Questions Answers Latest

PSI Life, Accident & Health Questions & Answers Latest

2023 / 2024

How long after being entitled to disability benefits will an individual be eligible to receive Medicare benefits?

• immediately
• 1 year
• 2 years
• At age 65

Correct Answer:

• years

What is the return of premium rider?

• an increasing amount of term insurance that always equals the total of

premiums paid up to the current point

• a provision that allows the insured to cancel the policy in the first two years

and have premiums refunded

• an increasing amount of term insurance that equals the cash value of the

policy at any point in time

• a provision that states the insurer must return any premiums paid during

the free-look period

Correct Answer:

an increasing amount of term insurance that always equals the total of premiums paid up to the current point

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In a home healthcare benefit, all of the following are eligible expenses EXCEPT

• intermittent part-time nursing care;
• physical, occupational, or speech therapy;
• blood transfusions
• medical social services;

Correct Answer:

blood transfusions

All of the following are classifications of risk EXCEPT

• substandard
• preferred
• declined
• non-nicotine

Correct Answer:

non-nicotine

Which of the following is exempted from the incontestability provision in insurance policies?

• fraudulent misstatements
• pre-existing conditions
• change in health
• changes in the insurance code

Correct Answer:

fraudulent misstatements

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A group conversion option may be used in all the following instances EXCEPT

• the termination of the master policy.
• loss of coverage due to loss of employment.
• loss of eligibility on the part of a class of insureds.
• a life-changing event, such as marriage, divorce, or childbirth.

Correct Answer:

a life-changing event, such as marriage, divorce, or childbirth.

Which of the following is characteristic of a non-qualified plan?

• defined vesting schedule
• plan established by the employer
• plan does not meet federal guidelines for tax benefits
• employer contributions are deductible business expenses

Correct Answer:

plan does not meet federal guidelines for tax benefits

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

• Insurer may elect NOT to renew based on the health of the insured.
• Insurer may elect NOT to renew for any reason only on the policy

anniversary or premium due date.

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

policy.

• Insurer may elect NOT to review if the insured exceeds the maximum

number of claims.

Correct Answer:

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

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