is no guaranteed minimum death benefit
Which policy type is backed by equity investments and allows the policyholder to adjust
the death benefit? - ANSWER ✓✓✓Variable Universal Life
PSI - NY Life, Accident and Health
Practice Exam 17-55 2023 New
updated 100% pared pass!!!
When should a buy-sell agreement include a provision for the buy-out of an owners
business interest in the event of a disability? - ANSWER ✓✓✓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 policy types is considered double indemnity? - ANSWER ✓✓✓
Accidental Health
Which of the following amends the social security act to make medicare secondary to
group health plans? - ANSWER ✓✓✓TEFRA
All of the following can be used to qualify for medicare parts a and be except -
ANSWER ✓✓✓Financial Need
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? - ANSWER ✓✓
✓Flexible Spending Accounts (FSA)
, What is the primary purpose of Health Reimbursements Accounts? (HRAS) - ANSWER
✓✓✓To assist covered employees with the payment of medical expenses on a high
deductible plan funded through pre tax contributions
Which of the following is the most common method to supplement medicare coverage?
- ANSWER ✓✓✓Coverage offered by Private Insurers
A group conversion option may be used in all the following instances EXCEPT -
ANSWER ✓✓✓a life-changing event, such a marriage, divorce, or childbirth
Which is a primary difference between individual and group health insurance? -
ANSWER ✓✓✓Individual insurance requires evidence of insurability
State generally define a true "Group" for insurance as requiring a minimum of how many
participants? - ANSWER ✓✓✓10
Which of the following is considered the major advantage of HIPAA - ANSWER ✓✓✓
Portability
What is the major reason that insurance regulators are often critical of dread disease
insurance policies? - ANSWER ✓✓✓Buyers often think they are getting broader
coverage that they actually purchase
Which of the following is an example of a hospital indemnity plan? - ANSWER ✓✓✓
pays a fixed amount per day to the insured for each day the insured is hospitalized
Which whole life policy premium type is the most common? - ANSWER ✓✓✓
continuous premium
Which of the following is true of the limited pay whole life policy? - ANSWER ✓✓✓
coverage continues after the policy is paid up
In an Adjustable Life policy all of the following can be changed by the policy owner
EXCEPT - ANSWER ✓✓✓The interest rate
Which problem was universal life insurance designed to address? - ANSWER ✓✓✓
low interest rates during periods of high inflation
All of the following are characteristics of variable whole life except? - ANSWER ✓✓✓
there is no guaranteed minimum death benefit
Which policy type is backed by equity investments and allows the policyholder to adjust
the death benefit? - ANSWER ✓✓✓Variable Universal Life
