PSI LIFE, ACCIDENT AND HEALTH REVISED EXAM QUESTIONS AND ANSWERS

PSI LIFE, ACCIDENT AND HEALTH REVISED EXAM QUESTIONS AND ANSWERS 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 ANSWER 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 ANSWER -Notice of claim. When will a policy pay on a UCR basis? - CORRECT ANSWER -When particular benefits are not listed on a payment schedule. All of the following are non-forfeiture options EXCEPT - CORRECT ANSWER -Cash dividend option. What happens when the lifetime maximum benefit limit has been reached? - CORRECT ANSWER -The insured will pay all of the remaining medial costs for as long as the policy is in force. 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 ANSWER -The producer. What is the waiver of premium provision? - CORRECT ANSWER -In a long term care contract, the premium is waived after the insured has been confined for a specific period of time.