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PSI - NY LIFE, ACCIDENT AND HEALTH
PRACTICE EXAM 2025 BRAND NEW
ACTUAL EXAM WITH ANSWERS.
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
When will a policy pay on a UCR basis? - correct answer-
When particular benefits are not listed on a payment schedule
Which type of rider reimburses health and social service
expenses incurred in a convalescent or nursing home facility? -
correct answer- long term care rider
Which of the following is exempted from the incontestability
provision in insurance policies? - correct answer- Fraudulent
misstatements
What does first dollar coverage mean? - correct answer- As
soon as covered medical expenses are incurred, the policy
begins to pay
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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
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
Which is a disadvantage to a flexible premium annuity? -
correct answer- the actual amount of the annuity benefit cannot
be determined in advance
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
which one of the following represents an advantage of
obtaining a policy loan versus a withdrawal? - correct answer-
PSI - NY LIFE, ACCIDENT AND HEALTH
PRACTICE EXAM 2025 BRAND NEW
ACTUAL EXAM WITH ANSWERS.
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
When will a policy pay on a UCR basis? - correct answer-
When particular benefits are not listed on a payment schedule
Which type of rider reimburses health and social service
expenses incurred in a convalescent or nursing home facility? -
correct answer- long term care rider
Which of the following is exempted from the incontestability
provision in insurance policies? - correct answer- Fraudulent
misstatements
What does first dollar coverage mean? - correct answer- As
soon as covered medical expenses are incurred, the policy
begins to pay
, 2 | Page
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
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
Which is a disadvantage to a flexible premium annuity? -
correct answer- the actual amount of the annuity benefit cannot
be determined in advance
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
which one of the following represents an advantage of
obtaining a policy loan versus a withdrawal? - correct answer-
