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PSI Insurance (OH Life, Accident, and Health) Exam (Latest Update 2025 / 2026) Prep Questions & Answers | Grade A | 100% Correct (Verified Answers)
Question:
Group credit life insurance is written as
Answer:
decreasing term.
Question:
Which one of the following represents an advantage of obtaining a policy loan versus a withdrawal?
Answer:
The loan is not taxed while a withdrawal is taxed for amounts above the contract cost basis.
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Question:
Which type of receipt makes the insurer liable for the risk from the date of application, regardless of the applicant's insurability?
Answer:
binding receipt
Question:
What is the maximum amount of time the insured has to file legal action against the insurer after written proof of loss is provided?
Answer:
- years
Question:
Which provision found in disability income policies specifies that an individual will automatically qualify for benefits if they suffer a loss of two limbs, total blindness, or loss of speech?
Answer:
presumptive disability
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Question:
All the following are characteristics of a Whole Life Policy EXCEPT
Answer:
guaranteed dividends.
Question:
which method of handling risk is defined as the planned assumption of risk through self-insurance?
Answer:
retention
Question:
To be valid, all life insurance and health insurance contracts must include which of the following elements?
Answer:
consideration
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Question:
All of the following are common exclusions from loss found in disability income policies EXCEPT for that incurred while
Answer:
committing a misdemeanor.
Question:
n a level term life policy, what does the word "level" refer to?
Answer:
death benefit
Question:
Why are insurance policies considered conditional contracts?
Answer:
Certain conditions need to be met to make the contract legally enforceable.
Question:
Why is relying solely on employer group life insurance generally considered inadequate for most individual's needs?
Answer:
It is financially insufficient to cover end of life expenses.
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