PSI Life | Complete Q&A
Review | Graded A+
• Which policy type is backed by equity investments and allows the
policyholder to adjust the death benefit? -✓✓variable universal life
• Which annuity settlement option provides a stated monthly amount to
the annuitant and upon the annuitant?s death the same or a lesser amount
paid for the lifetime of the survivor? -✓✓Joint and survivorship option
• In which of the following must a beneficiary change request be filed in
writing to the insurer and is made effective by the insurance company
recording the change in its records? -✓✓recording method
• What is the order in which beneficiaries receive proceeds from a life
insurance policy? -✓✓succession of beneficiaries
• Which part of an insurance contract contains the promise to pay losses
covered by the policy in exchange for the insured's premium and
compliance with policy terms? -✓✓insuring clause
• Which of the following is exempted from the incontestability provision
in insurance policies? -✓✓fraudulent misstatements
, • What is the primary advantage for obtaining a reinstatement of a policy
rather than obtaining a new one? -✓✓insured original age is used
• All of the following are ownership rights EXCEPT -✓✓switching the
policy from one insured to another
• Which is a common approach to addressing the problems inherent in
naming a minor as a beneficiary to a life insurance policy? -
✓✓establishing a trust to administer proceeds
• In which of the following must a beneficiary change request be filed in
writing to the insurer and is made effective by the insurance company
recording the change in its records? -✓✓recording method
• Which part of an insurance contract contains the promise to pay losses
covered by the policy in exchange for the insured's premium and
compliance with policy terms? -✓✓insuring clause
• Which is a common approach to addressing the problems inherent in
naming a minor as a beneficiary to a life insurance policy? -
✓✓establishing a trust to administer proceeds
• Which of the following occurs immediately after the application is
submitted and the initial premium paid? -✓✓the underwriting process
begins
Review | Graded A+
• Which policy type is backed by equity investments and allows the
policyholder to adjust the death benefit? -✓✓variable universal life
• Which annuity settlement option provides a stated monthly amount to
the annuitant and upon the annuitant?s death the same or a lesser amount
paid for the lifetime of the survivor? -✓✓Joint and survivorship option
• In which of the following must a beneficiary change request be filed in
writing to the insurer and is made effective by the insurance company
recording the change in its records? -✓✓recording method
• What is the order in which beneficiaries receive proceeds from a life
insurance policy? -✓✓succession of beneficiaries
• Which part of an insurance contract contains the promise to pay losses
covered by the policy in exchange for the insured's premium and
compliance with policy terms? -✓✓insuring clause
• Which of the following is exempted from the incontestability provision
in insurance policies? -✓✓fraudulent misstatements
, • What is the primary advantage for obtaining a reinstatement of a policy
rather than obtaining a new one? -✓✓insured original age is used
• All of the following are ownership rights EXCEPT -✓✓switching the
policy from one insured to another
• Which is a common approach to addressing the problems inherent in
naming a minor as a beneficiary to a life insurance policy? -
✓✓establishing a trust to administer proceeds
• In which of the following must a beneficiary change request be filed in
writing to the insurer and is made effective by the insurance company
recording the change in its records? -✓✓recording method
• Which part of an insurance contract contains the promise to pay losses
covered by the policy in exchange for the insured's premium and
compliance with policy terms? -✓✓insuring clause
• Which is a common approach to addressing the problems inherent in
naming a minor as a beneficiary to a life insurance policy? -
✓✓establishing a trust to administer proceeds
• Which of the following occurs immediately after the application is
submitted and the initial premium paid? -✓✓the underwriting process
begins
