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PSI PA LIFE EXAM (1) 2024/2025 WITH 100% ACCURATE SOLUTIONS
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PSI PA LIFE EXAM (1) 2024/2025 WITH 100% ACCURATE SOLUTIONS
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PSI PA LIFE EXAM (1) 2024/2025 WITH100% ACCURATE SOLUTIONS
Obtaining consumer information reports under false pretenses is
prosecutable by which of the following?
1.
USA Patriot Act
2.
Fair Credit Reporting Act
3.
State laws where the applicant resides
4.
Securities and Exchange Commission - Precise Answer ✔✔2.
Fair Credit Reporting Act
All of the following are features of the spendthrift clause EXCEPT
1.
proceeds are paid in some other way than a single lump sum.
2.
proceeds are protected by the insurer from the beneficiary's creditors.
3.
,transfer of proceeds to creditors is prohibited.
4.
the beneficiary may encumber the proceeds. - Precise Answer ✔✔4.
the beneficiary may encumber the proceeds.
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?
1.
The applicant and possibly the agent initial any changes made.
2.
The applicant and the agent sign a document that outlines changes made.
3.
An arbitration agreement is signed at the time of the signing of the
application.
4.
All changes must be approved by the underwriter prior to the submission
of the application. - Precise Answer ✔✔1.
The applicant and possibly the agent initial any changes made.
All of the following are ownership rights EXCEPT
1.
changing the beneficiary of the policy
, 2.
borrowing funds against cash value
3.
switching the policy from one insured to another
4.
assigning all of the rights of the policy to another person - Precise
Answer ✔✔3.
switching the policy from one insured to another
Which policy type is backed by equity investments and allows the
policyholder to adjust the death benefit?
1.
term life
2.
variable life
3.
regular whole life
4.
variable universal life - Precise Answer ✔✔4.
variable universal life
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