PSI LIFE HEALTH QUESTIONS OHIO EXAM QUESTIONS

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PSI LIFE HEALTH QUESTIONS OHIO EXAM QUESTIONS

Actual Qs and Ans - Expert-Verified Explanation -Guaranteed passing score -77 Questions and Answers

-Format: Multiple-choice / Flashcard

Question 1: which is true for a flexible premium annuity

Answer:

the purchaser has the option to vary the amount of each premium payment following between minimum and maximum amount

Question 2: A basic vision care package includes all of the following EXCEPT?

Answer:

safety glasses

Question 3: what is the most common method to supplement Medicare coverage?

Answer:

Coverage offered by private insurers Question 4: When can the premiums of an individually owned health insurance policy be deducted from the individual's income tax

Answer:

when the taxpayers medical expenses exceed 7.5% of adjusted gross income during taxable year Question 5: how does the per capita rule apply to proceeds from a life insurance policy

Answer:

The proceeds are divided equally among living primary beneficiaries.

Question 6: modified whole life

Answer:

Low premiums in first 3 years and jumps to a higher premium in the later years and remains fixed thereafter. Premiums increase just once.

Question 7: 3 common types of permanent individual life insurance

Answer:

variable whole life, whole life, and universal life

Question 8: which of the following is true of an equity-indexed annuity

Answer:

it has a guaranteed minimum interest rate Question 9: which provision concerns the insured's duty to provide the insurer with a reasonable notice an event of a loss

Answer:

notice of claim

Question 10: which of the following is an example of premium payment mode

Answer:

annual premium payment Question 11: States generally define a true "group" for insurance as requiring a minimum of how many participants

Answer:

10

Question 12: what is covered under limited accident and health insurance policy

Answer:

limited pearls and amounts Question 13: which settlement option makes minimum guaranteed our payments overstated number of years

Answer:

fixed dollar

Question 14: a policy dictates which doctor you are allowed to see Health Providers share and assumed risk for their patients and encourage preventive care what best describes this health system?

Answer:

Managed care

Question 15: and key person Insurance are the premiums taxed or tax free

Answer:

premiums are taxed Question 16: Compared to basic Hospital medical, and surgical policies which type of insurance provides broader coverage, gaps higher, individual benefits, and higher policy maximums

Answer:

major medical insurance

Question 17: a family income policy is a combination of whole life and

Answer:

decreasing term insurance

Question 18: all of the following are tax qualified retirement plans except

Answer:

section 529 plan

Question 19: Minimum Premium

Answer:

the amount needed to keep the policy in force for the current year. Paying the minimum premium will make the policy perform as an annually renewable term product.

Question 20: at what point must an outline of coverage be delivered

Answer:

at the time of application or upon delivery of policy

Question 21: which of the following is covered by a dread disease policy

Answer:

illnesses that do not occur frequently but incur significant costs when they do occur

Question 22: human needs approach

Answer:

other needs of living spouse (such needs considered include outstanding debt, mortgages, educational needs, inheritance taxes ect) Question 23: which of the following was specifically designed to address STOLI and IOLI practices?

Answer:

NCOIL act

Question 24: How are term riders used

Answer:

to purchase insurance on a family member of the originally insured Question 25: which of the following amends to Social Security app to make Medicare secondary to Group Health Plans

Answer:

TEFRA

Question 26: roth iras

Answer:

Individual retirement arrangements in which contributions are not tax deductible but the future income and capital gains within these accounts are not taxed if the money is withdrawn after age 59 1/2.

Question 27: which policy types is considered double indemnity

Answer:

accidental death Question 28: Current assumption Whole Life policies are sensitive to which of the following

Answer:

interest rates Question 29: a return of Premium term life policy is written as what type of term coverage

Answer:

increasing