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PSI Life Exam /PSI Life Exam2023-2024 Questions and
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Answers GRADED A
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What kind of retirement plan can a 75-employee for profit corporation establish? -
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Correct answer-Simple IRA
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The taxable portion of a monthly income benefit paid during the annuity phase from a
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nonqualified annuity is calculated using the - Correct answer-Exclusion ratio
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Unfair claims settlement methods and practices by an insurance company include all of
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the following acts EXCEPT - Correct answer-failure to pay all claims that are reported
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within 90 days after a loss occurs
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The settlement option that allows proceeds to remain with the insurer and the earnings
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to be paid to the beneficiary on a monthly basis is called - Correct answer-Interest only
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Regulations on life insurance advertising apply to which of the following insurance
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company materials? - Correct answer-A radio commercial that promotes the benefits of
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a specific company's life insurance products
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An insurance company may contest a life policy within a MAXIMUM of how many years
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after the policy's effective date? - Correct answer-2
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All of the following factors are used in life insurance premium determination EXCEPT -
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Correct answer-Morbidity
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The authorization used to obtain the applicant's medical information that will be used by
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answer-the time frame in which the insurer must release the eligibility decision to the
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An intermediary who omits information on an insurance application without the
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applicant's knowledge and submits the application to the insurer may be guilty of: -
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Correct answer-Misrepresentation
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Dividends are NOT subject to taxation because - Correct answer-Paying dividends is
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equivalent to returning a premium
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The XYZ Insurance Company cancels an intermediary's contract. XYZ could be bound
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Which of the following products is designed to pay benefits that can provide a stream of
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retirement income to the purchaser? - Correct answer-tax-deferred growth
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PSI Life Exam /PSI Life Exam2023-2024 Questions and
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Answers GRADED A
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sh
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What kind of retirement plan can a 75-employee for profit corporation establish? -
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Correct answer-Simple IRA
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The taxable portion of a monthly income benefit paid during the annuity phase from a
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nonqualified annuity is calculated using the - Correct answer-Exclusion ratio
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Unfair claims settlement methods and practices by an insurance company include all of
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the following acts EXCEPT - Correct answer-failure to pay all claims that are reported
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within 90 days after a loss occurs
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The settlement option that allows proceeds to remain with the insurer and the earnings
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to be paid to the beneficiary on a monthly basis is called - Correct answer-Interest only
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Regulations on life insurance advertising apply to which of the following insurance
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company materials? - Correct answer-A radio commercial that promotes the benefits of
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a specific company's life insurance products
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An insurance company may contest a life policy within a MAXIMUM of how many years
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after the policy's effective date? - Correct answer-2
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All of the following factors are used in life insurance premium determination EXCEPT -
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Correct answer-Morbidity
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The authorization used to obtain the applicant's medical information that will be used by
the insurer for the primary purpose of determining eligibility must include: - Correct
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answer-the time frame in which the insurer must release the eligibility decision to the
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agent
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An intermediary who omits information on an insurance application without the
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applicant's knowledge and submits the application to the insurer may be guilty of: -
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Correct answer-Misrepresentation
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Dividends are NOT subject to taxation because - Correct answer-Paying dividends is
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equivalent to returning a premium
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The XYZ Insurance Company cancels an intermediary's contract. XYZ could be bound
by the intermediary's later acts if it: - Correct answer-Continues to pay the intermediary
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deferred commissions la
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Which of the following products is designed to pay benefits that can provide a stream of
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retirement income to the purchaser? - Correct answer-tax-deferred growth
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