PSI LIFE ,ACCIDENT AND HEALTH EXAM
2024-2025 ACTUAL EXAM COMPLETE
ACCURATE EXAM QUESTIONS WITH
DETAILED VERIFIED ANSWERS (100%
CORRECT ANSWERS) /ALREADY
GRADED A+
When an insured under age 60 purchases a new
policy, how much time do they have to cancel and
receive a full refund of premiums?
1
The insured has 90 days to decide they want to
cancel a new policy and receive a partial refund of
premiums paid.
2
The insured has only 5 days and not more than 20
days to inform the insurer they want to cancel a new
policy and receive a full premium refund.
3
,The insured has 60 days to cancel, but the insurer is
not required to refund the full premium amount paid
for the policy.
4
The insured has a period of not less than 10, and not
more than 30 days, during which they may cancel
and receive a full refund for the premiums paid. -
....ANSWER...4
The insured has a period of not less than 10, and not
more than 30 days, during which they may cancel
and receive a full refund for the premiums paid.
All of the following are requirements for an
applicant to be licensed as a life & disability
insurance analyst EXCEPT
1
having a thorough knowledge of life or disability
insurance products.
2
having been employed by an insurance company.
3
being a fit and proper person to hold the license
applied for.
,4
being of good business reputation and of good
general reputation. - ....ANSWER...2
having been employed by an insurance company.
All of the following are permitted to have blanket
insurance policies with specific restrictions EXCEPT
1
any union with dues-paying members.
2
a volunteer or governmental fire department.
3
a newspaper.
4
an institution of learning. - ....ANSWER...1
any union with dues-paying members.
What is the maximum fine for a person who
transacts insurance without a valid license?
1
, $10,000 and/or probation for 1 year.
2
$25,000 and/or imprisonment for a period not
exceeding 6 months.
3
$50,000 and/or imprisonment for a period not
exceeding one year.
4
$100,000 and/or imprisonment for a period not
exceeding three years. - ....ANSWER...3
$50,000 and/or imprisonment for a period not
exceeding one year.
The Insurance Commissioner may deny an
application for any license issued for any of the
following EXCEPT
1
the applicant has been convicted of a felony.
2
the applicant is not of good business reputation.
3
the applicant is lacking in good judgment.
2024-2025 ACTUAL EXAM COMPLETE
ACCURATE EXAM QUESTIONS WITH
DETAILED VERIFIED ANSWERS (100%
CORRECT ANSWERS) /ALREADY
GRADED A+
When an insured under age 60 purchases a new
policy, how much time do they have to cancel and
receive a full refund of premiums?
1
The insured has 90 days to decide they want to
cancel a new policy and receive a partial refund of
premiums paid.
2
The insured has only 5 days and not more than 20
days to inform the insurer they want to cancel a new
policy and receive a full premium refund.
3
,The insured has 60 days to cancel, but the insurer is
not required to refund the full premium amount paid
for the policy.
4
The insured has a period of not less than 10, and not
more than 30 days, during which they may cancel
and receive a full refund for the premiums paid. -
....ANSWER...4
The insured has a period of not less than 10, and not
more than 30 days, during which they may cancel
and receive a full refund for the premiums paid.
All of the following are requirements for an
applicant to be licensed as a life & disability
insurance analyst EXCEPT
1
having a thorough knowledge of life or disability
insurance products.
2
having been employed by an insurance company.
3
being a fit and proper person to hold the license
applied for.
,4
being of good business reputation and of good
general reputation. - ....ANSWER...2
having been employed by an insurance company.
All of the following are permitted to have blanket
insurance policies with specific restrictions EXCEPT
1
any union with dues-paying members.
2
a volunteer or governmental fire department.
3
a newspaper.
4
an institution of learning. - ....ANSWER...1
any union with dues-paying members.
What is the maximum fine for a person who
transacts insurance without a valid license?
1
, $10,000 and/or probation for 1 year.
2
$25,000 and/or imprisonment for a period not
exceeding 6 months.
3
$50,000 and/or imprisonment for a period not
exceeding one year.
4
$100,000 and/or imprisonment for a period not
exceeding three years. - ....ANSWER...3
$50,000 and/or imprisonment for a period not
exceeding one year.
The Insurance Commissioner may deny an
application for any license issued for any of the
following EXCEPT
1
the applicant has been convicted of a felony.
2
the applicant is not of good business reputation.
3
the applicant is lacking in good judgment.
