CA PSI-LIFE, ACCIDENT, AND HEALTH OR
SICKNESS PRACTICE EXAM ALREADY
GRADED A+
which is an example of when an immediate annuity would be
appropriate ? Correct Answer upon receipt of large insurance
proceeds
Which plan is most commonly paired with a High Deductible
Health Plan? Correct Answer Health Savings Account (HSA)
which of the following was specifically designed to address stoli
and IOLI practices? Correct Answer NCOIL Act
short term disability insurance generally only covers injuries due
to which of the following ? Correct Answer Non-occupational
injuries
What is a MIB report? Correct Answer medical information on an
applicant for assessing life or health insurance risk
which is the difference between participating and non participating
policies Correct Answer Participating policies pay dividends while
non-participating policies do not.
,All of the following are common exclusions from loss found in
disability income policies EXCEPT for that incurred while Correct
Answer Committing a misdemeanor
which of the following term insurance types provides temporary
protection than can be changed to some type of permanent
protection without evidence of insurability? Correct Answer
convertible
In order for an insurer to increase the premium on a non
cancelable policy, which of the following must be true ? Correct
Answer The premium increase must be in the contract at the time
it is issued.
In which of the following cares are premiums paid by a business
NOT tax deductible as a business expenses ? Correct Answer
key person disability income insurance
In which of the following cases are premiums paid by a business
NOT tax deductible as a business expense ? Correct Answer key
person disability income insurance
How do warranties differ from representations? Correct Answer a
warranty is guaranteed to be true, a representation is believed to
be true to the best of one's knowledge.
,which of the following amends the Social Security Act to make
Medicare secondary to group health plans ? Correct Answer
TEFRA
When the courts look at a contract to determine the intent of the
parties which of the following is considered? Correct Answer
Entire Contract
Group AD&D policies may be deducted by whom and under which
deduction category? Correct Answer the employer under
business expenses
Managed care plans increase efficiency by all of the following
means EXCEPT Correct Answer transferring the management of
costs to the insureds.
When the suicide clause is inserted in a life insurance contract,
death by suicide is not covered during the policy's initial: Correct
Answer 2 year period
which of the following lists three common types of permanent
individuals life insurance ? Correct Answer Variable Life, Whole
life , Universal Life
Which type of annuity covers two or more annuitants and provides
monthly income only until the first annuitant dies? Correct Answer
Joint life annuity
, which of the following is characteristic of a non qualified plan ?
Correct Answer plan does not meet federal guidelines for tax
benefits
what type of insurance should a company purchase if it wants to
insure the life of its CEO Correct Answer key person insurance
All of the following are tax qualified retirement plan except Correct
Answer section 529 plan
A consumer report used to determine eligibility Correct Answer
medical underwriting exam
Which type of receipt makes the insurer liable for the risk from the
date of application, regardless of the applicant's insurability?
Correct Answer Binding receipt
When does insurable interest come into play in a life insurance
policy? Correct Answer when the applicant for the policy is not
the insured
which is a primary difference between individual and group health
insurance Correct Answer Individual insurance requires evidence
of insurability.
SICKNESS PRACTICE EXAM ALREADY
GRADED A+
which is an example of when an immediate annuity would be
appropriate ? Correct Answer upon receipt of large insurance
proceeds
Which plan is most commonly paired with a High Deductible
Health Plan? Correct Answer Health Savings Account (HSA)
which of the following was specifically designed to address stoli
and IOLI practices? Correct Answer NCOIL Act
short term disability insurance generally only covers injuries due
to which of the following ? Correct Answer Non-occupational
injuries
What is a MIB report? Correct Answer medical information on an
applicant for assessing life or health insurance risk
which is the difference between participating and non participating
policies Correct Answer Participating policies pay dividends while
non-participating policies do not.
,All of the following are common exclusions from loss found in
disability income policies EXCEPT for that incurred while Correct
Answer Committing a misdemeanor
which of the following term insurance types provides temporary
protection than can be changed to some type of permanent
protection without evidence of insurability? Correct Answer
convertible
In order for an insurer to increase the premium on a non
cancelable policy, which of the following must be true ? Correct
Answer The premium increase must be in the contract at the time
it is issued.
In which of the following cares are premiums paid by a business
NOT tax deductible as a business expenses ? Correct Answer
key person disability income insurance
In which of the following cases are premiums paid by a business
NOT tax deductible as a business expense ? Correct Answer key
person disability income insurance
How do warranties differ from representations? Correct Answer a
warranty is guaranteed to be true, a representation is believed to
be true to the best of one's knowledge.
,which of the following amends the Social Security Act to make
Medicare secondary to group health plans ? Correct Answer
TEFRA
When the courts look at a contract to determine the intent of the
parties which of the following is considered? Correct Answer
Entire Contract
Group AD&D policies may be deducted by whom and under which
deduction category? Correct Answer the employer under
business expenses
Managed care plans increase efficiency by all of the following
means EXCEPT Correct Answer transferring the management of
costs to the insureds.
When the suicide clause is inserted in a life insurance contract,
death by suicide is not covered during the policy's initial: Correct
Answer 2 year period
which of the following lists three common types of permanent
individuals life insurance ? Correct Answer Variable Life, Whole
life , Universal Life
Which type of annuity covers two or more annuitants and provides
monthly income only until the first annuitant dies? Correct Answer
Joint life annuity
, which of the following is characteristic of a non qualified plan ?
Correct Answer plan does not meet federal guidelines for tax
benefits
what type of insurance should a company purchase if it wants to
insure the life of its CEO Correct Answer key person insurance
All of the following are tax qualified retirement plan except Correct
Answer section 529 plan
A consumer report used to determine eligibility Correct Answer
medical underwriting exam
Which type of receipt makes the insurer liable for the risk from the
date of application, regardless of the applicant's insurability?
Correct Answer Binding receipt
When does insurable interest come into play in a life insurance
policy? Correct Answer when the applicant for the policy is not
the insured
which is a primary difference between individual and group health
insurance Correct Answer Individual insurance requires evidence
of insurability.
