8/2/25, 1:22 PM PSI - NY Life, Accident and Health Practice Exam 17-55 |2025 EXAM QUESTIONS |FREQUENTLY TESTED QUESTIONS ||VERIFI…
PSI - NY Life, Accident and Health Practice Exam
17-55 |2025 EXAM QUESTIONS |FREQUENTLY
TESTED QUESTIONS ||VERIFIED SOLUTIONS
(100% CORRECT)
Save
Terms in this set (527)
Which policy provision Free Look
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?
When will a policy pay on When particular benefits are not listed on a payment
a UCR basis? schedule
Which type of rider long term care rider
reimburses health and
social service expenses
incurred in a convalescent
or nursing home facility?
Which of the following is Fraudulent misstatements
exempted from the
incontestability provision
in insurance policies?
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,8/2/25, 1:22 PM PSI - NY Life, Accident and Health Practice Exam 17-55 |2025 EXAM QUESTIONS |FREQUENTLY TESTED QUESTIONS ||VERIFI…
What does first dollar As soon as covered medical expenses are incurred,
coverage mean? the policy begins to pay
In a long term care contract, the premium is waived
What is the waiver of
after the insured has been confined for a specific
premium provision?
period of time
According to the Time for claims involving periodic payments
Payment of Claims
provision, the insurer must
make the payment
immediately after
receiving proof of loss
EXCEPT
Which is a disadvantage to the actual amount of the annuity benefit cannot be
a flexible premium determined in advance
annuity?
When a policy or a detailed and comprehensive summary of the
certificate containing an accelerated benefit
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
which one of the following the loan is not taxed while a withdrawal is taxed for
represents an advantage amounts above the contract cost basis
of obtaining a policy loan
versus a withdrawal?
How does a with the non cancelable policy the insurer may
noncancelable policy increase premiums only based on the terms of the
differ from a guaranteed policy
renewable policy?
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,8/2/25, 1:22 PM PSI - NY Life, Accident and Health Practice Exam 17-55 |2025 EXAM QUESTIONS |FREQUENTLY TESTED QUESTIONS ||VERIFI…
What does it mean if a Insurer may elect NOT to renew only under the
health policy is conditions specified in the policy
conditionally renewable?
When the suicide clause is 2 year period
inserted in a life insurance
contract, death by suicide
is not covered during the
policy's initial:
What does coinsurance The insurer and the insured share expenses over the
mean? deductible.
Which of the following Notice of claim
must be given to the
insurer within 20 days after
occurrence or
commencement of any
loss covered by the
policy, or as soon
thereafter as is reasonably
possible?
The right to change the The policy owner has named an irrevocable
beneficiary or dispose of beneficiary
the policy or its benefits in
any manner one chooses
is reserved to the policy
owner UNLESS which of
the following is true?
Which of the following Mode
refers to how often a
premium is paid?
All of the following are Committing a misdemeanor
common exclusions from
loss found in disability
income policies EXCEPT
for that incurred while
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, 8/2/25, 1:22 PM PSI - NY Life, Accident and Health Practice Exam 17-55 |2025 EXAM QUESTIONS |FREQUENTLY TESTED QUESTIONS ||VERIFI…
At which point are At the time the policy is purchased by the owner of
contractual death benefit the policy
settlement options
determined and by whom
are they determined?
All of the following are Switching the policy from one insured to another
ownership rights EXCEPT
All of the following are The incomplete application can be accepted with the
TRUE regarding missing information added later
incomplete applications
EXCEPT
A consumer report used Medical underwriting exam
to determine eligibility for
insurance may include all
of the following EXCEPT
All of the following are The minor in a juvenile policy
required signatures on a
life insurance application
EXCEPT
Why are insurance policies Certain conditions need to be met to make the
considered conditional contract legally enforceable.
contracts?
When does insurable when the applicant for the policy is not the insured
interest come into play in
a life insurance policy?
Which of the following the underwriting process begins
occurs immediately after
the application is
submitted and the initial
premium paid?
