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PSI LIFE, ACCIDENT AND HEALTH EXAM 2024 ACTUAL EXAM COMPLETE 400 QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CORRECT ANSWERS) /ALREADY GRADED A+$17.99
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PSI LIFE, ACCIDENT AND HEALTH EXAM 2024
ACTUAL EXAM COMPLETE 400 QUESTIONS WITH
DETAILED VERIFIED ANSWERS (100% CORRECT
ANSWERS) /ALREADY GRADED A+
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 - ANSWER2 years
What is the return of premium rider?
A. an increasing amount of term insurance that always equals the total of premiums
paid up to the current point
B. a provision that allows the insured to cancel the policy in the first two years and have
premiums refunded
C. an increasing amount of term insurance that equals the cash value of the policy at
any point in time
D. a provision that states the insurer must return any premiums paid during the free-look
period - ANSWERan increasing amount of term insurance that always equals the total
of premiums paid up to the current point
In a home healthcare benefit, all of the following are eligible expenses EXCEPT
A. intermittent part-time nursing care;
B. physical, occupational, or speech therapy;
C. blood transfusions
D. medical social services; - ANSWERblood transfusions
All of the following are classifications of risk EXCEPT
A. substandard
B. preferred
C. declined
D. non-nicotine - ANSWERnon-nicotine
Which of the following is exempted from the incontestability provision in insurance
policies?
A. fraudulent misstatements
B. pre-existing conditions
C. change in health
,D. changes in the insurance code - ANSWERfraudulent misstatements
A group conversion option may be used in all the following instances EXCEPT
A. the termination of the master policy.
B. loss of coverage due to loss of employment.
C. loss of eligibility on the part of a class of insureds.
D. a life-changing event, such as marriage, divorce, or childbirth. - ANSWERa life-
changing event, such as marriage, divorce, or childbirth.
Which of the following is characteristic of a non-qualified plan?
A. defined vesting schedule
B. plan established by the employer
C. plan does not meet federal guidelines for tax benefits
D. employer contributions are deductible business expenses - ANSWERplan does not
meet federal guidelines for tax benefits
What does it mean if a health policy is conditionally renewable?
A. Insurer may elect NOT to renew based on the health of the insured.
B. Insurer may elect NOT to renew for any reason only on the policy anniversary or
premium due date.
C. Insurer may elect NOT to renew only under conditions specified in the policy.
D. Insurer may elect NOT to review if the insured exceeds the maximum number of
claims. - ANSWERInsurer may elect NOT to renew only under conditions specified in
the policy.
Which of the following is TRUE of an equity-indexed annuity?
A. It is a variable annuity.
B. It may decrease in value.
C. It requires a securities license to sell.
D. It has a guaranteed minimum interest rate. - ANSWERIt has a guaranteed minimum
interest rate
During which period of a Disability Income Policy is coverage effective but during which
no benefits will be paid under the policy?
A. benefit period
B. elimination period
C. grace period
D. probationary period - ANSWERprobationary period
What specific new procedures does the USA Patriot Act require of insurance
companies?
A. Establish an anti-money laundering program
B. Investigate applicants for potential terrorist links
C. Report large transactions by charitable organizations
D. To take action against employees for failure to implement the Act. -
ANSWEREstablish an anti-money laundering program
,A consumer report used to determine eligibility for insurance may include all of the
following EXCEPT
A. character.
B. reputation.
C. credit information.
D. medical underwriting exam. - ANSWERmedical underwriting exam.
All of the following are TRUE regarding incomplete applications EXCEPT
A. the underwriting department will return the application to the agent.
B. the applicant will have to wait additional time before coverage begins.
C. there will be a delay in the underwriting process.
D. the incomplete application can be accepted with the missing information added later.
- ANSWERthe incomplete application can be accepted with the missing information
added later.
Compared to basic hospital, medical and surgical policies, which type of insurance
provides broader coverage, fewer gaps, higher individual benefits, and higher policy
maximums?
A. medicaid insurance
B. major medical insurance
C. supplemental medical insurance
D. long term care insurance - ANSWERmajor medical insurance
Which type of rider reimburses health and social service expenses incurred in a
convalescent or nursing home facility?
A. accelerated benefits rider
B. assisted living rider
C. terminal illness rider
D. long term care rider - ANSWERlong term care rider
All of the following are characteristics of COBRA EXCEPT
A. qualifying events.
B. notification statements.
C. continuation of coverage.
D. change in medical privacy procedures. - ANSWERchange in medical privacy
procedures.
What type of insurance should a company purchase if it wants to insure the life of its
CEO?
A. key person insurance
B. BOE insurance
C. group life policy
D. industrial life insurance - ANSWERkey person insurance
Which of the following is true about a decreasing term life policy?
, A. The cash value of the policy decreases over time.
B. The face amount reaches zero at policy expiration.
C. Premiums decrease over time but the amount of coverage remains constant.
D. Commonly sold as a rider to another type of policy to provide an additional death
benefit. - ANSWERThe face amount reaches zero at policy expiration.
For an individual long-term care policy there is an annual dollar limit for tax deductions
that is based on which of the following?
A. Age
B. Cost of care
C. Policy value
D. Premium cost - ANSWERAge
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 soon thereafter as is
reasonably possible?
A. evidence of insurability
B. notice of claim
C. proof of loss
D. supporting evidence for the claim - ANSWERnotice of claim
Managed care plans increase efficiency by all of the following means EXCEPT
A. increasing beneficiary cost sharing.
B. controlling inpatient admissions and length of stay.
C. selectively contracting with health care providers.
D. transferring the management of costs to the insureds. - ANSWERtransferring the
management of costs to the insureds.
Which of the following is an example of a premium payment mode?
A. annual premium payment
B. payment by check
C. automatic deduction of premium
D. $200 per policy year - ANSWERannual premium payment
What is the waiver of premium provision?
A. In a long term care contract, the premium is waived after the insured has been
confined for a specific period of time.
B. In a life insurance policy, the insured may request a waiver of premium during times
of financial hardship.
C. In a disability policy, the premium is waived after the insurance benefit period has
been passed
D. In a health insurance policy, the premium is waived after the maximum out of pocket
has been paid by the insured. - ANSWERIn 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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