PSI EXAM QUESTIONS.pdf

PSI: LIFE, ACCIDENT, AND HEALTH




Undernthenmisstatementnofnagenorngendernprovision,nwhatnhappensnifnitnisndeterminednatndeathnth
atntheninsured'snagenorngendernwasnmisstatednonnanlifeninsurancenpolicynapplication?n-
nnCORRECTnANSWERSBenefitsnarenadjustedntonannamountnthatnthenpremiumnwouldnhavenpurchase


dnatnthencorrectnagenorngender.



Whichnofnthenfollowingnmustnbengivenntontheninsurernwithinn20ndaysnafternoccurrencenorncommen
cementnofnanynlossncoverednbynthenpolicy,nornasnthereafternasnisnreasonablynpossible?n-
nnCORRECTnANSWERSNoticenofnclaim.




WhennwillnanpolicynpaynonnanUCRnbasis?n-
nnCORRECTnANSWERSWhennparticularnbenefitsnarennotnlistednonnanpaymentnschedule.




Allnofnthenfollowingnarennon-forfeiturenoptionsnEXCEPTn-
nnCORRECTnANSWERSCashndividendnoption.




Whatnhappensnwhennthenlifetimenmaximumnbenefitnlimitnhasnbeennreached?n-
nnCORRECTnANSWERSTheninsurednwillnpaynallnofnthenremainingnmedialncostsnfornasnlongnasnthenpoli


cynisninnforce.



Whosenresponsibilitynisnitntonmakensurenthatnthencompanynisnnotifiednofnandeathnclaimnatnthenearlie
stnpossiblenopportunityn(innmostncases)?n-nnCORRECTnANSWERSThenproducer.



Whatnisnthenwaivernofnpremiumnprovision?n-
nnCORRECTnANSWERSInnanlongntermncarencontract,nthenpremiumnisnwaivednafterntheninsurednhasnb


eennconfinednfornanspecificnperiodnofntime.

, AllnofnthenfollowingnarencommonnexclusionsnfromnlossnfoundninndisabilitynincomenpoliciesnEXCEPTnf
ornthatnincurrednwhile?n-nnCORRECTnANSWERSCommittingnanmisdemeanor



Whichnisnandisadvantagentonanflexiblenpremiumnannuity?n-
nnCORRECTnANSWERSThenactualnamountnofnthenannuitynbenefitncannotnbendeterminedninnadvance


.



Whatndoesnconinsurancenmean?n-
nnCORRECTnANSWERSTheninsurernandntheninsurednsharenexpensesnovernthendeductible.




UndernnormalnconditionsnwhichnofnthenfollowingnisnTRUEnfornproofnofnlossnwhennansinglenlossnisncla
imed?n-
nnCORRECTnANSWERSTheninsurednhasn90ndaysnfromnthendatenofnlossntonprovidenproofnofnloss.




Whichnonenofnthenfollowingnrepresentsnannadvantagenofnobtainingnanpolicynloannversusnanwithdra
wal?n-
nnCORRECTnANSWERSThenloannisnnotntaxednwhilenanwithdrawalnisntaxednfornamountsnaboventhenco


ntractncostnbasis.



AllnofnthenfollowingnstatementsndefinenpreexistingnconditionsnEXCEPT?n-
nnCORRECTnANSWERSAnynchronicnhealthnconditionnthatnpresentsnsymptomsnandnwhichnwasnunkn


ownnatnthentimenofnapplication.



Whichnisnthendifferencenbetweennparticipatingnandnnon-participating?n-
nnCORRECTnANSWERSParticipatingnpoliciesnpayndividendsnwhilennon-participatingnpoliciesndonnot.




Howndoesnthenperncaptianrulenapplyntonproceedsnfromnanlifeninsurancenpolicy?n-
nnCORRECTnANSWERSThenproceedsnarendividednequallynamongnlivingnprimarynbeneficiaries.