PSI Insurance Exam Questions and Answers Latest 2024

What must the policy summary in a life insurance policy include?1. conditional receipt and the insurer's home office address2. reserve deposits.3. the name and address of the insurance agent or broker4. definition of replacement. the name and address of the insurance agent or broker Which of the following statements is CORRECT about Medicare Supplement Insurance?1. An agent must provide an outline of coverage to an insured at the time of policy delivery.2. If an applicant has an existing Medicare Supplement Policy, the information does not have to be mentioned on the new application.3. Replacement of a Medicare Supplement Policy is prohibited unless approved by the Commissioner of Insurance.4. Duplication of Medicare Supplement coverage is prohibited. Duplication of Medicare Supplement coverage is prohibited. Replacement refers to which of the following?1. replacing an existing policy with a new one2. replacing a beneficiary3. replacing one insured with another4. replacing the original policy with a copy replacing an existing policy with a new one An insured MUST present evidence of insurability and pay all overdue premiums with interest after a policy has lapsed in order to exercise which policy provision?1. Conversion.2. Reinstatement.3. Ownership.4. Guaranteed Renewability. Reinstatement. When replacing existing life insurance, what must an agent do?1. Collect the in-force policies and s