PSI Life Insurance Exam Latest

PSI Life Insurance Exam (Latest Update 2025 / 2026) Questions with Answers | Grade A | 100% Correct (Verified 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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