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PSI - NY Life, Accident and Health Practice Exam 17-55 with Certified Solutions., Exams of Nursing

American Institute of Medical TechnologyNursing

PSI - NY Life, Accident and Health Practice Exam 17-55 with Certified Solutions.

Typology: Exams

2022/2023

Available from 07/21/2023

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PSI - NY Life, Accident and Health Practice Exam 17-55
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? -
AnswerFree Look
When will a policy pay on a UCR basis? - AnswerWhen 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? - Answerlong term care rider
Which of the following is exempted from the incontestability provision in insurance policies? -
AnswerFraudulent misstatements
What does first dollar coverage mean? - AnswerAs soon as covered medical expenses are incurred, the
policy begins to pay
What is the waiver of premium provision? - AnswerIn 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 - Answerfor claims involving periodic payments
Which is a disadvantage to a flexible premium annuity? - Answerthe 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 - Answera detailed and comprehensive summary of the accelerated benefit
which one of the following represents an advantage of obtaining a policy loan versus a withdrawal? -
Answerthe loan is not taxed while a withdrawal is taxed for amounts above the contract cost basis
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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? - AnswerFree Look When will a policy pay on a UCR basis? - AnswerWhen 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? - Answerlong term care rider Which of the following is exempted from the incontestability provision in insurance policies? - AnswerFraudulent misstatements What does first dollar coverage mean? - AnswerAs soon as covered medical expenses are incurred, the policy begins to pay What is the waiver of premium provision? - AnswerIn 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 - Answerfor claims involving periodic payments Which is a disadvantage to a flexible premium annuity? - Answerthe 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 - Answera detailed and comprehensive summary of the accelerated benefit which one of the following represents an advantage of obtaining a policy loan versus a withdrawal? - Answerthe 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? - Answerwith 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? - AnswerInsurer 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: - Answer2 year period What does coinsurance mean? - AnswerThe 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? - AnswerNotice 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? - AnswerThe policy owner has named an irrevocable beneficiary Which of the following refers to how often a premium is paid? - AnswerMode All of the following are common exclusions from loss found in disability income policies EXCEPT for that incurred while - AnswerCommitting a misdemeanor At which point are contractual death benefit settlement options determined and by whom are they determined? - AnswerAt the time the policy is purchased by the owner of the policy All of the following are ownership rights EXCEPT - AnswerSwitching the policy from one insured to another All of the following are TRUE regarding incomplete applications EXCEPT - AnswerThe incomplete application can be accepted with the missing information added later

How do warranties differ from representations? - Answera 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 - Answerthe treatment procedures that are covered by the policy. Which of the following was specifically designed to address STOLI and IOLI practices? - AnswerNCOIL Act Why is rehabilitation considered worthy of federal help under workers' compensation? - Answerit 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? - AnswerThe 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 - Answerduring the annual benefits enrollment period. What type of insurance should a company purchase if it wants to insure the life of its CEO? - Answerkey person insurance All of the following are tax qualified retirement plans EXCEPT - AnswerSection 529 plan. Why is relying solely on employer group life insurance generally considered inadequate for most individual's needs? - AnswerIt 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? - Answerage When can the premiums of an individually owned health insurance policy be deducted from the individual's income tax? - Answerwhen 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? - Answer100% Short term disability insurance generally only covers injuries due to which of the following? - AnswerNon-occupational injuries Managed care plans increase efficiency by all of the following means EXCEPT - Answertransferring the management of costs to the insureds. Under which situation must insurable interest exist between the applicant and insured at the time of application? - AnswerWhen a third-party applicant names themselves beneficiary Which of the following is characteristic of a nonqualified plan? - Answerplan does not meet federal guidelines for tax benefits In a home healthcare benefit, all of the following are eligible expenses EXCEPT - Answerblood transfusions All of the following are requirements to qualify for Social Security disability benefits EXCEPT when - Answerunable to work in occupation in which the worker was trained or educated How long after being entitled to disability benefits will an individual be eligible to receive Medicare benefits? - Answer2 years Which of the following amends the Social Security Act to make Medicare secondary to group health plans? - AnswerTEFRA Which of the following is TRUE of a point of service plan? - AnswerA patient's care is coordinated by an in-network primary care physician. A group conversion option may be used in all the following instances EXCEPT - Answera life-changing event, such as marriage, divorce, or childbirth

Which of the following is TRUE of the limited pay whole life policy? - AnswerCoverage continues after the policy is paid-up. Which of the following is a characteristic of Preferred Provider Organizations (PPOs)? - Answerprearranged costs for services rendered All of the following are characteristics of variable whole life EXCEPT - Answerthere is no guaranteed minimum death benefit. Which of the following policy types is considered double indemnity? - Answeraccidental death Which of the following lists the three common types of permanent individual life insurance? - AnswerVariable Life, Whole Life, Universal Life Which of the following is TRUE for a flexible premium annuity? - AnswerThe purchaser has the option to vary the amount of each premium payment falling between a minimum and maximum amount. Which type of annuity covers two or more annuitants and provides monthly income only until the first annuitant dies? - AnswerJoint 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? - AnswerDisability 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? - AnswerFlexible Spending Account (FSA) Which of the following is covered by a dread disease policy? - Answerillnesses 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? - AnswerMedicare