PSI LIFE, ACCIDENT, AND
HEALTH PRACTICE EXAM
Question & Answers 2026
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? - CORRECT ANSWERS ✔✔Benefits are
adjusted to an amount that the premium would have
purchased at the correct age or gender.
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 thereafter as is reasonably
possible? - CORRECT ANSWERS ✔✔Notice of claim.
When will a policy pay on a UCR basis? - CORRECT
ANSWERS ✔✔When particular benefits are not listed
on a payment schedule.
All of the following are non-forfeiture options EXCEPT -
CORRECT ANSWERS ✔✔Cash dividend option.
What happens when the lifetime maximum benefit limit
has been reached? - CORRECT ANSWERS ✔✔The
insured will pay all of the remaining medial costs for as
long as the policy is in force.
,PSI LIFE, ACCIDENT, AND
HEALTH PRACTICE EXAM
Question & Answers 2026
Whose responsibility is it to make sure that the company
is notified of a death claim at the earliest possible
opportunity (in most cases)? - CORRECT ANSWERS
✔✔The producer.
What is the waiver of premium provision? - CORRECT
ANSWERS ✔✔In a long term care contract, the
premium is waived after the insured has been confined
for a specific period of time.
All of the following are common exclusions from loss
found in disability income policies EXCEPT for that
incurred while? - CORRECT ANSWERS
✔✔Committing a misdemeanor
Which is a disadvantage to a flexible premium annuity? -
CORRECT ANSWERS ✔✔The actual amount of the
annuity benefit cannot be determined in advance.
What does coninsurance mean? - CORRECT ANSWERS
✔✔The insurer and the insured share expenses over the
deductible.
, PSI LIFE, ACCIDENT, AND
HEALTH PRACTICE EXAM
Question & Answers 2026
Under normal conditions which of the following is TRUE
for proof of loss when a single loss is claimed? -
CORRECT ANSWERS ✔✔The insured has 90 days
from the date of loss to provide proof of loss.
Which one of the following represents an advantage of
obtaining a policy loan versus a withdrawal? - CORRECT
ANSWERS ✔✔The loan is not taxed while a
withdrawal is taxed for amounts above the contract cost
basis.
All of the following statements define preexisting
conditions EXCEPT? - CORRECT ANSWERS ✔✔Any
chronic health condition that presents symptoms and
which was unknown at the time of application.
Which is the difference between participating and non-
participating? - CORRECT ANSWERS ✔✔Participating
policies pay dividends while non-participating policies do
not.
HEALTH PRACTICE EXAM
Question & Answers 2026
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? - CORRECT ANSWERS ✔✔Benefits are
adjusted to an amount that the premium would have
purchased at the correct age or gender.
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 thereafter as is reasonably
possible? - CORRECT ANSWERS ✔✔Notice of claim.
When will a policy pay on a UCR basis? - CORRECT
ANSWERS ✔✔When particular benefits are not listed
on a payment schedule.
All of the following are non-forfeiture options EXCEPT -
CORRECT ANSWERS ✔✔Cash dividend option.
What happens when the lifetime maximum benefit limit
has been reached? - CORRECT ANSWERS ✔✔The
insured will pay all of the remaining medial costs for as
long as the policy is in force.
,PSI LIFE, ACCIDENT, AND
HEALTH PRACTICE EXAM
Question & Answers 2026
Whose responsibility is it to make sure that the company
is notified of a death claim at the earliest possible
opportunity (in most cases)? - CORRECT ANSWERS
✔✔The producer.
What is the waiver of premium provision? - CORRECT
ANSWERS ✔✔In a long term care contract, the
premium is waived after the insured has been confined
for a specific period of time.
All of the following are common exclusions from loss
found in disability income policies EXCEPT for that
incurred while? - CORRECT ANSWERS
✔✔Committing a misdemeanor
Which is a disadvantage to a flexible premium annuity? -
CORRECT ANSWERS ✔✔The actual amount of the
annuity benefit cannot be determined in advance.
What does coninsurance mean? - CORRECT ANSWERS
✔✔The insurer and the insured share expenses over the
deductible.
, PSI LIFE, ACCIDENT, AND
HEALTH PRACTICE EXAM
Question & Answers 2026
Under normal conditions which of the following is TRUE
for proof of loss when a single loss is claimed? -
CORRECT ANSWERS ✔✔The insured has 90 days
from the date of loss to provide proof of loss.
Which one of the following represents an advantage of
obtaining a policy loan versus a withdrawal? - CORRECT
ANSWERS ✔✔The loan is not taxed while a
withdrawal is taxed for amounts above the contract cost
basis.
All of the following statements define preexisting
conditions EXCEPT? - CORRECT ANSWERS ✔✔Any
chronic health condition that presents symptoms and
which was unknown at the time of application.
Which is the difference between participating and non-
participating? - CORRECT ANSWERS ✔✔Participating
policies pay dividends while non-participating policies do
not.
