Exam (elaborations)
PA LIFE PRACTICE EXAM FROM PSI (1) QUESTIONS AND ANSWERS
- Course
- Institution
PA LIFE PRACTICE EXAM FROM PSI (1) QUESTIONS AND ANSWERS
[Show more]
Content preview
PA LIFE PRACTICE EXAM FROM PSI (1)QUESTIONS AND ANSWERS
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 - 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. - 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. - 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 - 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 - Answer-4.
variable universal life
The right to change the beneficiary or dispose of the policy or its benefits in any manner
one chooses is reserved to the policyowner UNLESS which of the following is true?
1.
The policyowner has named an irrevocable beneficiary.
2.
The policyowner has named a revocable beneficiary.
3.
The policyowner deems the beneficiary unfit.
4.
The insurer prohibits changes to beneficiaries. - Answer-1.
The policyowner has named an irrevocable beneficiary.
Which one of the following is particularly important for an insurance producer to explain
to a client upon delivery of a life insurance policy?
1.
the effective date
2.
any exclusions
3.
premium due dates
4.
loan interest rates - Answer-2.
any exclusions
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 biggdreamer. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
70840 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now