PSI LIFE INSURANCE LATEST EXAM 2025
WITH MULTIPLE CHOICE OF QUESTIONS AND
DETAILED SOLUTIONS ALREADY GRADED
A+AND 100% GUARANTEE PASS (JUST
RELEASED!!!!!)
What is the maximum amount of time the insured has to file
legal action against the insurer after written proof of loss is
provided? - CORRECT ANSWER-3 years
What is a MIB report? - CORRECT ANSWER-medical information on
an applicant for assessing life or health insurance risk
All of the following are TRUE regarding incomplete
applications EXCEPT - CORRECT ANSWER-the incomplete
application can be accepted with the missing information added
later.
Why are insurance policies considered conditional contracts? -
CORRECT ANSWER-Certain conditions need to be met to make the
contract legally enforceable.
When does insurable interest come into play in a life insurance
policy? - CORRECT ANSWER-when the applicant for the policy is not
the insured
, Which type of receipt makes the insurer liable for the risk from
the date of application, regardless of the applicant's
insurability? - CORRECT ANSWER-binding receipt
What specific new procedures does the USA Patriot Act require
of insurance companies? - CORRECT ANSWER-Establish an anti-
money laundering program
What is the purpose of Stranger-originated life insurance
(STOLI)? - CORRECT ANSWER-he policy originated primarily or
solely for the purpose of resale.
How do warranties differ from representations? - CORRECT
ANSWER-a warranty is guaranteed to be true, a representation is
believed to be true to the best of one's knowledge.
Obtaining consumer information reports under false pretenses
is prosecutable by which of the following? - CORRECT ANSWER-Fair
Credit Reporting Act
Which of the following was specifically designed to address
STOLI and IOLI practices? - CORRECT ANSWER-NCOIL Act
Which of the following occurs immediately after the application
is submitted and the initial premium paid? - CORRECT ANSWER-the
underwriting process begins
WITH MULTIPLE CHOICE OF QUESTIONS AND
DETAILED SOLUTIONS ALREADY GRADED
A+AND 100% GUARANTEE PASS (JUST
RELEASED!!!!!)
What is the maximum amount of time the insured has to file
legal action against the insurer after written proof of loss is
provided? - CORRECT ANSWER-3 years
What is a MIB report? - CORRECT ANSWER-medical information on
an applicant for assessing life or health insurance risk
All of the following are TRUE regarding incomplete
applications EXCEPT - CORRECT ANSWER-the incomplete
application can be accepted with the missing information added
later.
Why are insurance policies considered conditional contracts? -
CORRECT ANSWER-Certain conditions need to be met to make the
contract legally enforceable.
When does insurable interest come into play in a life insurance
policy? - CORRECT ANSWER-when the applicant for the policy is not
the insured
, Which type of receipt makes the insurer liable for the risk from
the date of application, regardless of the applicant's
insurability? - CORRECT ANSWER-binding receipt
What specific new procedures does the USA Patriot Act require
of insurance companies? - CORRECT ANSWER-Establish an anti-
money laundering program
What is the purpose of Stranger-originated life insurance
(STOLI)? - CORRECT ANSWER-he policy originated primarily or
solely for the purpose of resale.
How do warranties differ from representations? - CORRECT
ANSWER-a warranty is guaranteed to be true, a representation is
believed to be true to the best of one's knowledge.
Obtaining consumer information reports under false pretenses
is prosecutable by which of the following? - CORRECT ANSWER-Fair
Credit Reporting Act
Which of the following was specifically designed to address
STOLI and IOLI practices? - CORRECT ANSWER-NCOIL Act
Which of the following occurs immediately after the application
is submitted and the initial premium paid? - CORRECT ANSWER-the
underwriting process begins
