PSI LIFE ACCIDENT AND HEALTH TEST PAPER
2026/2027 QUESTIONS AND SOLUTIONS RATED A+
✔✔All of the following are non-forfeiture options EXCEPT - ✔✔Cash dividend option.
✔✔What happens when the lifetime maximum benefit limit has been reached? - ✔✔The
insured will pay all of the remaining medial costs for as long as the policy is in force.
✔✔Whose responsibility is it to make sure that the company is notified of a death claim
at the earliest possible opportunity (in most cases)? - ✔✔The producer.
✔✔What is the waiver of premium provision? - ✔✔In a long term care contract, the
premium is waived after the insured has been confined for a specific period of time.
✔✔All of the following are common exclusions from loss found in disability income
policies EXCEPT for that incurred while? - ✔✔Committing a misdemeanor
✔✔Which is a disadvantage to a flexible premium annuity? - ✔✔The actual amount of
the annuity benefit cannot be determined in advance.
✔✔What does coninsurance mean? - ✔✔The insurer and the insured share expenses
over the deductible.
✔✔Under normal conditions which of the following is TRUE for proof of loss when a
single loss is claimed? - ✔✔The insured has 90 days from the date of loss to provide
proof of loss.
✔✔Which one of the following represents an advantage of obtaining a policy loan
versus a withdrawal? - ✔✔The loan is not taxed while a withdrawal is taxed for amounts
above the contract cost basis.
✔✔All of the following statements define preexisting conditions EXCEPT? - ✔✔Any
chronic health condition that presents symptoms and which was unknown at the time of
application.
✔✔Which is the difference between participating and non-participating? -
✔✔Participating policies pay dividends while non-participating policies do not.
✔✔How does the per captia rule apply to proceeds from a life insurance policy? -
✔✔The proceeds are divided equally among living primary beneficiaries.
2026/2027 QUESTIONS AND SOLUTIONS RATED A+
✔✔All of the following are non-forfeiture options EXCEPT - ✔✔Cash dividend option.
✔✔What happens when the lifetime maximum benefit limit has been reached? - ✔✔The
insured will pay all of the remaining medial costs for as long as the policy is in force.
✔✔Whose responsibility is it to make sure that the company is notified of a death claim
at the earliest possible opportunity (in most cases)? - ✔✔The producer.
✔✔What is the waiver of premium provision? - ✔✔In a long term care contract, the
premium is waived after the insured has been confined for a specific period of time.
✔✔All of the following are common exclusions from loss found in disability income
policies EXCEPT for that incurred while? - ✔✔Committing a misdemeanor
✔✔Which is a disadvantage to a flexible premium annuity? - ✔✔The actual amount of
the annuity benefit cannot be determined in advance.
✔✔What does coninsurance mean? - ✔✔The insurer and the insured share expenses
over the deductible.
✔✔Under normal conditions which of the following is TRUE for proof of loss when a
single loss is claimed? - ✔✔The insured has 90 days from the date of loss to provide
proof of loss.
✔✔Which one of the following represents an advantage of obtaining a policy loan
versus a withdrawal? - ✔✔The loan is not taxed while a withdrawal is taxed for amounts
above the contract cost basis.
✔✔All of the following statements define preexisting conditions EXCEPT? - ✔✔Any
chronic health condition that presents symptoms and which was unknown at the time of
application.
✔✔Which is the difference between participating and non-participating? -
✔✔Participating policies pay dividends while non-participating policies do not.
✔✔How does the per captia rule apply to proceeds from a life insurance policy? -
✔✔The proceeds are divided equally among living primary beneficiaries.
