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PSI Life Insurance Exam ( Update 2025 / 2026) Questions with Answers ( Answers)
Question:
A whole life product that covers 2 lives and provides for payment or the death benefit on the death of the riser insurer is called
Answer:
Joint Life
Question:
An agent delivers a policy to an insured, and 9 days later the insured returns the policy and wants a complete refund. What provision covers this circumstance?
Answer:
Free look
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Question:
The "pay in" phase of the annuity is known as what period?
Answer:
Accumulation period
Question:
For an insurance contract, the principle of utmost good faith means
Answer:
Each party relies upon the truthfulness of the other
Question:
Which of the following retirement plans is a special tax favored plan for NONPROFIT, charitable, educational or religious groups?
Answer:
403(b) Tax-Sheltered Annuity (TSAs)
Question:
Which of the following types of annuities would be best suited for a retired couple who are seeking income for as long as either lives?
Answer:
Joint and Survivor
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