Exam (elaborations)
PSI Practice Exam - Life Insurance/83 questions with correct answers
- Course
- Institution
PSI Practice Exam - Life Insurance/83 questions with correct answers
[Show more]
Content preview
PSI Practice Exam - Life Insurance/83questions with correct answers
1 - -For an individual long-term care policy there is an annual dollar limit for
tax deductions that is based on which of the
following?
1. age
2. cost of care
3. policy value
4. premium cost
-4 - -The group conversion option is allowed for all of the following EXCEPT
1. termination of the master policy .
2. loss of group coverage due to termination of employment.
3. upon the loss of eligibility on the part of a class of insureds.
4. during the annual benefits enrollment period.
-2 - -What is the primary advantage for obtaining a reinstatement of a
policy rather than obtaining a new one?
1. No proof of insurability is required
2. insured original issue age is used
3. No application is required
4. outstanding loans are cancelled
-4 - -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.
-1 - -Which of the following lists the three common types of permanent
individual life insurance?
1. Variable Life, Whole Life, Universal Life
2. Whole Life, Incidental Life, Term Life
3. Universal Life, AD&D,Term Life
4. Group Life, Whole Life, Variable Life
-3 - -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?
1. conditions
2. policy title page
3. insuring clause
4. definitions
, -1 - -When the courts look at a contract to determine the intent of the
parties which of the following is considered?
1. the entire contract
2. the relevant portions of the contract
3. any material added to the basic contract
4. any words that have ambiguous definitions
-3 - -All of the following are tax qualified retirement plans EXCEPT
1. Keogh.
2. 401(k).
3. Section 529 plan.
4. SEP.
-4 - -All life insurance and health insurance contracts contain all of the
following EXCEPT
1. Policy face
2. Insuring clause
3. Conditions
4. Representations
-4 - -Which type of annuity attempts to offset inflation by providing a
benefit linked to an underlying investment account?
1. deferred
2. fixed
3. immediate
4. variable
-3 - -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
-1 - -An insured and the beneficiary are both killed in a fatal accident. Which
provision presumes the insured survived the
beneficiary?
1. common disaster clause
2. irrevocable beneficiary
3. contingent beneficiary
4. endorsement method
-1 - -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.
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 Nursephil2023. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
62890 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now