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CA LIFE EXAM – PSI- QUESTIONS WITH COMPLETE ANSWERS
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CA LIFE EXAM – PSI- QUESTIONS WITH COMPLETE ANSWERS
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CA LIFE EXAM – PSI- QUESTIONS WITHCOMPLETE ANSWERS
A participating company is also referred to as which type of insurer? - Answer-Mutual
insurer
An insurer owned by its policyholders, is called a - Answer-Mutual insurer
What is a participating life insurance policy? - Answer-Contract that allows the
policyowner to receive a share of surplus in the form of policy dividends
An insurer enter into a contract with a third-party to ensure itself against losses from
insurance policies it issues. What is this agreement called? - Answer-Reinsurance
John owns an insurance company that gives him the right to share and then sure
surplus. What kind of policy is this? - Answer-Participating
Which of the following is not a characteristic of reinsurance? - Answer-Increases the
unearned premium reserved
Which of the following is not a benefit of insurance? - Answer-Losses due to fraud are
eliminated
When a mutual insurer becomes a stock company, the process is called - Answer-
Demutualization
Which of the following is a contract that involves one party which indemnifies another
one a loss arises from an unknown event? - Answer-Insurance policy
Which of the following is an insurer established by a parent company's loss exposure's?
- Answer-Captive insurers
Which of the following is not considered to be a definition for the term "loss"? - Answer-
Probability that an event will occur
Which of the following is not considered a definition of a risk? - Answer-The cause of
loss
Which of the following best describes the statement; " the more times, and event is
repeated, the more predictable the outcome becomes"? - Answer-Law of large numbers
Which of the following would not be accomplished with the purchase of an insurance
policy? - Answer-Risk is eliminated
, Which of the following is a situation where there is a possibility of either a loss or gain? -
Answer-Speculative risk
Which of the following is any situation that presents the possibility of a loss? - Answer-
Loss
An insurer having a large number of similar exposure units is considered important
because: - Answer-the greater the number insured, the more accurately that is her can
predict losses & set appropriate premiums
Which of these statements correctly describes risks? - Answer-Pure risk is the only
insurable risk
Which type of risk is gambling? - Answer-Speculative risk
Moral hazard is described as the: - Answer-increased chance of a loss because of an
insured's dishonest tendencies
All of the following circumstances must be met for los retention to be an effective, risk
management technique, except - Answer-Probability of loss is unknown
All of the following circumstances must be met for lost attention to be an effective risk
management technique, except - Answer-Probability of loss is unknown
After a policy has lapsed, which provision allows the insurer to continue coverage -
Answer-Reinstatement provision
In a life insurance policy, the entire contract consists of - Answer-policy and attached
application
Which policy provision protects the policy owner from unintentional lapse of the
contract? - Answer-Grace period
Which of the following is not a common life insurance policy later? - Answer-Extended
term
What an accidental death benefit is added to a whole life policy, how does this affect the
policies cash value? - Answer-Policies, cash value is not affected
A life insurance policy can be surrendered for its cash value under which policy
provision? - Answer-Nonforfeiture options
Which of the following does a policy owner not have the right to change? - Answer-
Dividend schedule
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