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PSI LIFE, ACCIDENT AND HEALTH PRACTICE EXAM (LATEST 2022 – 2023) 100% CORRECT
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PSI LIFE, ACCIDENT AND HEALTH PRACTICE EXAM (LATEST 2022 – 2023) 100% CORRECT
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PSI LIFE, ACCIDENT AND HEALTH PRACTICE EXAM(LATEST 2022 – 2023) 100% CORRECT
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? - Benefits are
adjusted to an amount that the premium would have purchased at the correct age or gender.
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? -
Notice of claim.
When will a policy pay on a UCR basis? - When particular benefits are not listed on a payment
schedule.
All of the following are non-forfeiture options EXCEPT - Cash dividend option.
What happens when the lifetime maximum benefit limit has been reached? - The insured will pay
all of the remaining medial costs for as long as the policy is in force.
Whose responsibility is it to make sure that the company is notified of a death claim at the earliest
possible opportunity (in most cases)? - The producer.
What is the waiver of premium provision? - In a long term care contract, the premium is waived
after the insured has been confined for a specific period of time.
All of the following are common exclusions from loss found in disability income policies EXCEPT for
that incurred while? - Committing a misdemeanor
, Which is a disadvantage to a flexible premium annuity? - The actual amount of the annuity benefit
cannot be determined in advance.
What does coninsurance mean? - The insurer and the insured share expenses over the deductible.
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.
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.
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.
Which is the difference between participating and non-participating? - Participating policies pay
dividends while non-participating policies do not.
How does the per captia rule apply to proceeds from a life insurance policy? - The proceeds are
divided equally among living primary beneficiaries.
How does a noncancelable policy differ from a guaranteed renewable policy? - With the
noncancelable policy the insurer may increase premiums only based on the terms of the policy.
Which of the following refers to how often a premium is paid? - Mode
What is the return of premium rider? - An increasing amount of term insurance that always equals
the total of premiums paid up to the current point.
What does first dollar coverage mean? - As soon as covered medical expenses are incurred, the
policy begins to pay.
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