Life insurance psi Exam Questions with Latest Update

convertible - Answer- Which of the following term insurance types provides temporary protection that can be changed to some type of permanent protection without evidence of insurability? Variable Universal Life - Answer- Which policy type is backed by equity investments and allows the policyholder to adjust the death benefit? Continuous Premium - Answer- Which whole life policy premium type is the most common? variable - Answer- Which type of annuity attempts to offset inflation by providing a benefit linked to an underlying investment account? Death Benefit - Answer- In a level term life policy, which ALWAYS remains constant? Variable Life, Whole Life, Universal Life - Answer- Which of the following lists the three common types of permanent individual life insurance? It has a guaranteed minimum interest rate. - Answer- Which of the following is TRUE of an equity-indexed annuity? interest rates - Answer- Current assumption whole life policies are sensitive to which of the following? The purchaser has the option to vary the amount of each premium payment falling between a minimum and maximum amount. - Answer- Which of the following is TRUE for a flexible premium annuity? Coverage continues after the policy is paid-up. - Answer- Which of the following is TRUE of the limited pay whole life policy? It begins with little or no insurance protection. - Answer- Which of the following is common in an increasing term life policy? Joint and survivorship option - Answer- 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? The proceeds are divided equally among living primary beneficiaries. - Answer- How does the per capita rule apply to proceeds from a life insurance policy? commiting a misdemeanor - Answer- All of the following are common exclusions from loss found in disability income policies EXCEPT for that incurred while