PSI LIFE, ACCIDENT, AND HEALTH PRACTICE
EXAM LATEST UPDATE 2024 VERSION
QUESTIONS AND VERIFIED CORRECT
ANSWERS GUARANTEED S UCCESS
A basic vision care package includes all of the following EXCEPT? - CORRECT
ANSWER: Safety glasses
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.
All of the following are characteristics of COBRA EXCEPT? - CORRECT ANSWER:
Change in medical privacy procedures.
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 non-forfeiture options EXCEPT - CORRECT ANSWER: Cash
dividend option.
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 on 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.
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All of the following statements define preexisting conditions EXCEPT? - CORRECT
ANSWER: Any chronic health condition that presents symptoms and which was
unknown at the time of application.
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 deduction
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 noncancelable policy the insurer may increase
premiums only based on the terms of the policy.
How does the per captia rule apply to proceeds from a life insurance policy? -
CORRECT ANSWER: The proceeds are divided equally among living primary
beneficiaries.
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 pay 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%
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