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PSI Life, Accident & Health Insurance Exam V2 (Latest Update 2025 / 2026) Questions and Answers | Grade A | 100% Correct (Verified Answers)
Question:
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?
- 10 days
- 30 days
- 45 days
- 60 days
Answer:
45 days
- / 4
Question:
Which is the major reason why long-term care insurance is becoming increasingly important?
- It is easy to make a profit from investing in long term care
- As life expectancy increases, the chances of needing long term care also
- Nursing homes only accept Medicare as a secondary insurance source.
- Many younger people are developing life-threatening conditions and
increase
require hospice care.
Answer:
As life expectancy increases, the chances of needing long term care also increase
Question:
Which of the following refers to how often a premium is paid?
- Level
- Mode
- Net
- Ratio
Answer:
Mode 2 / 4
Question:
All of the following are required signatures on a life insurance application
EXCEPT
- The agent
- The applicant
- The minor in a juvenile policy
- The proposed insured
Answer:
The minor in a juvenile policy
Question:
Which problem was universal life insurance designed to address?
- low interest rates during periods of high inflation
- high interest rates during periods of low inflation
- increased risk of death due to aging
- lack of a fixed death benefit
Answer:
low interest rates during periods of high inflation
- / 4
Question:
All of the following are nonforfeiture options EXCEPT
- Cash surrender value
- Extended term insurance
- Reduced paid-up insurance
- Cash dividend option
Answer:
Cash dividend option
Question:
Why is rehabilitation considered worthy of federal help under workers' compensation?
- it reduces insurance losses and helps regain the worker's dignity
- the costs to states are prohibitive so federal funding is required
- states do not have the means to provide rehabilitative services
- because under the Americans with Disabilities Act it is required
Answer:
it reduces insurance losses and helps regain the worker's dignity
- / 4
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