PSI LIFE INSURANCE EXAM LATEST 2023-
2024 REAL EXAM 100+ QUESTIONS AND
CORRECT ANSWERS|AGRADE
In which of the following must a beneficiary change request be filed in writing to
the insurer and is made effective by the insurance company recording the change in
its records? – ANSWER- recording method
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? – ANSWER- insuring clause
Which is a common approach to addressing the problems inherent in naming a
minor as a beneficiary to a life insurance policy? – ANSWER- establishing a trust
to administer proceeds
Which of the following occurs immediately after the application is submitted and
the initial premium paid? – ANSWER- the underwriting process begins
All of the following are tax qualified retirement plans EXCEPT – ANSWERSection 529 plan
For an individual long-term care policy there is an annual dollar limit for tax
deductions that is based on which of the following? – ANSWER- age
If the insurer wishes to share an applicant’s HIV status, the applicant must be given
full notice of all of the following EXCEPT – ANSWER- the treatment procedures
that are covered by the policy.
All of the following are common exclusions from loss found in disability income
policies EXCEPT for that incurred while – ANSWER- committing a misdemeanor
What type of insurance should a company purchase if it wants to insure the life of
its CEO? – ANSWER- key person insurance<\/p>\n\n\n\n
For an individual long-term care policy there is an annual dollar limit for taxdeductions that is base on which of the following? – ANSWER- age
Which of the following term insurance types provides temporary protection that
can be changed to some type of permanent protection without evidence of
insurability? – ANSWER- convertible
Which one of the following is particularly important for an insurance producer to
explain to a client upon delivery of a life insurance policy? – ANSWER- any
exclusions
All of the following are ownership rights EXCEPT – ANSWER- switching the
policy from one insured to another
How might someone cover the extra expenses of child care and home-related
costs? – ANSWER- purchasing family term insurance
All of the following are required signatures on a life insurance application
EXCEPT – ANSWER- the minor in a juvenile policy
Which of the following is TRUE regarding assignment rights for irrevocable
beneficiaries? – ANSWER- They are MORE likely to receive a loan based on the
expectations of the proceeds.
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 lifetime of
the survivor? – ANSWER- Joint and survivorship option
In which of the following must a beneficiary change request be filed in writing to
the insurer and is made effective by the insurance company recording the change in
its records? – ANSWER- recording method
What is the order in which beneficiaries receive proceeds from a life insurance
policy? – ANSWER- succession of beneficiaries
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? – ANSWER- insuring clause<\/p>\n\n\n\n
Which of the following is exempted from the incontestability provision in
insurance policies? – ANSWER- fraudulent misstatements
What is the primary advantage for obtaining a reinstatement of a policy rather than
obtaining a new one? – ANSWER- insured original age is used
All of the following are ownership rights EXCEPT – ANSWER- switching the
policy from one insured to another
Which is a common approach to addressing the problems inherent in naming a
minor as a beneficiary to a life insurance policy? – ANSWER- establishing a trust
to administer proceeds
why is relying solely on employer group life insurance generally considered
inadequate for most individual’s needs? – ANSWER- It is financially insufficient to
cover end of life expenses.
How do warranties differ from representations? – ANSWER- a warranty is
guaranteed to be true, a representation is believed to be true to the best of one’s
knowledge.
The group conversion option is allowed for all of the following EXCEPT –
ANSWER- during the annual benefits enrollment period
Which type of annuity attempts to offset inflation by providing a benefit linked to
an underlying investment account? – ANSWER- variable
What procedure is used by an insurer to protect itself in the event a dispute arises
and the applicant and the agent do not recall the changes that were made in a
completed application? – ANSWER- The applicant and possibly the agent initial
any changes made.
All of the following are features of the spendthrift clause EXCEPT – ANSWERthe beneficiary may encumber the proceeds
In which of the following must a beneficiary change request be filed in writing to
the insurer and is made effective by the insurance company recording the change in
its records? – ANSWER- recording method
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