CA- PSI- Life, Accident & Health Exam with verified detailed
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answers
Reduced Paid Up - ✔✔Nonforfeiture option provides new whole life policy at reduced face
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amount of protection. Provides coverage for longest time.
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Extended Term - ✔✔Nonforfeiture option provides new TERM policy with same face
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amount of coverage as original policy
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Guaranteed Lifetime Withdrawal - ✔✔Annuity rider that assures owner will at least get
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amount paid for the annuity
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Guaranteed Minimum Income - ✔✔Rider that guarantees you will get a set amount
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annually
Paid-Up Additions - ✔✔Increase the death benefit of the original policy by the amount the
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dividend will buy || ||
Needs Approach - ✔✔The predicted needs of a family after the premature death of the
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insured
3 Factors that determine premium of life insurance policy - ✔✔Mortality, Interest, Expense
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Optionally Renewable - ✔✔Allows insurer to terminate policy for any reason or increase
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premiums for a class of insureds on specified date. Only allowed to terminate on premium
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due dates
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, Monthly Premium for health insurance- How long is grace period - ✔✔10 days for monthly
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pay mode. 7 days for weekly pay mode. 31 days for all other modes.
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Purpose of Coinsurance provision - ✔✔Prevent overutilization of policy benefits
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What does "level" refer to in level term insurance? - ✔✔Face Amount
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Limited Pay Whole Life - ✔✔Policyholder only pays premiums for a specified number of
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years. The whole policy is paid by age 100.
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What type of policy can a policyowner skip payments without lapsing? - ✔✔Universal
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Death Benefit Options in Universal Life - ✔✔Option A- Level death benefit, gradually
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increasing cash value. IRS Corridor || || || ||
Option B- Increasing death benefit
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In Variable Universal, what is variable? - ✔✔Cash Value and Face Amount
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Pure Death Protection - ✔✔(Term/temporary protection) if the insured dies during this
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term, the beneficiary receives the pay out; if policy is cancelled/expires prior to insured
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death, there is nothing payable at the end
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Main purpose to purchase annuity - ✔✔Provide income an annuitant can't outlive
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SIMPLE plans - ✔✔For no more than 100 || || || || || || ||
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answers
Reduced Paid Up - ✔✔Nonforfeiture option provides new whole life policy at reduced face
|| || || || || || || || || || || || || ||
amount of protection. Provides coverage for longest time.
|| || || || || || ||
Extended Term - ✔✔Nonforfeiture option provides new TERM policy with same face
|| || || || || || || || || || || ||
amount of coverage as original policy
|| || || || ||
Guaranteed Lifetime Withdrawal - ✔✔Annuity rider that assures owner will at least get
|| || || || || || || || || || || || ||
amount paid for the annuity
|| || || ||
Guaranteed Minimum Income - ✔✔Rider that guarantees you will get a set amount
|| || || || || || || || || || || || ||
annually
Paid-Up Additions - ✔✔Increase the death benefit of the original policy by the amount the
|| || || || || || || || || || || || || || ||
dividend will buy || ||
Needs Approach - ✔✔The predicted needs of a family after the premature death of the
|| || || || || || || || || || || || || || ||
insured
3 Factors that determine premium of life insurance policy - ✔✔Mortality, Interest, Expense
|| || || || || || || || || || || ||
Optionally Renewable - ✔✔Allows insurer to terminate policy for any reason or increase
|| || || || || || || || || || || || ||
premiums for a class of insureds on specified date. Only allowed to terminate on premium
|| || || || || || || || || || || || || || ||
due dates
||
, Monthly Premium for health insurance- How long is grace period - ✔✔10 days for monthly
|| || || || || || || || || || || || || || ||
pay mode. 7 days for weekly pay mode. 31 days for all other modes.
|| || || || || || || || || || || || ||
Purpose of Coinsurance provision - ✔✔Prevent overutilization of policy benefits
|| || || || || || || || ||
What does "level" refer to in level term insurance? - ✔✔Face Amount
|| || || || || || || || || || ||
Limited Pay Whole Life - ✔✔Policyholder only pays premiums for a specified number of
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years. The whole policy is paid by age 100.
|| || || || || || || ||
What type of policy can a policyowner skip payments without lapsing? - ✔✔Universal
|| || || || || || || || || || || ||
Death Benefit Options in Universal Life - ✔✔Option A- Level death benefit, gradually
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increasing cash value. IRS Corridor || || || ||
Option B- Increasing death benefit
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In Variable Universal, what is variable? - ✔✔Cash Value and Face Amount
|| || || || || || || || || || ||
Pure Death Protection - ✔✔(Term/temporary protection) if the insured dies during this
|| || || || || || || || || || || ||
term, the beneficiary receives the pay out; if policy is cancelled/expires prior to insured
|| || || || || || || || || || || || || ||
death, there is nothing payable at the end
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Main purpose to purchase annuity - ✔✔Provide income an annuitant can't outlive
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SIMPLE plans - ✔✔For no more than 100 || || || || || || ||
