CALIFORNIA PSI LIFE INSURANCE EXAM SPRING-SUMMER ACTUAL TEST QUESTIONS
WITH ACCURATE SOLUTIONS- GRADED A+
A participating company is also referred to as which type of insurer?
Mutual insurer
An insurer owned by its policyholders, is called a
Mutual insurer
What is a participating life insurance policy?
Contract that allows the policyowner to receive a share of surplus in the form of policy
dividends
An insurer enter into a contract with a third-party to ensure itself against losses from
insurance policies it issues. What is this agreement called?
Reinsurance
John owns an insurance company that gives him the right to share and then sure surplus.
What kind of policy is this?
Participating
Which of the following is not a characteristic of reinsurance?
,Increases the unearned premium reserved
Which of the following is not a benefit of insurance?
Losses due to fraud are eliminated
When a mutual insurer becomes a stock company, the process is called
Demutualization
The "blackout period" affects whose benefits?
Surviving spouse
What is considered to be the definition of disability, according to social security?
Unable to engage in any substantial gainful activity
What determines the Social Security normal retirement age?
Year in which worker was born
Which statement is not true regarding Social Security benefits?
Benefits are designed to replace the entire amount of the workers earnings
, At what age is a surviving spouse without dependents eligible for Social Security survivor
benefits?
60
In order to be considered "currently insured" under Social Security, an individual must be
credited with:
6 quarters of coverage during the last 13-quarter period
A worker is entitled to Social Security disability benefits if all of the following are true
EXCEPT for
Worker cannot perform his or her current job, but is actively seeking other employment
According to the California Insurance Code, what is "insurance"?
A contract
A representation may be altered or withdrawn
only before the insurance is in effect
The California insurance code has authorized standards for names used by life insurance
agents. Which of the following, if any, are automatically acceptable for Lance Manyon, a
holder of the CLU designation?
Lance Manyon insurance services
WITH ACCURATE SOLUTIONS- GRADED A+
A participating company is also referred to as which type of insurer?
Mutual insurer
An insurer owned by its policyholders, is called a
Mutual insurer
What is a participating life insurance policy?
Contract that allows the policyowner to receive a share of surplus in the form of policy
dividends
An insurer enter into a contract with a third-party to ensure itself against losses from
insurance policies it issues. What is this agreement called?
Reinsurance
John owns an insurance company that gives him the right to share and then sure surplus.
What kind of policy is this?
Participating
Which of the following is not a characteristic of reinsurance?
,Increases the unearned premium reserved
Which of the following is not a benefit of insurance?
Losses due to fraud are eliminated
When a mutual insurer becomes a stock company, the process is called
Demutualization
The "blackout period" affects whose benefits?
Surviving spouse
What is considered to be the definition of disability, according to social security?
Unable to engage in any substantial gainful activity
What determines the Social Security normal retirement age?
Year in which worker was born
Which statement is not true regarding Social Security benefits?
Benefits are designed to replace the entire amount of the workers earnings
, At what age is a surviving spouse without dependents eligible for Social Security survivor
benefits?
60
In order to be considered "currently insured" under Social Security, an individual must be
credited with:
6 quarters of coverage during the last 13-quarter period
A worker is entitled to Social Security disability benefits if all of the following are true
EXCEPT for
Worker cannot perform his or her current job, but is actively seeking other employment
According to the California Insurance Code, what is "insurance"?
A contract
A representation may be altered or withdrawn
only before the insurance is in effect
The California insurance code has authorized standards for names used by life insurance
agents. Which of the following, if any, are automatically acceptable for Lance Manyon, a
holder of the CLU designation?
Lance Manyon insurance services
