PSI INSURANCE EXAM 2024 LATEST
UPDATED ACTUAL EXAM COMPLETE
450 QUESTIONS WITH DETAILED
VERIFIED AND 100%CORRECT
ANSWERS GRADE A+ ASSURED
The group conversion option is allowed for all of the
following EXCEPT - ....ANSWER...during the annual
benefits enrollment period.
Which of the following is a characteristic of a fixed
annuity? - ....ANSWER...the insurer is obligated to pay a
guaranteed minimum interest rate.
The period beginning at the time of an insured loss that
an insured must wait before benefits are payable is called
the - ....ANSWER...elimination period.
Which type of coverage pays the operating costs of a
small business when the owner becomes disabled? -
....ANSWER...business overhead expense disability
insurance
1
,When may a policyowner change a revocable
beneficiary? - ....ANSWER...at any time
What is granted to the insured in the consideration
clause? - ....ANSWER...the right to insurance coverage if
premiums are paid
In a disability income policy, the specified period of
time after the effective date and before coverage goes
into effect is the - ....ANSWER...probationary period.
Which of the following is CORRECT about Medicaid? -
....ANSWER...It is a public program assisting individuals
with insufficient income to pay for medical care.
A prospective insured makes statements on an insurance
application that he believes are true to the best of his
knowledge and belief. These statements are considered -
....ANSWER...representations.
All of the following are classifications of risk EXCEPT
- ....ANSWER...non-nicotine.
Group credit life insurance is written as -
2
,....ANSWER...decreasing term.
Which one of the following represents an advantage of
obtaining a policy loan versus a withdrawal? -
....ANSWER...The loan is not taxed while a withdrawal is
taxed for amounts above the contract cost basis.
Which type of receipt makes the insurer liable for the
risk from the date of application, regardless of the
applicant's insurability? - ....ANSWER...binding receipt
What is the maximum amount of time the insured has to
file legal action against the insurer after written proof of
loss is provided? - ....ANSWER...3 years
Which provision found in disability income policies
specifies that an individual will automatically qualify for
benefits if they suffer a loss of two limbs, total blindness,
or loss of speech? -
....ANSWER...presumptive disability
All the following are characteristics of a Whole Life
Policy EXCEPT - ....ANSWER...guaranteed dividends.
which method of handling risk is defined as the planned
assumption of risk through self-insurance?
3
, - ....ANSWER...retention
An annuitant paid $500,000 for an annuity on September
1 and expects to receive lifetime benefit payments
beginning October 1. What type of annuity was
purchased? - ....ANSWER...Single Premium Immediate
Which of the following must be given to the insurer
within 20 days after occurrence or commencement of
any loss covered by the policy, or as soon thereafter as is
reasonably possible? -
....ANSWER...notice of claim
Business partners wanting to purchase an insurance policy
on the lives of each of the other partners would choose -
....ANSWER...a Cross-Purchase Plan.
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
In which of the following types of contracts is only one
party legally required to do something after the insured
has completed the act of paying the premium? -
....ANSWER...unilateral
4
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