Page |1
PSI - NY LIFE, ACCIDENT AND HEALTH
PRACTICE EXAM 2025| BRAND NEW ACTUAL
EXAM WITH 100% VERIFIED QUESTIONS AND
CORRECT SOLUTIONS| GUARANTEED VALUE
PACK| ACE YOUR GRADES.
1. Which policy provision permits the policy owner to take a specified
number of days to examine the contract, and allows for cancellation and
a full refund if the policy owner rejects the terms or costs? - correct
answer - Free Look
2. When will a policy pay on a UCR basis? - correct answer - When
particular benefits are not listed on a payment schedule
3. Which type of rider reimburses health and social service expenses
incurred in a convalescent or nursing home facility? - correct answer -
long term care rider
4. Which of the following is exempted from the incontestability provision in
insurance policies? - correct answer - Fraudulent misstatements
, Page |2
5. What does first dollar coverage mean? - correct answer - As soon as
covered medical expenses are incurred, the policy begins to pay
6. 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
7. According to the Time Payment of Claims provision, the insurer must
make the payment immediately after receiving proof of loss EXCEPT -
correct answer - for claims involving periodic payments
8. Which is a disadvantage to a flexible premium annuity? - correct answer
- the actual amount of the annuity benefit cannot be determined in
advance
9. When a policy or certificate containing an accelerated benefit provision
is applied for or delivered, the producer is responsible for providing that
applicant a summary of coverage that includes all of the following
EXCEPT - correct answer - a detailed and comprehensive summary of
the accelerated benefit
10. which one of the following represents an advantage of obtaining a
policy loan versus a withdrawal? - correct answer - the loan is not taxed
while a withdrawal is taxed for amounts above the contract cost basis
PSI - NY LIFE, ACCIDENT AND HEALTH
PRACTICE EXAM 2025| BRAND NEW ACTUAL
EXAM WITH 100% VERIFIED QUESTIONS AND
CORRECT SOLUTIONS| GUARANTEED VALUE
PACK| ACE YOUR GRADES.
1. Which policy provision permits the policy owner to take a specified
number of days to examine the contract, and allows for cancellation and
a full refund if the policy owner rejects the terms or costs? - correct
answer - Free Look
2. When will a policy pay on a UCR basis? - correct answer - When
particular benefits are not listed on a payment schedule
3. Which type of rider reimburses health and social service expenses
incurred in a convalescent or nursing home facility? - correct answer -
long term care rider
4. Which of the following is exempted from the incontestability provision in
insurance policies? - correct answer - Fraudulent misstatements
, Page |2
5. What does first dollar coverage mean? - correct answer - As soon as
covered medical expenses are incurred, the policy begins to pay
6. 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
7. According to the Time Payment of Claims provision, the insurer must
make the payment immediately after receiving proof of loss EXCEPT -
correct answer - for claims involving periodic payments
8. Which is a disadvantage to a flexible premium annuity? - correct answer
- the actual amount of the annuity benefit cannot be determined in
advance
9. When a policy or certificate containing an accelerated benefit provision
is applied for or delivered, the producer is responsible for providing that
applicant a summary of coverage that includes all of the following
EXCEPT - correct answer - a detailed and comprehensive summary of
the accelerated benefit
10. which one of the following represents an advantage of obtaining a
policy loan versus a withdrawal? - correct answer - the loan is not taxed
while a withdrawal is taxed for amounts above the contract cost basis
