PSI LIFE INSURANCE EXAM LATEST 2023-2024 REAL EXAM 100+ QUESTIONS AND CORRECT ANSWERS|AGRADE

PSI LIFE INSURANCE EXAM LATEST 2023-

2024 REAL EXAM 100+ QUESTIONS AND

CORRECT ANSWERS|AGRADE

In which of the following must a beneficiary change request be filed in writing to

the insurer and is made effective by the insurance company recording the change in

its records? - ANSWER- recording method

Which part of an insurance contract contains the promise to pay losses covered by

the policy in exchange for the insured's premium and compliance with policy

terms? - ANSWER- insuring clause

Which is a common approach to addressing the problems inherent in naming a

minor as a beneficiary to a life insurance policy? - ANSWER- establishing a trust

to administer proceeds

Which of the following occurs immediately after the application is submitted and

the initial premium paid? - ANSWER- the underwriting process begins

All of the following are tax qualified retirement plans EXCEPT - ANSWERSection 529 plan

For an individual long-term care policy there is an annual dollar limit for tax

deductions that is based on which of the following? - ANSWER- age

If the insurer wishes to share an applicant's HIV status, the applicant must be given

full notice of all of the following EXCEPT - ANSWER- the treatment procedures

that are covered by the policy.

All of the following are common exclusions from loss found in disability income

policies EXCEPT for that incurred while - ANSWER- committing a misdemeanor

What type of insurance should a company purchase if it wants to insure the life of

its CEO? - ANSWER- key person insurance


For an individual long-term care policy there is an annual dollar limit for taxdeductions that is base on which of the following? - ANSWER- age

Which of the following term insurance types provides temporary protection that

can be changed to some type of permanent protection without evidence of

insurability? - ANSWER- convertible

Which one of the following is particularly important for an insurance producer to

explain to a client upon delivery of a life insurance policy? - ANSWER- any

exclusions

All of the following are ownership rights EXCEPT - ANSWER- switching the

policy from one insured to another

How might someone cover the extra expenses of child care and home-related

costs? - ANSWER- purchasing family term insurance

All of the following are required signatures on a life insurance application

EXCEPT - ANSWER- the minor in a juvenile policy

Which of the following is TRUE regarding assignment rights for irrevocable

beneficiaries? - ANSWER- They are MORE likely to receive a loan based on the

expectations of the proceeds.

Which policy type is backed by equity investments and allows the policyholder to

adjust the death benefit? - ANSWER- variable universal life

Which annuity settlement option provides a stated monthly amount to the annuitant

and upon the annuitant?s death the same or a lesser amount paid for the lifetime of

the survivor? - ANSWER- Joint and survivorship option

In which of the following must a beneficiary change request be filed in writing to

the insurer and is made effective by the insurance company recording the change in

its records? - ANSWER- recording method

What is the order in which beneficiaries receive proceeds from a life insurance

policy? - ANSWER- succession of beneficiaries

Which part of an insurance contract contains the promise to pay losses covered by

the policy in exchange for the insured's premium and compliance with policy

terms? - ANSWER- insuring clause


Which of the following is exempted from the incontestability provision in

insurance policies? - ANSWER- fraudulent misstatements

What is the primary advantage for obtaining a reinstatement of a policy rather than

obtaining a new one? - ANSWER- insured original age is used

All of the following are ownership rights EXCEPT - ANSWER- switching the

policy from one insured to another

Which is a common approach to addressing the problems inherent in naming a

minor as a beneficiary to a life insurance policy? - ANSWER- establishing a trust

to administer proceeds

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.

How do warranties differ from representations? - ANSWER- a warranty is

guaranteed to be true, a representation is believed to be true to the best of one's

knowledge.

The group conversion option is allowed for all of the following EXCEPT -

ANSWER- during the annual benefits enrollment period

Which type of annuity attempts to offset inflation by providing a benefit linked to

an underlying investment account? - ANSWER- variable

What procedure is used by an insurer to protect itself in the event a dispute arises

and the applicant and the agent do not recall the changes that were made in a

completed application? - ANSWER- The applicant and possibly the agent initial

any changes made.

All of the following are features of the spendthrift clause EXCEPT - ANSWERthe beneficiary may encumber the proceeds

In which of the following must a beneficiary change request be filed in writing to

the insurer and is made effective by the insurance company recording the change in

its records? - ANSWER- recording method


No comments found.
Login to post a comment
This item has not received any review yet.
Login to review this item
No Questions / Answers added yet.
Price $31.00
Add To Cart

Buy Now
Category Exams and Certifications
Comments 0
Rating
Sales 0

Buy Our Plan

We have

The latest updated Study Material Bundle with 100% Satisfaction guarantee

Visit Now
{{ userMessage }}
Processing