Exam (elaborations)
PSI LIFE, ACCIDENT AND HEALTH PRACTICE EXAM (LATEST 2022 – 2023) 100% CORRECT
- Course
- Institution
PSI LIFE, ACCIDENT AND HEALTH PRACTICE EXAM (LATEST 2022 – 2023) 100% CORRECT
[Show more]
Content preview
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.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Boffin. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
71184 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now