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PSI - NY Life, Accident and Health Practice Exam
17-55 |2025 EXAM QUESTIONS |FREQUENTLY
TESTED QUESTIONS ||VERIFIED SOLUTIONS
(100% CORRECT)
Save
Terms in this set (527)
Which policy provision Free Look
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?
When will a policy pay on When particular benefits are not listed on a payment
a UCR basis? schedule
Which type of rider long term care rider
reimburses health and
social service expenses
incurred in a convalescent
or nursing home facility?
Which of the following is Fraudulent misstatements
exempted from the
incontestability provision
in insurance policies?
https://quizlet.com/1063513819/psi-ny-life-accident-and-health-practice-exam-17-55-2025-exam-questions-frequently-tested-questions-verified-solut… 1/178
,8/2/25, 1:22 PM PSI - NY Life, Accident and Health Practice Exam 17-55 |2025 EXAM QUESTIONS |FREQUENTLY TESTED QUESTIONS ||VERIFI…
What does first dollar As soon as covered medical expenses are incurred,
coverage mean? the policy begins to pay
In a long term care contract, the premium is waived
What is the waiver of
after the insured has been confined for a specific
premium provision?
period of time
According to the Time for claims involving periodic payments
Payment of Claims
provision, the insurer must
make the payment
immediately after
receiving proof of loss
EXCEPT
Which is a disadvantage to the actual amount of the annuity benefit cannot be
a flexible premium determined in advance
annuity?
When a policy or a detailed and comprehensive summary of the
certificate containing an accelerated benefit
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
which one of the following the loan is not taxed while a withdrawal is taxed for
represents an advantage amounts above the contract cost basis
of obtaining a policy loan
versus a withdrawal?
How does a with the non cancelable policy the insurer may
noncancelable policy increase premiums only based on the terms of the
differ from a guaranteed policy
renewable policy?
https://quizlet.com/1063513819/psi-ny-life-accident-and-health-practice-exam-17-55-2025-exam-questions-frequently-tested-questions-verified-solut… 2/178
,8/2/25, 1:22 PM PSI - NY Life, Accident and Health Practice Exam 17-55 |2025 EXAM QUESTIONS |FREQUENTLY TESTED QUESTIONS ||VERIFI…
What does it mean if a Insurer may elect NOT to renew only under the
health policy is conditions specified in the policy
conditionally renewable?
When the suicide clause is 2 year period
inserted in a life insurance
contract, death by suicide
is not covered during the
policy's initial:
What does coinsurance The insurer and the insured share expenses over the
mean? deductible.
Which of the following Notice of claim
must be given to the
insurer within 20 days after
occurrence or
commencement of any
loss covered by the
policy, or as soon
thereafter as is reasonably
possible?
The right to change the The policy owner has named an irrevocable
beneficiary or dispose of beneficiary
the policy or its benefits in
any manner one chooses
is reserved to the policy
owner UNLESS which of
the following is true?
Which of the following Mode
refers to how often a
premium is paid?
All of the following are Committing a misdemeanor
common exclusions from
loss found in disability
income policies EXCEPT
for that incurred while
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, 8/2/25, 1:22 PM PSI - NY Life, Accident and Health Practice Exam 17-55 |2025 EXAM QUESTIONS |FREQUENTLY TESTED QUESTIONS ||VERIFI…
At which point are At the time the policy is purchased by the owner of
contractual death benefit the policy
settlement options
determined and by whom
are they determined?
All of the following are Switching the policy from one insured to another
ownership rights EXCEPT
All of the following are The incomplete application can be accepted with the
TRUE regarding missing information added later
incomplete applications
EXCEPT
A consumer report used Medical underwriting exam
to determine eligibility for
insurance may include all
of the following EXCEPT
All of the following are The minor in a juvenile policy
required signatures on a
life insurance application
EXCEPT
Why are insurance policies Certain conditions need to be met to make the
considered conditional contract legally enforceable.
contracts?
When does insurable when the applicant for the policy is not the insured
interest come into play in
a life insurance policy?
Which of the following the underwriting process begins
occurs immediately after
the application is
submitted and the initial
premium paid?
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