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PSI Life, Accident and Health Insurance Exam (Latest Update 2025 / 2026) Review Questions & Answers | Grade A | 100% Correct (Verified Answers)
Question:
An immediate annuity begins making payments after the
Answer:
first premium has been paid
Question:
If an annuitant is making premium payments on a periodic basis, which type of annuity have they purchased?
Answer:
Deferred
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Question:
The accumulated cash value of a whole life insurance policy becomes the
Answer:
amount used to purchase paid up additions to the insured's policy
Question:
The settlement option that pays a specified amount to an annuitant, but pays no residual value to a beneficiary is known as
Answer:
Life income
Question:
What kind of retirement plan can a 1,500 employee for-profit corporation establish?
Answer:
401(k)
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Question:
Which of the following authorities is required to examine the business records of domestic insurance companies and licensed rate-services organizations in Wisconsin?
Answer:
The Office of commissioner of insurance
Question:
Which of the following dividend options will increase the death benefit?
Answer:
Guaranteed insurability
Question:
Under a executive bonus plan, premiums paid by the employer are
Answer:
only tax deductible when the bonus is an insurance plan
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Question:
An intermediary should determine whether replacement is involved in a transaction no later than when the
Answer:
Insurance company issues the policy
Question:
In Wisconsin the intermediary holding which of the following licenses is exempt from continuing education requirements?
Answer:
credit insurance
Question:
Contributions made to a Roth IRA are
Answer:
Not tax deductible
Question:
Who can surrender an annuity during the accumulation period?
Answer:
the policyowner
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