PSI - NY Life, Accident & Health Practice Exam
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?
Answer:
Free Look
When will a policy pay on a UCR basis?
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?
Answer:
long term care rider
Which of the following is exempted from the incontestability provision in insurance policies?
Answer:
Fraudulent misstatements
- / 2
What does first dollar coverage mean?
Answer:
As soon as covered medical expenses are incurred, the policy begins to pay
What is the waiver of premium provision?
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
Answer:
for claims involving periodic payments
Which is a disadvantage to a flexible premium annuity?
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
Answer:
a detailed and comprehensive summary of the accelerated benefit
- / 2