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PSI Practice Exam NJ New /50 Questions And Answers Graded (A+)
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PSI Practice Exam NJ New 2023-2024 /50 QuestionsAnd Answers Graded (A+)
Quiz :all of the following are ownership rights EXCEPT:
A: changing the beneficiary of the policy
B: borrowing funds against cash value
C: switching the policy from on insured to another
D: assigning all of the rights of the policy to another person - Answer :C:
switching the policy from on insured to another
Quiz :which of the following is characteristic of a non qualified plan:
A: defined vesting schedule
B: plan established by the employer
C: plan does not meet federal guidelines for tax benefits
D: employer contributions are deductible business expense - Answer :C: plan
does not meet federal guidelines for tax benefits
Quiz :How do warranties differ from representations?
A: a warranty is guaranteed to be true, a representation is believed to be true
to the best of one's knowledge
B: a representation is guaranteed to be true, a warranty is believed to be true
to the best of one's knowledge
C: a warranty is issued by the insurer, a representation is a statement provided
by the applicant
D: an incorrect representation automatically voids a contract, whereas an
incorrect warranty must be proven - Answer :A: a warranty is guaranteed to
be true, a representation is believed to be true to the best of one's knowledge
Quiz :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:
A: designation option
B: recording method
C: endorsement method
D: succession of beneficiaries - Answer :B: recording method
Quiz :all of the following are required signature on a life insurance application
EXCEPT:
A: the agent
B: the applicant
C: the minor in a juvenile policy
, D: the proposed insured - Answer :C: the minor in a juvenile policy
Quiz :all of the following are features of the spendthrift clause EXCEPT:
A: proceeds are paid in some other way than a single premium
B: proceeds are protected by the insurer from the beneficiary's creditors
C: transfer of proceeds to creditors
D: the beneficiary may encumber the proceeds - Answer :D: the beneficiary
may encumber the proceeds
Quiz :Which type of annuity attempts to offset inflation by providing a benefit
linked to an underlying investment account:
A: deferred
B: fixed
C: immediate
D: variable - Answer :D: variable
Quiz :how does the per capita rule apply to proceeds from a life insurance
policy:
A: the proceeds are divided equally among living primary beneficiaries
B: the secondary beneficiary receives the proceeds if the primary beneficiary is
no longer living
C: the proceeds go to the policyholder's estate when no beneficiary is living
D: the proceeds go to the descendants of the primary beneficiaries -
Answer :A: the proceeds are divided equally among living primary beneficiaries
Quiz :if the insurer wishes to share an applicant's HIV status, the applicant
must be given full notice of all of the following EXCEPT:
A: insurer's practices with respect to the treatment of this information
B: the applicant's right to maintain privacy
C: an opportunity to refuse the dissemination of the information
D: the treatment procedures that are covered by the policy - Answer :D: the
treatment procedures that are covered by the policy
Quiz :which of the following is the time limit on certain defenses after which
the policy becomes incontestable:
A: 12 months
B: 18 months
C: 2 years
D: 5 years - Answer :C: 2 years
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