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2023/2024 PSI – NY Life, Accidents and Health Practice Exam Question and Answers, Exams of Nursing

Messiah CollegeNursing

2023/2024 PSI – NY Life, Accidents and Health Practice Exam Question and Answers

Typology: Exams

2023/2024

Available from 02/08/2024

Matthewnl
Matthewnl 🇺🇸

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2023/2024 PSI - NY Life, Accident and Health Practice
Exam Questions and Answers
2023/2024 PSI – NY Life, Accidents and Health Practice Exam Question and Answers
Which policy provision permits the policy owner to take a specified number of days to examine the
contract, and allows for cancellation and a full refund if the policy owner rejects the terms or costs? -
Correct Answer ✅Free Look
When will a policy pay on a UCR basis? - Correct Answer ✅When particular benefits are not listed on a
payment schedule
Which type of rider reimburses health and social service expenses incurred in a convalescent or nursing
home facility? - Correct Answer ✅long term care rider
Which of the following is exempted from the incontestability provision in insurance policies? - Correct
Answer ✅Fraudulent misstatements
What does first dollar coverage mean? - Correct Answer ✅As soon as covered medical expenses are
incurred, the policy begins to pay
What is the waiver of premium provision? - Correct Answer ✅In a long term care contract, the premium
is waived after the insured has been confined for a specific period of time
According to the Time Payment of Claims provision, the insurer must make the payment immediately
after receiving proof of loss EXCEPT - Correct Answer ✅for claims involving periodic payments
Which is a disadvantage to a flexible premium annuity? - Correct Answer ✅the actual amount of the
annuity benefit cannot be determined in advance
When a policy or certificate containing an accelerated benefit provision is applied for or delivered, the
producer is responsible for providing that applicant a summary of coverage that includes all of the
following EXCEPT - Correct Answer ✅a detailed and comprehensive summary of the accelerated benefit
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Exam Questions and Answers

2023/2024 PSI – NY Life, Accidents and Health Practice Exam Question and Answers Which policy provision permits the policy owner to take a specified number of days to examine the contract, and allows for cancellation and a full refund if the policy owner rejects the terms or costs? - Correct Answer ✅Free Look When will a policy pay on a UCR basis? - Correct Answer ✅When particular benefits are not listed on a payment schedule Which type of rider reimburses health and social service expenses incurred in a convalescent or nursing home facility? - Correct Answer ✅long term care rider Which of the following is exempted from the incontestability provision in insurance policies? - Correct Answer ✅Fraudulent misstatements What does first dollar coverage mean? - Correct Answer ✅As soon as covered medical expenses are incurred, the policy begins to pay What is the waiver of premium provision? - Correct Answer ✅In a long term care contract, the premium is waived after the insured has been confined for a specific period of time According to the Time Payment of Claims provision, the insurer must make the payment immediately after receiving proof of loss EXCEPT - Correct Answer ✅for claims involving periodic payments Which is a disadvantage to a flexible premium annuity? - Correct Answer ✅the actual amount of the annuity benefit cannot be determined in advance When a policy or certificate containing an accelerated benefit provision is applied for or delivered, the producer is responsible for providing that applicant a summary of coverage that includes all of the following EXCEPT - Correct Answer ✅a detailed and comprehensive summary of the accelerated benefit

Exam Questions and Answers

which one of the following represents an advantage of obtaining a policy loan versus a withdrawal? - Correct Answer ✅the loan is not taxed while a withdrawal is taxed for amounts above the contract cost basis How does a noncancelable policy differ from a guaranteed renewable policy? - Correct Answer ✅with the non cancelable policy the insurer may increase premiums only based on the terms of the policy What does it mean if a health policy is conditionally renewable? - Correct Answer ✅Insurer may elect NOT to renew only under the conditions specified in the policy When the suicide clause is inserted in a life insurance contract, death by suicide is not covered during the policy's initial: - Correct Answer ✅2 year period What does coinsurance mean? - Correct Answer ✅The insurer and the insured share expenses over the deductible. 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? - Correct Answer ✅Notice of claim The right to change the beneficiary or dispose of the policy or its benefits in any manner one chooses is reserved to the policy owner UNLESS which of the following is true? - Correct Answer ✅The policy owner has named an irrevocable beneficiary Which of the following refers to how often a premium is paid? - Correct Answer ✅Mode All of the following are common exclusions from loss found in disability income policies EXCEPT for that incurred while - Correct Answer ✅Committing a misdemeanor At which point are contractual death benefit settlement options determined and by whom are they determined? - Correct Answer ✅At the time the policy is purchased by the owner of the policy

