Page |1
PSI INSURANCE EXAM 2024 ACTUAL EXAM 2 VERSIONS
(VERSION A AND B) COMPLETE 500 QUESTIONS WITH
DETAILED VERIFIED ANSWERS (100% CORRECT
ANSWERS) ALREADY GRADED A+
An insurance broker is someone who
represents which of the following? - CORRECT
ANSWER >>>>an insured or prospective insured
The state of new jersey requires completion of
a total of how many continuing education
credits upon renewal of a producer's license -
CORRECT ANSWER >>>>24 credits of 3 of which
ethics
how often must an insurance producers license
in new jersey be renewed - CORRECT ANSWER
>>>>every two years
, Page |2
A life insurance policy written on one contract
for two people in which it is payable upon the
first death is called - CORRECT ANSWER
>>>>Split Shared Joint Survivorship
Which of the following are retained at the
expense of an insurance buyer to give advice on
insurance needed by the buyer? - CORRECT
ANSWER >>>>Brokers and consultants
An agent has committed an insurance crime
that violates US Code 1033 (interstate
commerce). Who would be responsible for the
prosecution of this crime? - CORRECT ANSWER
>>>>US Attorney General
Upon policy delivery, which of the following
must a producer have an applicant sign if no
initial premium was collected with the life
insurance application? - CORRECT ANSWER
>>>>A good health statement
, Page |3
What is the purpose of the medical information
bureau - CORRECT ANSWER >>>>to help
underwriters evaluate risk
what is the primary reason for buying an
annuity - CORRECT ANSWER >>>>to provide a
future economic security
Kathy's annuity is currently experiencing tax
deferred growth until she retires. Which phase
is this annuity in? - CORRECT ANSWER
>>>>Accumulation period
If the annuitant dies before the annuity start
date - CORRECT ANSWER >>>>the premium
paid plus interest will be earned and given to
the beneficiary
An example of a tax qualified retirement plan
would be an - CORRECT ANSWER >>>>defined
contribution plan
, Page |4
Under a traditional IRA, interest earned is taxed
- CORRECT ANSWER >>>>upon distribution
The commissioner may - CORRECT ANSWER
>>>>establish continuing education
requirements
Replacement regulation is designed to protect -
CORRECT ANSWER >>>>policy owners from
misrepresentations and loss of benefits.
Nina just passed her New Jersey insurance
licensing examination. She is required to apply
for a producers license within ____ months -
CORRECT ANSWER >>>>12
Which of the following would be considered an
unfair claim practice - CORRECT ANSWER
>>>>misrepresenting insurance policy
provisions affecting a loss
PSI INSURANCE EXAM 2024 ACTUAL EXAM 2 VERSIONS
(VERSION A AND B) COMPLETE 500 QUESTIONS WITH
DETAILED VERIFIED ANSWERS (100% CORRECT
ANSWERS) ALREADY GRADED A+
An insurance broker is someone who
represents which of the following? - CORRECT
ANSWER >>>>an insured or prospective insured
The state of new jersey requires completion of
a total of how many continuing education
credits upon renewal of a producer's license -
CORRECT ANSWER >>>>24 credits of 3 of which
ethics
how often must an insurance producers license
in new jersey be renewed - CORRECT ANSWER
>>>>every two years
, Page |2
A life insurance policy written on one contract
for two people in which it is payable upon the
first death is called - CORRECT ANSWER
>>>>Split Shared Joint Survivorship
Which of the following are retained at the
expense of an insurance buyer to give advice on
insurance needed by the buyer? - CORRECT
ANSWER >>>>Brokers and consultants
An agent has committed an insurance crime
that violates US Code 1033 (interstate
commerce). Who would be responsible for the
prosecution of this crime? - CORRECT ANSWER
>>>>US Attorney General
Upon policy delivery, which of the following
must a producer have an applicant sign if no
initial premium was collected with the life
insurance application? - CORRECT ANSWER
>>>>A good health statement
, Page |3
What is the purpose of the medical information
bureau - CORRECT ANSWER >>>>to help
underwriters evaluate risk
what is the primary reason for buying an
annuity - CORRECT ANSWER >>>>to provide a
future economic security
Kathy's annuity is currently experiencing tax
deferred growth until she retires. Which phase
is this annuity in? - CORRECT ANSWER
>>>>Accumulation period
If the annuitant dies before the annuity start
date - CORRECT ANSWER >>>>the premium
paid plus interest will be earned and given to
the beneficiary
An example of a tax qualified retirement plan
would be an - CORRECT ANSWER >>>>defined
contribution plan
, Page |4
Under a traditional IRA, interest earned is taxed
- CORRECT ANSWER >>>>upon distribution
The commissioner may - CORRECT ANSWER
>>>>establish continuing education
requirements
Replacement regulation is designed to protect -
CORRECT ANSWER >>>>policy owners from
misrepresentations and loss of benefits.
Nina just passed her New Jersey insurance
licensing examination. She is required to apply
for a producers license within ____ months -
CORRECT ANSWER >>>>12
Which of the following would be considered an
unfair claim practice - CORRECT ANSWER
>>>>misrepresenting insurance policy
provisions affecting a loss
