PSI LIFE INSURANCE EXAM 2024 NEW UPDATE QUESTIONS AND ANSWERS A+ GRADED

PSI LIFE INSURANCE EXAM 2024 NEW UPDATE
QUESTIONS AND ANSWERS A+ GRADED



A common purpose for purchasing a fixed annuity is to
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...ANSWER... provide future economic security, as
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payments do not fluctuate
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A contract in which the company would be legally obligated
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to perform is considered ...ANSWER... conditional
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A payor benefit rider would be found on which type of
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policy? ...ANSWER... A juvenile life policy
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A person who intentionally commits a criminal violation of
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an insurance law may be subject to a MAXIMUM fine of
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...ANSWER... $5,000
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A policy may contain provisions excluding or restricting
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coverage as specified in the event of death under all of the
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following except ...ANSWER... a fare-paying passenger
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traveling via commercial transport
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A policy summary MUST contain the ...ANSWER... date
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on which the policy summary is prepared
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,A premium is due on a life insurance policy the first of each
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month. The policyowner failed to pay the premium and 20
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days later the insured died. Under which of the following
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provisions would the death benefit be paid? ...ANSWER...
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a nonforfeiture clause
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All of the following factors are used in life insurance
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premium determination EXCEPT ...ANSWER...
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Morbidity
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All of the following statements regarding a group annuity
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are correct EXCEPT ...ANSWER... Each employee signs
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and receives an individual contract
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An accelerated death benefit ...ANSWER... Pays a portion
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of the face amount when a policyowner is determined to be
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terminally ill
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An annuity that guarantees a given number of income
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payments, whether or not the annuitant is alive to receive
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them, is referred to as ...ANSWER... a life annuity certain
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, An annuity where the policyowner chooses a pre-
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determined number of benefit payments is referred to as
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...ANSWER... Period Certain
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An applicant would be charged a higher premium for a life
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insurance policy if they were ...ANSWER... Older
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An example of a risk that is NOT a pure risk would be
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...ANSWER... injury in an accident
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An immediate annuity begins making payments after the
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...ANSWER... first premium has been paid
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An immediate annuity is designed to make its first benefit
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payment to the annuitant typically ...ANSWER... one
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month from the annuity's purchase date
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An important goal of the Interstate Insurance Product
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Regulation Compact is to ...ANSWER... Provide insurers
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a single point of filling for review and approval of certain
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policy forms
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An individual who is NOT acceptable by an insurer at
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standard rates because of health, habits, or occupation is
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called a ...ANSWER... Substandard Risk
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