Exam
PSI - NY Life, Accident and Health
Final Exam Question 17-55 With
100% Correct And verified Answers
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
If the insurer wishes to share an applicant's HIV status, the applicant must be given full
notice of all of the following EXCEPT - ANSWER ✓✓✓the treatment procedures that
are covered by the policy
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
PSI - NY Life, Accident and Health
Final Exam Question 17-55 With
100% Correct And verified Answers
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
If the insurer wishes to share an applicant's HIV status, the applicant must be given full
notice of all of the following EXCEPT - ANSWER ✓✓✓the treatment procedures that
are covered by the policy
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
