PSI Exam Questions, (Answered). 2022/2023. Rated A

PSI Exam Questions, (Answered). 2022/2023. Rated A What is a primary difference between individual and group health insurance? - ✔✔Individual Insurance requires evidence of insurability. Which of the following ...

PSI Exam Questions, (Answered). 2022/2023. Rated A What is a primary difference between individual and group health insurance? - ✔✔Individual Insurance requires evidence of insurability. Which of the following coverage types pays a monthly cash benefit following the elimination for total disability due to accident or sickness? - ✔✔Disability Income Insurance Which plan is most commonly paired with a High Deductible Health Plan? - ✔✔HSA Health Savings Account What is the major reason that insurance regulators are often critical of dread disease insurance policies? - ✔✔Buyers often think they are getting broader coverage than they actually purchase. Which insurance plans are commonly offered through the worksite except? - ✔✔Medicare Which type of coverage pays the operating costs of a small business when the owner becomes disabled? - ✔✔BOE disability insurance Which of the following is the most common method to supplement Medicare coverage? - ✔✔Coverage offered by private insurers Which of the following, by definition, provides benefits for expenses incurred as a result of in-hospital medical treatment and surgery as well as certain outpatient expenses such as doctor's visits, laboratory tests, and diagnostic services? - ✔✔Hospitalization services? A group conversion option may be used in all of the following instances EXCEPT - ✔✔A life-changing event, such as marriage, divorce, or childbirth. Which of the following is TRUE of a point of service plan? - ✔✔A patient's care is coordinated by an in-network primary care physician. Which of the following is a characteristic of preferred provider organizations (PPOs)? - ✔✔Prearranged costs for services rendered. In which type of insurance is individually purchased coverage commonly more economical than group offered coverage? - ✔✔Long term care insurance Which of the following is considered the major advantage of HIPAA? - ✔✔Portability A basic vision care package includes all of the following EXCEPT - ✔✔Safety glasses. According to the time of payment of claims provision, the insurer must make the payment immediately after receiving proof of loss EXCEPT - ✔✔for claims involving periodic payments. What is the primary advantage for obtaining a reinstatement of a policy rather than obtaining a new one? - ✔✔Insured original issue age is used. What is the difference between a copayment and coinsurance? - ✔✔A copayment is a set dollar amount, while coinsurance is set as a percentage. Under normal conditions which of the following is TRUE for proof of loss when a single loss is claimed? - ✔✔The insured has 90 days from the date of loss to provide proof of loss. Which of the following is exempted from the incontestability provision in insurance policies? - ✔✔Fraudulent misstatements Which of the following must be given to the insurer within 20 days after occurrence or commencement of any loss covered by the policy, or as soon thereafter as is reasonably possible? - ✔✔notice of claim Which of the following is the time limit on certain defenses after which the policy becomes incontestable? - ✔✔2 years What does first dollar coverage mean? - ✔✔As soon as covered medical expenses are incurred, the policy begins to pay. How do most disability policies handle the case of a recurrent disability occurring at least 90 days after the first claim? - ✔✔It must be handled as a new claim for a new period of disability, requiring a new elimination period. Which of the following may be thought of as a time deductible rather a dollar deductible in a disability income policy because benefits are not payable during that time? - ✔✔Elimination period Some states require life insurance policies to include a provision