Exam (elaborations)
PSI Life Exam Questions and Answers Latest 2024
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PSI Life Exam Questions and Answers Latest 2024
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PSI Life Exam Questions and AnswersLatest 2024
What kind of retirement plan can a 75-employee for profit corporation establish? -
CORRECT ANSWER-Simple IRA
The taxable portion of a monthly income benefit paid during the annuity phase
from a nonqualified annuity is calculated using the - CORRECT
ANSWER-Exclusion ratio
Unfair claims settlement methods and practices by an insurance company
include all of the following acts EXCEPT - CORRECT 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 - CORRECT
ANSWER-Interest only
Regulations on life insurance advertising apply to which of the following
insurance company materials? - CORRECT 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? - CORRECT ANSWER-2
All of the following factors are used in life insurance premium determination
EXCEPT - CORRECT 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:
- CORRECT 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:
- CORRECT ANSWER-Misrepresentation
Dividends are NOT subject to taxation because - CORRECT 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: - CORRECT 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? - CORRECT
ANSWER-tax-deferred growth
Which of the following guarantees that the annuitant CANNOT outlive their
benefits? - CORRECT 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? -
CORRECT ANSWER-It does not affect the insurance company's obligations
In Wisconsin, an "intermediary" is defined as a representative of: - CORRECT
ANSWER-A Solicitor
All of the following statements regarding a group annuity are correct EXCEPT -
CORRECT 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 - CORRECT
ANSWER-Representations
Which of the following entities is responsible for notifying an insurance company
of a disability insurance claim? - CORRECT ANSWER-1. Insured
2. Insured's physician
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