Exam (elaborations)
PSI Life Exam Questions and Answers Latest 2024
- Course
- Institution
PSI Life Exam Questions and Answers Latest 2024
[Show more]
Seller
Follow
EXAMQA
Reviews received
Content preview
PSI Life Exam Questions and AnswersLatest 2024
What kind of retirement plan can a 75-employee for profit corporation establish? -
CORRECT ANSWER-Simple IRA
The taxable portion of a monthly income benefit paid during the annuity phase
from a nonqualified annuity is calculated using the - CORRECT
ANSWER-Exclusion ratio
Unfair claims settlement methods and practices by an insurance company
include all of the following acts EXCEPT - CORRECT ANSWER-failure to pay all
claims that are reported within 90 days after a loss occurs
The settlement option that allows proceeds to remain with the insurer and the
earnings to be paid to the beneficiary on a monthly basis is called - CORRECT
ANSWER-Interest only
Regulations on life insurance advertising apply to which of the following
insurance company materials? - CORRECT ANSWER-A radio commercial that
promotes the benefits of a specific company's life insurance products
An insurance company may contest a life policy within a MAXIMUM of how many
years after the policy's effective date? - CORRECT ANSWER-2
All of the following factors are used in life insurance premium determination
EXCEPT - CORRECT ANSWER-Morbidity
The authorization used to obtain the applicant's medical information that will be
used by the insurer for the primary purpose of determining eligibility must include:
- CORRECT ANSWER-the time frame in which the insurer must release the
eligibility decision to the agent
, An intermediary who omits information on an insurance application without the
applicant's knowledge and submits the application to the insurer may be guilty of:
- CORRECT ANSWER-Misrepresentation
Dividends are NOT subject to taxation because - CORRECT ANSWER-Paying
dividends is equivalent to returning a premium
The XYZ Insurance Company cancels an intermediary's contract. XYZ could be
bound by the intermediary's later acts if it: - CORRECT ANSWER-Continues to
pay the intermediary deferred commissions
Which of the following products is designed to pay benefits that can provide a
stream of retirement income to the purchaser? - CORRECT
ANSWER-tax-deferred growth
Which of the following guarantees that the annuitant CANNOT outlive their
benefits? - CORRECT ANSWER-Guaranteed lifetime withdrawal benefit
Which of the following statements is CORRECT about an insured's failure to
report a claim in a timely manner based on the advice of an intermediary? -
CORRECT ANSWER-It does not affect the insurance company's obligations
In Wisconsin, an "intermediary" is defined as a representative of: - CORRECT
ANSWER-A Solicitor
All of the following statements regarding a group annuity are correct EXCEPT -
CORRECT ANSWER-Each employee signs and receives an individual contract
Statements by an application concerning personal health history, family health
history, occupation, and hobbies are referred to as - CORRECT
ANSWER-Representations
Which of the following entities is responsible for notifying an insurance company
of a disability insurance claim? - CORRECT ANSWER-1. Insured
2. Insured's physician
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller EXAMQA. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
62890 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now