PSI Life Exam/ 119 Quizzes with Definitive Solutions/ .
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Course
PSI LIFE INSURANCE
Institution
PSI LIFE INSURANCE
PSI Life Exam/ 119 Quizzes with Definitive Solutions/ . Terms like:
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 us...
PSI Life Exam/ 119 Quizzes with Definitive
Solutions/ 2024-2025.
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
Page 1 of 17
,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
Page 2 of 17
, 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
Page 3 of 17
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