PSI Life Exam Newest 2025/2026 Complete
Questions and Correct Detailed Answers
Already Graded A+|Assured Success|Brand
New Version
Which of the following products is designed to pay benefits that can provide a
stream of retirement income to the purchaser? - CORRECT ANSWER-tax-
deferred growth
Which of the following guarantees that the annuitant CANNOT outlive their
benefits? - CORRECT 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? - CORRECT
ANSWER-It does not affect the insurance company's obligations
,In Wisconsin, an "intermediary" is defined as a representative of: - CORRECT
ANSWER-A Solicitor
All of the following statements regarding a group annuity are correct EXCEPT -
CORRECT ANSWER-Each employee signs and receives an individual contract
What kind of retirement plan can a 75-employee for profit corporation establish?
- CORRECT ANSWER-Simple IRA
The taxable portion of a monthly income benefit paid during the annuity phase
from a nonqualified annuity is calculated using the - CORRECT ANSWER-
Exclusion ratio
Unfair claims settlement methods and practices by an insurance company include
all of the following acts EXCEPT - CORRECT 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 - CORRECT
ANSWER-Interest only
, Regulations on life insurance advertising apply to which of the following insurance
company materials? - CORRECT 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? - CORRECT ANSWER-2
All of the following factors are used in life insurance premium determination
EXCEPT - CORRECT 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: - CORRECT 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:
- CORRECT ANSWER-Misrepresentation
Dividends are NOT subject to taxation because - CORRECT ANSWER-Paying
dividends is equivalent to returning a premium
Questions and Correct Detailed Answers
Already Graded A+|Assured Success|Brand
New Version
Which of the following products is designed to pay benefits that can provide a
stream of retirement income to the purchaser? - CORRECT ANSWER-tax-
deferred growth
Which of the following guarantees that the annuitant CANNOT outlive their
benefits? - CORRECT 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? - CORRECT
ANSWER-It does not affect the insurance company's obligations
,In Wisconsin, an "intermediary" is defined as a representative of: - CORRECT
ANSWER-A Solicitor
All of the following statements regarding a group annuity are correct EXCEPT -
CORRECT ANSWER-Each employee signs and receives an individual contract
What kind of retirement plan can a 75-employee for profit corporation establish?
- CORRECT ANSWER-Simple IRA
The taxable portion of a monthly income benefit paid during the annuity phase
from a nonqualified annuity is calculated using the - CORRECT ANSWER-
Exclusion ratio
Unfair claims settlement methods and practices by an insurance company include
all of the following acts EXCEPT - CORRECT 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 - CORRECT
ANSWER-Interest only
, Regulations on life insurance advertising apply to which of the following insurance
company materials? - CORRECT 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? - CORRECT ANSWER-2
All of the following factors are used in life insurance premium determination
EXCEPT - CORRECT 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: - CORRECT 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:
- CORRECT ANSWER-Misrepresentation
Dividends are NOT subject to taxation because - CORRECT ANSWER-Paying
dividends is equivalent to returning a premium
