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PSI - NY LIFE, ACCIDENT AND HEALTH
PRACTICE EXAM 17-55 WITH QUESTIONS
AND ANSWERS 100% VERIFIED
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 coverage types pays a monthly cash
benefit following the elimination period for total disability due to
accident or sickness? - correct answer_ Disability income
insurance
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? - correct answer_ Flexible Spending Account
(FSA)
Which of the following is covered by a dread disease policy? -
correct answer_ illnesses that do not occur frequently but incur
significant costs when they do occur
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Which insurance plans are commonly offered through the
worksite (employer sponsored) EXCEPT? - correct answer_
Medicare
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
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What does first dollar coverage mean? - correct answer_ As soon
as covered medical expenses are incurred, the policy begins to
pay
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
PSI - NY LIFE, ACCIDENT AND HEALTH
PRACTICE EXAM 17-55 WITH QUESTIONS
AND ANSWERS 100% VERIFIED
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 coverage types pays a monthly cash
benefit following the elimination period for total disability due to
accident or sickness? - correct answer_ Disability income
insurance
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? - correct answer_ Flexible Spending Account
(FSA)
Which of the following is covered by a dread disease policy? -
correct answer_ illnesses that do not occur frequently but incur
significant costs when they do occur
,2 | Page
Which insurance plans are commonly offered through the
worksite (employer sponsored) EXCEPT? - correct answer_
Medicare
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
, 3 | Page
What does first dollar coverage mean? - correct answer_ As soon
as covered medical expenses are incurred, the policy begins to
pay
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
