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PSI Life Exam Questions and Answers 2022/2023

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What kind of retirement plan can a 75-employee for profit corporation establish? - ANSWER-Simple IRA The taxable portion of a monthly income benefit paid during the annuity phase from a nonqualified annuity is calculated using the - ANSWER-Exclusion ratio Unfair claims settlement methods and ...

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  • December 25, 2022
  • 9
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

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  • psi life
  • psi life exam questions and answers 20222023
  • what kind of retirement plan can a 75 employee for profit corporation establish
  • the taxable portion of a monthly income benefit paid during the

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  • PSI Life
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PSI Life Exam Questions and Answers 2022/2023
What kind of retirement plan can a 75-employee for profit corporation establish? - ANSWER-Simple IRA
The taxable portion of a monthly income benefit paid during the annuity phase from a nonqualified annuity is calculated using the - ANSWER-Exclusion ratio
Unfair claims settlement methods and practices by an insurance company include all of the following acts EXCEPT - ANSWER-failure to pay all claims that are reported within 90 days after a loss occurs
The settlement option that allows proceeds to remain with the insurer and the earnings to be paid to the beneficiary on a monthly basis is called - ANSWER-Interest only
Regulations on life insurance advertising apply to which of the following insurance company materials? - ANSWER-A radio commercial that promotes the benefits of a specific company's life insurance products
An insurance company may contest a life policy within a MAXIMUM of how many years after the policy's effective date? - ANSWER-2
All of the following factors are used in life insurance premium determination EXCEPT - ANSWER-Morbidity
The authorization used to obtain the applicant's medical information that will be used by the insurer for the primary purpose of determining eligibility must include: - ANSWER-
the time frame in which the insurer must release the eligibility decision to the agent
An intermediary who omits information on an insurance application without the applicant's knowledge and submits the application to the insurer may be guilty of: - ANSWER-Misrepresentation
Dividends are NOT subject to taxation because - ANSWER-Paying dividends is equivalent to returning a premium
The XYZ Insurance Company cancels an intermediary's contract. XYZ could be bound by the intermediary's later acts if it: - ANSWER-Continues to pay the intermediary deferred commissions
Which of the following products is designed to pay benefits that can provide a stream of retirement income to the purchaser? - ANSWER-tax-deferred growth Which of the following guarantees that the annuitant CANNOT outlive their benefits? - ANSWER-Guaranteed lifetime withdrawal benefit
Which of the following statements is CORRECT about an insured's failure to report a claim in a timely manner based on the advice of an intermediary? - ANSWER-It does not affect the insurance company's obligations
In Wisconsin, an "intermediary" is defined as a representative of: - ANSWER-A Solicitor
All of the following statements regarding a group annuity are correct EXCEPT - ANSWER-Each employee signs and receives an individual contract
Statements by an application concerning personal health history, family health history, occupation, and hobbies are referred to as - ANSWER-Representations
Which of the following entities is responsible for notifying an insurance company of a disability insurance claim? - ANSWER-1. Insured
2. Insured's physician
An insurer may cancel a policy midterm for all of the following reasons EXCEPT when the insured: - ANSWER-Has a change in marital status
An accelerated death benefit - ANSWER-Pays a portion of the face amount when a policyowner is determined to be terminally ill
Upon annuitization, which of the following will have the HIGHEST monthly payout? - ANSWER-Straight Life
Backdating on a life insurance policy is the practice of - ANSWER-Making the policy effective on an earlier date then the present
Wisconsin insurance law requires intermediaries to keep policyholder records for at least how many years after termination or lapse of the policy? - ANSWER-3
When underwriting group life insurance, the underwriter - ANSWER-Typically evaluates the group as a whole
When using the needs approach to determine the amount of life insurance needed, it is necessary to determine all of the following EXCEPT - ANSWER-project lifetime earnings in the stock market, including dividends and growth account
Which of the following is permitted under the proper exchange of business? - ANSWER-
Splitting a commission between two intermediaries licensed in the same line of insurance

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