PSI Practice Exam - Life Insurance/PSI Life Insurance Test/PSI Life Exam Questions And Answers/PSI: LIFE, ACCIDENT, AND HEALTH PRACTICE EXAM/Life Insurance Policies - Provisions, Options and Riders - 2/Life Insurance Ch 1-3, 4-7, 8-11, 16-19/PSI Online Pr

Which policy type is backed by equity investments and allows the policyholder to adjust the death benefit? - 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 li...

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...

Under the misstatement of age or gender provision, what happens if it is determined at death that the insured's age or gender was misstated on a life insurance policy application? - Answer- Benefits are adjusted to an amount that the premium would have purchased at the correct age or gender. Whi...

Which of these is NOT a characteristic of the Accelerated Death Benefit option? The face amount and policy premium are not affected by the payment Before payment of the benefit is made, specific conditions must exist, such as suffering from a terminal illness There may be a dollar limit on ...

insured - Answer- The term used to describe the individual who is covered by the insurance is a. insurer b. insured c. policyowner d. risk an individual may need medical attention after slipping on the ice and falling - Answer- Which of the following is a risk? a. a car may need to have new...

If the insurer wishes to share an applicant's HIV status, the applicant must be given full notice of all of the following EXCEPT A-The applicant's rights to maintain privacy B-An opportunity to refuse the dissemination of the information C-Insurer's practices with respect to the treatment of...

Which is an ACCURATE statement regarding benefits of Medicare supplement and Medicare select plans? 1 The insurer is able to cancel, or deny renewal of an existing policy, based solely on the health of the insured. 2 There is no restriction for benefits after the coverage has been in effect fo...

What is it called when a life insurance policy pays a multiple of the coverage amount when certain types of accidents occur? - Answer- multiple indemnity Upon the issuance of a conditional receipt for a renewal when the premium is paid AFTER the time granted by the insurer, what is the maximum am...

What happens under a misstatement of age clause on a disability policy? 1. The policy would be terminated and all premiums would be returned to the policy owner. 2. The policy would be terminated and all premiums would be retained by the insurance company. 3. All amounts payable under this ...