PSI LIFE EXAM LATEST 2023-2024 REAL EXAM 100+ QUESTIONS AND CORRECT ANSWERS
What kind of retirement plan can a 75-employee for profit corporation establish? - (answer) Simple IRA
The taxable portion of a monthly income benefit paid during the annuity phase from a nonqualified
annuity is calculated using the - (answer) Exclusion ratio
Unfair claims settlement methods and practices by an insurance company include all of the following
acts EXCEPT - (answer) failure to pay all claims that are reported within 90 days after a loss occurs
The settlement option that allows proceeds to remain with the insurer and the earnings to be paid to
the beneficiary on a monthly basis is called - (answer) Interest only
Regulations on life insurance advertising apply to which of the following insurance company materials? -
(answer) A radio commercial that promotes the benefits of a specific company's life insurance products
An insurance company may contest a life policy within a MAXIMUM of how many years after the policy's
effective date? - (answer) 2
All of the following factors are used in life insurance premium determination EXCEPT - (answer)
Morbidity
The authorization used to obtain the applicant's medical information that will be used by the insurer for
the primary purpose of determining eligibility must include: - (answer) the time frame in which the
insurer must release the eligibility decision to the agent
An intermediary who omits information on an insurance application without the applicant's knowledge
and submits the application to the insurer may be guilty of: - (answer) Misrepresentation
Dividends are NOT subject to taxation because - (answer) Paying dividends is equivalent to returning a
premium
The XYZ Insurance Company cancels an intermediary's contract. XYZ could be bound by the
intermediary's later acts if it: - (answer) Continues to pay the intermediary deferred commissions
, PSI LIFE EXAM LATEST 2023-2024 REAL EXAM 100+ QUESTIONS AND CORRECT ANSWERS
Which of the following products is designed to pay benefits that can provide a stream of retirement
income to the purchaser? - (answer) tax-deferred growth
Which of the following guarantees that the annuitant CANNOT outlive their benefits? - (answer)
Guaranteed lifetime withdrawal benefit
Which of the following statements is CORRECT about an insured's failure to report a claim in a timely
manner based on the advice of an intermediary? - (answer) It does not affect the insurance company's
obligations
In Wisconsin, an "intermediary" is defined as a representative of: - (answer) A Solicitor
All of the following statements regarding a group annuity are correct EXCEPT - (answer) Each employee
signs and receives an individual contract
Statements by an application concerning personal health history, family health history, occupation, and
hobbies are referred to as - (answer) Representations
Which of the following entities is responsible for notifying an insurance company of a disability
insurance claim? - (answer) 1. Insured
2. Insured's physician
An insurer may cancel a policy midterm for all of the following reasons EXCEPT when the insured: -
(answer) Has a change in marital status
An accelerated death benefit - (answer) Pays a portion of the face amount when a policyowner is
determined to be terminally ill
Upon annuitization, which of the following will have the HIGHEST monthly payout? - (answer) Straight
Life
What kind of retirement plan can a 75-employee for profit corporation establish? - (answer) Simple IRA
The taxable portion of a monthly income benefit paid during the annuity phase from a nonqualified
annuity is calculated using the - (answer) Exclusion ratio
Unfair claims settlement methods and practices by an insurance company include all of the following
acts EXCEPT - (answer) failure to pay all claims that are reported within 90 days after a loss occurs
The settlement option that allows proceeds to remain with the insurer and the earnings to be paid to
the beneficiary on a monthly basis is called - (answer) Interest only
Regulations on life insurance advertising apply to which of the following insurance company materials? -
(answer) A radio commercial that promotes the benefits of a specific company's life insurance products
An insurance company may contest a life policy within a MAXIMUM of how many years after the policy's
effective date? - (answer) 2
All of the following factors are used in life insurance premium determination EXCEPT - (answer)
Morbidity
The authorization used to obtain the applicant's medical information that will be used by the insurer for
the primary purpose of determining eligibility must include: - (answer) the time frame in which the
insurer must release the eligibility decision to the agent
An intermediary who omits information on an insurance application without the applicant's knowledge
and submits the application to the insurer may be guilty of: - (answer) Misrepresentation
Dividends are NOT subject to taxation because - (answer) Paying dividends is equivalent to returning a
premium
The XYZ Insurance Company cancels an intermediary's contract. XYZ could be bound by the
intermediary's later acts if it: - (answer) Continues to pay the intermediary deferred commissions
, PSI LIFE EXAM LATEST 2023-2024 REAL EXAM 100+ QUESTIONS AND CORRECT ANSWERS
Which of the following products is designed to pay benefits that can provide a stream of retirement
income to the purchaser? - (answer) tax-deferred growth
Which of the following guarantees that the annuitant CANNOT outlive their benefits? - (answer)
Guaranteed lifetime withdrawal benefit
Which of the following statements is CORRECT about an insured's failure to report a claim in a timely
manner based on the advice of an intermediary? - (answer) It does not affect the insurance company's
obligations
In Wisconsin, an "intermediary" is defined as a representative of: - (answer) A Solicitor
All of the following statements regarding a group annuity are correct EXCEPT - (answer) Each employee
signs and receives an individual contract
Statements by an application concerning personal health history, family health history, occupation, and
hobbies are referred to as - (answer) Representations
Which of the following entities is responsible for notifying an insurance company of a disability
insurance claim? - (answer) 1. Insured
2. Insured's physician
An insurer may cancel a policy midterm for all of the following reasons EXCEPT when the insured: -
(answer) Has a change in marital status
An accelerated death benefit - (answer) Pays a portion of the face amount when a policyowner is
determined to be terminally ill
Upon annuitization, which of the following will have the HIGHEST monthly payout? - (answer) Straight
Life
