PSI Ohio Insurance Practice Exam

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Study for the PSI Ohio Insurance Exam. Utilize flashcards and multiple choice questions, with hints and explanations for each question. Prepare confidently for your exam!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

Upon the issuance of a conditional receipt for a renewal when the premium is paid after the time granted by the insurer, what is the maximum amount of time for reinstatement of the policy?

15 days
30 days
60 days
90 days

The correct answer is: 30 days

A conditional receipt is a temporary coverage agreement provided by an insurer when the premium payment is received but before the policy is officially reinstated. For a renewal policy, if the premium is paid after the grace period has expired, the insurer typically allows a period during which the policy can be reinstated. In Ohio, the time allowed for reinstatement when a conditional receipt has been issued is a maximum of 30 days. This period gives the policyholder a reasonable timeframe to complete the necessary conditions for reinstatement after a lapse in coverage due to late payment. This practice helps protect consumers and ensures they have access to coverage even if there is a delay in premium payment. Understanding the reinstatement period is crucial for both insurers and policyholders, as it outlines the expectations regarding policy continuity and the conditions under which coverage remains in effect. Thus, knowing that 30 days is the correct answer reflects an awareness of consumer rights and insurance regulations in Ohio.