Exam Questions and Answers

What procedure is used by an insurer to protect itself in the event a dispute arises and the applicant and the agent do not recall the changes that were made in a completed application? - Correct Answer ✅The applicant and possibly the agent initial any changes made. What is a MIB report? - Correct Answer ✅medical information on an applicant for assessing life or health insurance risk How do warranties differ from representations? - Correct Answer ✅a warranty is guaranteed to be true, a representation is believed to be true to the best of one's knowledge. If the insurer wishes to share an applicant's HIV status, the applicant must be given full notice of all of the following EXCEPT - Correct Answer ✅the treatment procedures that are covered by the policy. Which of the following was specifically designed to address STOLI and IOLI practices? - Correct Answer ✅NCOIL Act Why is rehabilitation considered worthy of federal help under workers' compensation? - Correct Answer ✅it reduces insurance losses and helps regain the worker's dignity 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? - Correct Answer ✅The individual's policy pays first, the spouse's policy pays the remaining up to coverage amount. The group conversion option is allowed for all of the following EXCEPT - Correct Answer ✅during the annual benefits enrollment period. What type of insurance should a company purchase if it wants to insure the life of its CEO? - Correct Answer ✅key person insurance All of the following are tax qualified retirement plans EXCEPT - Correct Answer ✅Section 529 plan.

Exam Questions and Answers

Why is relying solely on employer group life insurance generally considered inadequate for most individual's needs? - Correct Answer ✅It is financially insufficient to cover end of life expenses. For an individual long-term care policy there is an annual dollar limit for tax deductions that is based on which of the following? - Correct Answer ✅age When can the premiums of an individually owned health insurance policy be deducted from the individual's income tax? - Correct Answer ✅when the taxpayer's medical expenses exceed 7.5% of adjusted gross income during a taxable year In noncontributory plans, which percentage of eligible members must participate? - Correct Answer ✅100% Short term disability insurance generally only covers injuries due to which of the following? - Correct Answer ✅Non-occupational injuries Managed care plans increase efficiency by all of the following means EXCEPT - Correct Answer ✅transferring the management of costs to the insureds. Under which situation must insurable interest exist between the applicant and insured at the time of application? - Correct Answer ✅When a third-party applicant names themselves beneficiary Which of the following is characteristic of a nonqualified plan? - Correct Answer ✅plan does not meet federal guidelines for tax benefits In a home healthcare benefit, all of the following are eligible expenses EXCEPT - Correct Answer ✅blood transfusions All of the following are requirements to qualify for Social Security disability benefits EXCEPT when - Correct Answer ✅unable to work in occupation in which the worker was trained or educated

Exam Questions and Answers

States generally define a true "group" for insurance as requiring a minimum of how many participants? - Correct Answer ✅ 10 When should a buy-sell agreement include a provision for the buy-out of an owner's business interest in the event of a disability? - Correct Answer ✅When there is a buy-sell agreement funded with life insurance to buyout the interest of a deceased owner or partner. Which type of life policy can be continued year after year without a required medical examination but rates are dependent on the insured's current age? - Correct Answer ✅renewable term Which of the following is true about a decreasing term life policy? - Correct Answer ✅The face amount reaches zero at policy expiration. Which of the following is TRUE of the limited pay whole life policy? - Correct Answer ✅Coverage continues after the policy is paid-up. Which of the following is a characteristic of Preferred Provider Organizations (PPOs)? - Correct Answer ✅prearranged costs for services rendered All of the following are characteristics of variable whole life EXCEPT - Correct Answer ✅there is no guaranteed minimum death benefit. Which of the following policy types is considered double indemnity? - Correct Answer ✅accidental death Which of the following lists the three common types of permanent individual life insurance? - Correct Answer ✅Variable Life, Whole Life, Universal Life Which of the following is TRUE for a flexible premium annuity? - Correct Answer ✅The purchaser has the option to vary the amount of each premium payment falling between a minimum and maximum amount.

Exam Questions and Answers

Which type of annuity covers two or more annuitants and provides monthly income only until the first annuitant dies? - Correct Answer ✅Joint Life Annuity Which of the following coverage types pays a monthly cash benefit following the elimination period for total disability due to accident or sickness? - Correct Answer ✅Disability income insurance In which of the following does a covered employee agree to a reduction in compensation so the amount can be used to cover medical expenses? - Correct Answer ✅Flexible Spending Account (FSA) Which of the following is covered by a dread disease policy? - Correct Answer ✅illnesses that do not occur frequently but incur significant costs when they do occur Which insurance plans are commonly offered through the worksite (employer sponsored) EXCEPT? - Correct Answer ✅Medicare