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PSI Life Insurance Test questions with correct answers
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PSI Life Insurance Test questions with correct answers
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PSI Life Insurance Test questions with correctanswers
Which policy type is backed by equity investments and allows the
policyholder to adjust the death benefit? Correct Answer-variable
universal life
Which annuity settlement option provides a stated monthly amount to
the annuitant and upon the annuitant?s death the same or a lesser amount
paid for the lifetime of the survivor? Correct Answer-Joint and
survivorship option
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? Correct Answer-recording method
What is the order in which beneficiaries receive proceeds from a life
insurance policy? Correct Answer-succession of beneficiaries
Which part of an insurance contract contains the promise to pay losses
covered by the policy in exchange for the insured's premium and
compliance with policy terms? Correct Answer-insuring clause
Which of the following is exempted from the incontestability provision
in insurance policies? Correct Answer-fraudulent misstatements
, What is the primary advantage for obtaining a reinstatement of a policy
rather than obtaining a new one? Correct Answer-insured original age is
used
All of the following are ownership rights EXCEPT Correct Answer-
switching the policy from one insured to another
Which is a common approach to addressing the problems inherent in
naming a minor as a beneficiary to a life insurance policy? Correct
Answer-establishing a trust to administer proceeds
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? Correct Answer-recording method
Which part of an insurance contract contains the promise to pay losses
covered by the policy in exchange for the insured's premium and
compliance with policy terms? Correct Answer-insuring clause
Which is a common approach to addressing the problems inherent in
naming a minor as a beneficiary to a life insurance policy? Correct
Answer-establishing a trust to administer proceeds
Which of the following occurs immediately after the application is
submitted and the initial premium paid? Correct Answer-the
underwriting process begins
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