PA Life practice exam from PSI (1) EXAM
(ANSWERED) CORRECTLY TO SCORE A+
Obtaining consumer information reports under false
pretenses is prosecutable by which of the following?
1.
USA Patriot Act
2.
Fair Credit Reporting Act
3.
State laws where the applicant resides
4.
Securities and Exchange Commission - Correct Answers
✅2.
Fair Credit Reporting Act
All of the following are features of the spendthrift clause
EXCEPT
1.
proceeds are paid in some other way than a single lump sum.
2.
proceeds are protected by the insurer from the beneficiary's
creditors.
3.
transfer of proceeds to creditors is prohibited.
4.
,PA Life practice exam from PSI (1) EXAM
(ANSWERED) CORRECTLY TO SCORE A+
the beneficiary may encumber the proceeds. - Correct
Answers ✅4.
the beneficiary may encumber the proceeds.
What procedure is used by an insurer to protect itself in the
event a dispute arises and the applicant and the agent do not
recall the changes that were made in a completed
application?
1.
The applicant and possibly the agent initial any changes
made.
2.
The applicant and the agent sign a document that outlines
changes made.
3.
An arbitration agreement is signed at the time of the signing
of the application.
4.
All changes must be approved by the underwriter prior to the
submission of the application. - Correct Answers ✅1.
The applicant and possibly the agent initial any changes
made.
All of the following are ownership rights EXCEPT
, PA Life practice exam from PSI (1) EXAM
(ANSWERED) CORRECTLY TO SCORE A+
1.
changing the beneficiary of the policy
2.
borrowing funds against cash value
3.
switching the policy from one insured to another
4.
assigning all of the rights of the policy to another person -
Correct Answers ✅3.
switching the policy from one insured to another
Which policy type is backed by equity investments and allows
the policyholder to adjust the death benefit?
1.
term life
2.
variable life
3.
regular whole life
4.
variable universal life - Correct Answers ✅4.
variable universal life
(ANSWERED) CORRECTLY TO SCORE A+
Obtaining consumer information reports under false
pretenses is prosecutable by which of the following?
1.
USA Patriot Act
2.
Fair Credit Reporting Act
3.
State laws where the applicant resides
4.
Securities and Exchange Commission - Correct Answers
✅2.
Fair Credit Reporting Act
All of the following are features of the spendthrift clause
EXCEPT
1.
proceeds are paid in some other way than a single lump sum.
2.
proceeds are protected by the insurer from the beneficiary's
creditors.
3.
transfer of proceeds to creditors is prohibited.
4.
,PA Life practice exam from PSI (1) EXAM
(ANSWERED) CORRECTLY TO SCORE A+
the beneficiary may encumber the proceeds. - Correct
Answers ✅4.
the beneficiary may encumber the proceeds.
What procedure is used by an insurer to protect itself in the
event a dispute arises and the applicant and the agent do not
recall the changes that were made in a completed
application?
1.
The applicant and possibly the agent initial any changes
made.
2.
The applicant and the agent sign a document that outlines
changes made.
3.
An arbitration agreement is signed at the time of the signing
of the application.
4.
All changes must be approved by the underwriter prior to the
submission of the application. - Correct Answers ✅1.
The applicant and possibly the agent initial any changes
made.
All of the following are ownership rights EXCEPT
, PA Life practice exam from PSI (1) EXAM
(ANSWERED) CORRECTLY TO SCORE A+
1.
changing the beneficiary of the policy
2.
borrowing funds against cash value
3.
switching the policy from one insured to another
4.
assigning all of the rights of the policy to another person -
Correct Answers ✅3.
switching the policy from one insured to another
Which policy type is backed by equity investments and allows
the policyholder to adjust the death benefit?
1.
term life
2.
variable life
3.
regular whole life
4.
variable universal life - Correct Answers ✅4.
variable universal life
