- Study guides, Class notes & Summaries

health and accident exam psi questions with verified answers.

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17 pages

Written in 2024/2025

Grade A+

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What happens when an initial offer is answered with a counteroffer? Ans-Initial offer is void According to the Affordable Care Act (ACA), dependent children may remain on their parent's plan until what age? Ans-Age 26 The premiums paid by an employer for his employee's group life insurance are usually considered to be Ans-tax-deductible to the employer A family group accident and health insurance policy must continue coverage for each unmarried child at least until age Ans-19 A...

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22 pages

Written in 2024/2025

Grade A+

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This comprehensive study guide is designed for individuals preparing for the 2025 Accident, Life, and Health Insurance Exam. It includes both Version A and Version B of the actual exam, featuring complete and accurate questions with detailed, verified answers. Graded A+, this guide ensures 100% correct answers and provides in-depth explanations of key insurance concepts, policies, and regulations. Ideal for anyone looking to pass the insurance licensing exam with confidence.

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24 pages

Written in 2024/2025

Grade A+

writingassistunlimited

Life, Accident, & Health State Exam Simulator Tests Bundle Set

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25 items

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Psi: Life, Accident, And Health Tests Bundle Set

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7 items

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defamation Ans-Making a statement that is false or maliciously critical of the financial condition of an insurer is known as Business overhead expense policy Ans-Which type of business insurance is meant to cover the costs of continuing to do business while the owner is disabled? the protection ends Ans-Dorian exercised a nonforfeiture option by using his life policy's cash value to purchase an extended term insurance option. When the term insurance expires, must have an appointed gu...

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44 pages

Written in 2024/2025

Grade A+

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Michigan Life Insurance State Exam Questions with Answers

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69 pages

Written in 2024/2025

Grade A+

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What is considered to be the primary reason for buying life insurance? Ans-Provide death benefits Karen is a producer who has obtained personal information about a client without having a legitimate reason to do so. Under the McCarran-Feguson Act, what is the minimum penalty for this? Ans-$10,000 or up to 1 year in jail A nonparticipating company is sometimes called a(n) Ans-Stock insurer, because policyholders do not participate in dividends resulting from stock ownership. The Fair Cre...

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50 pages

Written in 2024/2025

Grade A+

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Michigan Life and health accident Questions with Verified Answers

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18 pages

Written in 2024/2025

Grade A+

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The Commissioner of Insurance is appointed by the Governor for a term of Ans-4 years All of the following are examples of insurance transactions except: A. soliciting applications for insurance B. delivering policies C. licensing of producers D. collecting premiums Ans-Ans: C - licensing of producers A temporary license issued to close the affairs of a deceased producer may be issued for up to _____ days at the discretion of the Commissioner Ans-180 days Continuing Education (CE) ...

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35 pages

Written in 2024/2025

Grade A+

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What amount will be paid under a policy where the insured misstated his/her age? Ans-an amount the premium would have purchased at the correct age the acceptance of a credit life application requires the submission of a certificate of insurance to the insured within_____ days Ans-30 days which of these is considered to be a Living benefit option in a life insurance policy Ans-Accelerated death benefit loans obtained by a policy owner against the cash value of a life insurance policy Ans...

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34 pages

Written in 2024/2025

Grade A+

cracker

Insurance Contract Ans-Legal agreement between an insurance company and an individual, where the insurer collects a premium from the insured in exchange for the insurers promise to pay potential future benefits in the event of covered losses. Risk Pooling Ans-Combines similar losses from many people so that the average loss over the entire group is relatively constant Law of Large Numbers Ans-States that as a group increases in size, it is easier to predict the number of future losses over...

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53 pages

Written in 2024/2025

Grade A+

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A policyowner may change two policy features on what type of life insurance? Ans-Adjustable life The legal action provision in a health contract is limited to no more than ___ years. Ans-5 Long-Term Care policies may provide coverage for claims arising from Ans-Senile dementia In group health care, what is the purpose of the coordination of benefits provision? Ans-Determines what is paid by the primary and secondary insures in the event of a claim All of the following riders can incr...

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10 pages

Written in 2024/2025

Grade A+

cracker

According to the Affordable Care Act, any plan in existence prior to which date is considered a grandfathered plan? Ans-March 23, 2010 Which of these factors help determine an insured's life insurance premium? Ans-avocation (hobby) Long-Term Care policies may provide coverage for claims arising from Ans-senile dementia When replacing a life insurance policy, an agent must provide the applicant with a Ans-Notice Regarding Replacement All of the following are considered appropriate ...

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21 pages

Written in 2024/2025

Grade A+

cracker

Annuity Ans--A contract between a person and an insurance company that requires the insurer to make payments to you. -You buy an annuity by making either a single payment or a series of payments -Annuity Death benefits are NOT tax deductible or taxfree Dividends Ans--Declared by the board of directors and cannot be guaranteed -A sum of money paid regularly by a company to its shareholders out of its profits Stock Insurers Ans--Owned by the stockholders who elect the board of directors. ...

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21 pages

Written in 2024/2025

Grade A+

cracker

What does a life insurance policy guarantee to the stated beneficiary upon the death of the insured? Ans-specified amount of money When a Medicare Supplement insurance policy is being replaced, who must sign the notice of replacement? Ans-30 days long-term care policies may provide coverage for claims arising from Ans-senile dementia senile dementia and organic mental disorders are typically covered claims for long-term care policies according to the Affordable Care Act, any plan i...

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23 pages

Written in 2024/2025

Grade A+

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PSI 200 Life Health Accident EXAM Must Know Questions with verified answers

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10 pages

Written in 2024/2025

Grade A+

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An accident and health policy that provides reimbursement benefits makes them payable to? Ans-Insured Which of the following is NOT part of an insurance contract Ans-Certificate of Authority -Policy -Application -Riders An insured under a Major Medical expense plan with a zero deductible and 80/20 coinsurance provision files a $1,000 claim. How much of this claim is the insured responsible for? Ans-$200 insured only responsible for 20% coinsurance According to the Affordable Care Ac...

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24 pages

Written in 2024/2025

Grade A+

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Which of the following can be defined as "the potential for loss"? Ans-Risk Which of the following describes the act of insuring a risk against possible loss? Ans-Risk Transfer A description of a qualified plan's insurance contract may be found in which ERISA reporting form? Ans-Annual Return/Report (Form 5500) Which of the following statements is NOT true concerning the relationship between group health insurance plans and Medicare? (Assuming the business has more than 20 empl...

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21 pages

Written in 2024/2025

Grade A+

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Which of the following is TRUE of an equity-indexed annuity? Ans-It has a guaranteed minimum interest rate 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 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 amou...

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11 pages

Written in 2024/2025

Grade A+

cracker