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PSI Insurance Exam questions and answers with solutions 2025
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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...

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  • January 21, 2025
  • 25
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • PSI life, accident, and health
  • PSI life, accident, and health

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PSI Insurance Exam
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 amount of time for reinstatement of the
policy? - ANSWER 30 days



Which of the following statements regarding a pure life annuity payout option is correct? -
ANSWER This option provides the highest monthly income.



Which of the following does not apply to the time limit on certain defenses provision in health
insurance policies? - ANSWER fraudulent misstatements



If an individual is insured by both their own health insurance policy and their spouse's policy,
which policy pays first in the event of an illness? - ANSWER The individual's policy pays first, the
spouse's policy pays the remaining up to coverage amount.



When can the premiums of an individually owned health insurance policy be deducted from the
individual's income tax? - ANSWER when the taxpayer's unreimbursed medical expenses exceed
7.5% of adjusted gross income during a taxable year



When the suicide clause is inserted in a life insurance contract, death by suicide is not covered
during the policy's initial - ANSWER 2 year period.



Which of the following is a characteristic of Health Maintenance Organizations (HMOs)? -
ANSWER preventive care



The life insurance policy will not be truly effective until all of the following occur EXCEPT -
ANSWER the producer has explained the policy to the client.

,Under which situation must insurable interest exist between the applicant and insured at the
time of application? - ANSWER when a third-party applicant names themselves beneficiary



Which of the following is a distinguishing feature of a variable life insurance policy? - ANSWER
The cash value earnings are based on the performance of the separate account.



The person who receives the benefit of an annuity is known as the - ANSWER annuitant.



Which of the following is an example of a premium payment mode? - ANSWER annual premium
payment



How do most disability policies handle the case of a recurrent disability occurring at least 90
days after the first claim? - ANSWER it must be handled as a new claim for a new period of
disability, requiring a new elimination period.



Which of the following is true for most comprehensive dental policies? - ANSWER Routine care
is provided without coinsurance or deductibles.



Under a Medicare Supplement Policy, preexisting conditions CANNOT be excluded after how
many months from the effective date of the policy? - ANSWER 6 months



What does an application for insurance contractually represent for the insured? - ANSWER an
offer



Which of the following is exempted from the incontestability provision in insurance policies? -
ANSWER fraudulent misstatements

, Which of the following may be thought of as a time deductible rather than a dollar deductible in
a disability income policy because benefits are not payable during that time? - ANSWER
elimination period



How long after being entitled to Social Security disability benefits will an individual be eligible to
receive Medicare benefits? - ANSWER 2 years



If a policy is determined to be a Modified Endowment Contract (MEC), funds received under the
policy will be - ANSWER considered taxable income first.



Which type of annuity attempts to offset inflation by providing a benefit linked to an underlying
investment account? - ANSWER variable



What is a MIB report? - ANSWER medical information on an applicant for assessing life or health
insurance risk



Group Life Policies typically include which of the following provisions? - ANSWER conversion
privilege



In a case where an individual's health is insured by both their own policy and their spouse's
policy, which policy pays in the event of an illness? - ANSWER The individual's policy pays first,
the spouse's policy pays the remaining up to coverage amount.



The feature of a Life Insurance Policy stating that the policy will NOT cover certain risks is known
as - ANSWER exclusion.



The primary purpose of Health Reimbursement Accounts (HRAs) is to assist - ANSWER covered
employees with the payment of medical expenses on a high deductible plan funded through
pre-tax contributions.

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