Insurance Exam V1 Latest Update Questions and Answers

PSI Life, Accident & Health Insurance Exam V1 (Latest Update 2025 / 2026) Questions and Answers | Grade A | 100% Correct (Verified Answers)

Question:

State generally define a true "Group" for insurance as requiring a minimum of how many participants?

Answer:

10

Question:

Which of the following policy types is considered double indemnity?

Answer:

Accidental death

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Question:

Which of the following is true about a decreasing term life policy?

Answer:

The face amount reached zero at policy expiration.

Question:

Which of the following lists the three common types of permanent individual life insurance?

Answer:

Variable Life, Whole Life, Universal Life

Question:

Which types of life policy can be continued year after year without a required medical examination but rates are dependent on the insured's current age?

Answer:

Renewable term

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Question:

Which of the following coverage types pays a monthly cash benefit following the elimination period for total disability due to accident or sickness?

Answer:

Disability income insurance

Question:

Which of the following is TRUE of an equity-indexed annuity?

Answer:

It has a guaranteed minimum interest rate.

Question:

Compared to basic hospital, medical and surgical policies, which type of insurance provides broader coverage, fewer gaps, higher individual benefits, and higher policy maximums?

Answer:

Major medical insurance.

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