PSI Life Insurance Test (solved) Updated
PSI Life Insurance Test (solved) Updated
PSI Life Insurance Test (solved) Updated
PSI Life Insurance Test (solved) Updated
PSI Life Insurance Test (solved) Updated
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
, PSI Life Insurance Test (solved)2023-2024 Updated
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
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
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