PSI LIFE ACCIDENT, AND HEALTH ANALYZED QUESTIONS AND ANSWERS

PSI LIFE ACCIDENT, AND HEALTH ANALYZED QUESTIONS AND ANSWERS Which type of annuity covers two or more annuitants and provides monthly income only until the first annuitant dies? - CORRECT ANSWER -Joint life annuity Which of the following is TRUE of an equity-indexed annuity? - CORRECT ANSWER -It has a guaranteed minimum interest rate Which is the primary purpose of Health Reimbursement Accounts (HRAs)? - CORRECT ANSWER -To assist covered employees with the payment of medical expenses on a high deductible plan funded through pre-tax contributions A group conversion option may be used in all the following instances EXCEPT - CORRECT ANSWER -A life changing event, such as marriage, divorce, or childbirth In which of the following does a covered employee agree to a reduction in compensation so that the amount can be used to cover medical expenses? - CORRECT ANSWER -Flexible Spending Account (FSA) Which problem was Universal Life insurance designed to address? - CORRECT ANSWER -Low interest rates during periods of high inflation Which of the following policy types is considered double indemnity? - CORRECT ANSWER -Accidental death and dismemberment (AD&D) Which insurance plans are commonly offered through the worksite (employer-sponsored) EXCEPT? - CORRECT ANSWER -Medicare