PSI Life and Disability Insurance

Who may terminate a producer's appointment? A. insurer B. insured C. producer D. policy owners - Answer-A. Insurer Which of the following statements BEST describes a disability elimination period? A. A time describe rather than a dollar deductible/ B. A benefit or utilization period. C....

insurance - Answer-business that was developed as a means for spreading the result of financial loss among many persons so the cost to any one person is small risk - Answer-the possibility that loss might occur, reason people purchase insurance speculative risk - Answer-risk that offers the op...

It is the distribution of successes of funds accumulated by the insurer and participating policies. - Answer-Which of the following statements regarding a life insurance policy Dividened is true? Losses due to fraud are eliminated. - Answer-Which of the following is not a benefit of insurance? ...

In which of the following must a beneficiary change request be filed in writing to the insurer and is made effective by the insurance company recording the change in its records? 1. Designation Option 2. Recording method 3. Endorsement method 4. Succession of beneficiaries - Answer-recording met...

Joe has a major medical policy with a $500 deductible and 80/20 coinsurance. He suffers a covered loss of $2500. How much does the insurance company pay? A) $2000 B)$1600 C)$1500 D)$900 - Answer-B) $1600 2500 - 500 = 2000 2000 x .80 = 1600 Which health rider would NOT increase the cost...

How long after being entitled to disability benefits will an individual be eligible to receive Medicare benefits? A. immediately B. 1 year C. 2 years D. At age 65 - Answer-2 years What is the return of premium rider? A. an increasing amount of term insurance that always equals the total of...

which of the following is the type of insurance the government may step in to provide that is NOT ordinarily available for private insuerers - Answer-residential market which of the following describes an insurer that meets the insurance department's standards and is authorized to do business ...

Which of the following term insurance types provides temporary protection that can be changed to some type of permanent protection without evidence of insurability? - Answer-convertible Which type of annuity attempts to offset inflation by providing a benefit linked to an underlying investment ac...

In a case where an individual's health is insured by both their own policy and their spouse's policy, which policy pays in the event of an illness? 1. Only the individual's policy pays. 2. Both policies pay the full amount. 3. The individual's policy pays first, the spouse's poli...

Which of the following represents the primary amount of insurance for the HO-4? - Answer-3. Coverage C The claims-made liability form provides coverage from a date that precedes the policy effective date. Which of the following defines that date? - Answer-Retroactive date If the insured has a ...

Which coverage pays a monthly cash benefit following the elimination period for total disability due to accident or sickness? - Answer-Disability income insurance Which plan is most commonly paired with a High Deductible Health Plan? - Answer-Health Savings Account (HSA) Which is a primary dif...

policy owner - Answer-usually, but not always the person covered by the policy beneficiary - Answer-the person who is paid when a claim is submitted agent/producer - Answer-acts as a legal representative of the insurance company broker - Answer-representative of the Insured, not the ins...

The Commissioner of Insurance has the power to do all of the following EXCEPT - Answer-pass insurance laws The Commissioner has the duty to examine all of the following EXCEPT - Answer-temporary work agencies that supply clerical Before the Commissioner revokes the license of an intermediary, ...