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PSI - NYS Life, Accident and Health Insurance Agent Practice Exam Questions 2022/2023 | Consisting Of Questions With Verified Answers From Experts$10.49
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accident and health insurance agent practice exam questions 20222023 | consisting of questions with verified answers from experts
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PSI: LIFE, ACCIDENT, AND HEALTH PRACTICE EXAM
1. Under the misstatement of age or gender provision, what happens if it is
determined at death that the insured's age or gender was misstated on a
life insurance policy application?: Answer- Benefits are adjusted to an
amount that the premium would have purchased at the correct age or
gender.
2. Which of the following must be given to the insurer within 20 days
after occurrence or commencement of any loss covered by the policy, or
as thereafter as is reasonably possible?: Answer- Notice of claim.
3. When will a policy pay on a UCR basis?: Answer- When particular
benefits are not listed on a payment schedule.
4. All of the following are non-forfeiture options EXCEPT: Answer- Cash
dividend op- tion.
5. What happens when the lifetime maximum benefit limit has been
reached?: Answer- The insured will pay all of the remaining medial
costs for as long as the policy is in force.
6. Whose responsibility is it to make sure that the company is notified
of a death claim at the earliest possible opportunity (in most cases)?:
Answer- The producer.
7. What is the waiver of premium provision?: Answer- In a long term care
contract, the premium is waived after the insured has been confined
for a specific period of time.
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, 8. All of the following are common exclusions from loss found in disability
income policies EXCEPT for that incurred while?: Committing a
misdemeanor
9. Which is a disadvantage to a flexible premium annuity?: The actual
amount of the annuity benefit cannot be determined in advance.
10.What does coninsurance mean?: The insurer and the insured share
expens- es over the deductible.
11.Under normal conditions which of the following is TRUE for proof of
loss when a single loss is claimed?: The insured has 90 days from the
date of loss to provide proof of loss.
12.Which one of the following represents an advantage of obtaining a
policy loan versus a withdrawal?: The loan is not taxed while a
withdrawal is taxed for amounts above the contract cost basis.
13.All of the following statements define preexisting conditions EXCEPT?:
- Any chronic health condition that presents symptoms and which was
unknown at the time of application.
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