PSI - NY Life, Accident and Health Insurance Agent Practice Exam 17-55 Questions and Answers 2024/2025 | 100% Correct Verified Answers

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PSI - NY Life, Accident and Health Practice Exam 17-55

1.Which policy provision permits the policy owner to take a specified

num- ber of days to examine the contract, and allows for cancellation and

a full refund if the policy owner rejects the terms or costs?✔✔ Free Look

2.When will a policy pay on a UCR basis?✔✔ When particular benefits

are not listed on a payment schedule

3.Which type of rider reimburses health and social service expenses

in- curred in a convalescent or nursing home facility?✔✔ long term

care rider

4.Which of the following is exempted from the incontestability provision

in insurance policies?✔✔ Fraudulent misstatements

5.What does first dollar coverage mean?✔✔ As soon as covered medical

expens- es are incurred, the policy begins to pay

6.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

7.According to the Time Payment of Claims provision, the insurer must

make the payment immediately after receiving proof of loss EXCEPT✔✔

for claims involving periodic payments

8.Which is a disadvantage to a flexible premium annuity?✔✔ the actual

amount of the annuity benefit cannot be determined in advance

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9.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✔✔ a detailed and comprehensive summary of the accelerated

benefit

10.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

11.How does a noncancelable policy differ from a guaranteed renewable

policy?✔✔ with the non cancelable policy the insurer may increase

premiums only based on the terms of the policy

12.What does it mean if a health policy is conditionally renewable?✔✔

Insurer may elect NOT to renew only under the conditions specified in

the policy

13.When the suicide clause is inserted in a life insurance contract, death

by suicide is not covered during the policy's initial✔✔✔✔ 2 year period

14.What does coinsurance mean?✔✔ The insurer and the insured share

expenses over the deductible.