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WELL REASERACHED PSI - NY Life, Accident and Health Practice Exam 17-55, Exams of Sociology of Health and Illness

Henderson State University (HSU)Sociology of Health and Illness

WELL REASERACHED PSI - NY Life, Accident and Health Practice Exam 17-55 A consumer report used to determine eligibility for insurance may include all of the following EXCEPT - CORRECT ANSWER--Medical underwriting exam A group conversion option may be used in all the following instances EXCEPT - CORRECT ANSWER--a life-changing event, such as marriage, divorce, or childbirth 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 All of the following are characteristics of variable whole life EXCEPT - CORRECT ANSWER--there is no guaranteed minimum death benefit. All of the following are classifications of risk EXCEPT - CORRECT ANSWER--non- nicotine All of the following are common exclusions from loss found in disability income policies EXCEPT for that incurred while - CORRECT ANSWER--Committing a misdemeanor

Typology: Exams

2023/2024

Available from 09/11/2024

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WELL REASERACHED PSI - NY Life, Accident
and Health Practice Exam 17-55
A consumer report used to determine eligibility for insurance may include all of the
following EXCEPT - CORRECT ANSWER--Medical underwriting exam
A group conversion option may be used in all the following instances EXCEPT -
CORRECT ANSWER--a life-changing event, such as marriage, divorce, or childbirth
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
All of the following are characteristics of variable whole life EXCEPT - CORRECT
ANSWER--there is no guaranteed minimum death benefit.
All of the following are classifications of risk EXCEPT - CORRECT ANSWER--non-
nicotine
All of the following are common exclusions from loss found in disability income
policies EXCEPT for that incurred while - CORRECT ANSWER--Committing a
misdemeanor
All of the following are ownership rights EXCEPT - CORRECT ANSWER--Switching
the policy from one insured to another
All of the following are required signatures on a life insurance application EXCEPT -
CORRECT ANSWER--The minor in a juvenile policy
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
All of the following are tax qualified retirement plans EXCEPT - CORRECT
ANSWER--Section 529 plan.
All of the following are TRUE regarding incomplete applications EXCEPT -
CORRECT ANSWER--The incomplete application can be accepted with the missing
information added later
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
Compared to basic hospital, medical and surgical policies, which type of insurance
provides broader coverage, fewer gaps, higher individual benefits, and higher policy
maximums? - CORRECT ANSWER--major medical insurance
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WELL REASERACHED PSI - NY Life, Accident

and Health Practice Exam 17- 55

A consumer report used to determine eligibility for insurance may include all of the following EXCEPT - CORRECT ANSWER--Medical underwriting exam A group conversion option may be used in all the following instances EXCEPT - CORRECT ANSWER--a life-changing event, such as marriage, divorce, or childbirth 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 All of the following are characteristics of variable whole life EXCEPT - CORRECT ANSWER--there is no guaranteed minimum death benefit. All of the following are classifications of risk EXCEPT - CORRECT ANSWER--non- nicotine All of the following are common exclusions from loss found in disability income policies EXCEPT for that incurred while - CORRECT ANSWER--Committing a misdemeanor All of the following are ownership rights EXCEPT - CORRECT ANSWER--Switching the policy from one insured to another All of the following are required signatures on a life insurance application EXCEPT - CORRECT ANSWER--The minor in a juvenile policy 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 All of the following are tax qualified retirement plans EXCEPT - CORRECT ANSWER--Section 529 plan. All of the following are TRUE regarding incomplete applications EXCEPT - CORRECT ANSWER--The incomplete application can be accepted with the missing information added later 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 Compared to basic hospital, medical and surgical policies, which type of insurance provides broader coverage, fewer gaps, higher individual benefits, and higher policy maximums? - CORRECT ANSWER--major medical insurance

Current assumption whole life policies are sensitive to which of the following? - CORRECT ANSWER--interest rates 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 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. 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 How long after being entitled to disability benefits will an individual be eligible to receive Medicare benefits? - CORRECT ANSWER--2 years 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. 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. In a home healthcare benefit, all of the following are eligible expenses EXCEPT - CORRECT ANSWER--blood transfusions In noncontributory plans, which percentage of eligible members must participate? - CORRECT ANSWER--100% 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) Managed care plans increase efficiency by all of the following means EXCEPT - CORRECT ANSWER--transferring the management of costs to the insureds. Obtaining consumer information reports under false pretenses is prosecutable by which of the following? - CORRECT ANSWER--Fair Credit Reporting Act Short term disability insurance generally only covers injuries due to which of the following? - CORRECT ANSWER--Non-occupational injuries States generally define a true "group" for insurance as requiring a minimum of how many participants? - CORRECT ANSWER-- 10 The group conversion option is allowed for all of the following EXCEPT - CORRECT ANSWER--during the annual benefits enrollment period.

When does insurable interest come into play in a life insurance policy? - CORRECT ANSWER--when the applicant for the policy is not the insured 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. 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 When will a policy pay on a UCR basis? - CORRECT ANSWER--When particular benefits are not listed on a payment schedule Which insurance plans are commonly offered through the worksite (employer sponsored) EXCEPT? - CORRECT ANSWER--Medicare Which is a disadvantage to a flexible premium annuity? - CORRECT ANSWER--the actual amount of the annuity benefit cannot be determined in advance Which is the major reason why long term care insurance is becoming increasingly important? - CORRECT ANSWER--As life expectancy increases, the chances of needing long term care also increase Which is the primary purpose of Health Reimbursement Accounts (HRAs)? - CORRECT ANSWER--To assist covered employees with the payment of medical expenses on a high deductible plan funded through pre-tax contributions. Which of the following amends the Social Security Act to make Medicare secondary to group health plans? - CORRECT ANSWER--TEFRA 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 Which of the following is a characteristic of Preferred Provider Organizations (PPOs)? - CORRECT ANSWER--prearranged costs for services rendered Which of the following is characteristic of a nonqualified plan? - CORRECT ANSWER--plan does not meet federal guidelines for tax benefits 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 of the following is defined as the dollar amount beyond which the insured no longer participates in payment of medical expenses? - CORRECT ANSWER--Stop Loss Limit

Which of the following is exempted from the incontestability provision in insurance policies? - CORRECT ANSWER--Fraudulent misstatements 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 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. Which of the following is TRUE of a point of service plan? - CORRECT ANSWER--A patient's care is coordinated by an in-network primary care physician. 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 lists the three common types of permanent individual life insurance? - CORRECT ANSWER--Variable Life, Whole Life, Universal Life 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 Which of the following occurs immediately after the application is submitted and the initial premium paid? - CORRECT ANSWER--the underwriting process begins Which of the following policy types is considered double indemnity? - CORRECT ANSWER--accidental death Which of the following refers to how often a premium is paid? - CORRECT ANSWER--Mode Which of the following was specifically designed to address STOLI and IOLI practices? - CORRECT ANSWER--NCOIL Act 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 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 Which problem was universal life insurance designed to address? - CORRECT ANSWER--low interest rates during periods of high inflation Which type of annuity covers two or more annuitants and provides monthly income only until the first annuitant dies? - CORRECT ANSWER--Joint Life Annuity