PSI Online Practice Life Exam questions and
answers /already pass
Why is the accidental death benefit referred to as double indemnity?
A) The beneficiaries must provide proof of death due to multiple causes.
B) It provides for both the actual death as well as other losses from the accident.
C) The beneficiaries have twice the amount of time to provide proof of loss.
D) It provides twice the face value in the policy for death due to accident. - D
All life insurance and health insurance contracts contain all of the following EXCEPT
A) conditions
B) Policy face
C) representation
D) Insuring clause - C
All of the following are classifications of risk EXCEPT
A) preferred
B) substandard
C) Non-nicotine.
D) declined - C
,All of the following are common exclusions from loss found in disability income policies EXCEPT
for that incurred while
A) committing a misdemeanor
B) piloting a personal aircraft
C) living overseas
D) serving in the military - A
All of the following are features of the spendthrift clause EXCEPT
A) The beneficiary may encumber the proceeds.
B) Transfer of proceeds to creditors is prohibited.
C) The proceeds are paid in some other way than a single lump sum.
D) Proceeds are protected by the insurer from the beneficiary's creditors. - A
All of the following are ownership rights EXCEPT
A) assigning all of the rights of the policy to another person
B) switching the policy from one insured to anther
C) borrowing funds against cash value
D) changing the beneficiary of the policy - B
All of the following are required signatures on a life insurance application EXCEPT
A) the agent
B) the proposed insured
, C) the minor in a juvenile policy
D) the applicant - C
All of the following are tax qualified retirement plans EXCEPT
A) 401(K)
B) 403(B)
C) Section 529 plan
D) Simple IRA - C
All of the following are TRUE regarding incomplete applications EXCEPT
A) There will be a delay in the underwriting process.
B) The incomplete application can be accepted with the missing information added later.
C) the applicant will have to wait additional time before coverage begins.
D) the underwriting department will return the application to the agent. - B
An insured and the beneficiary are both killed in a fatal accident. Which provision presumes the
insured survived the beneficiary?
A) endorsement method
B) common disaster clause
C) contingent beneficiary
D) irrevocable beneficiary - B
Current assumption whole life policies are sensitive to which of the following?
answers /already pass
Why is the accidental death benefit referred to as double indemnity?
A) The beneficiaries must provide proof of death due to multiple causes.
B) It provides for both the actual death as well as other losses from the accident.
C) The beneficiaries have twice the amount of time to provide proof of loss.
D) It provides twice the face value in the policy for death due to accident. - D
All life insurance and health insurance contracts contain all of the following EXCEPT
A) conditions
B) Policy face
C) representation
D) Insuring clause - C
All of the following are classifications of risk EXCEPT
A) preferred
B) substandard
C) Non-nicotine.
D) declined - C
,All of the following are common exclusions from loss found in disability income policies EXCEPT
for that incurred while
A) committing a misdemeanor
B) piloting a personal aircraft
C) living overseas
D) serving in the military - A
All of the following are features of the spendthrift clause EXCEPT
A) The beneficiary may encumber the proceeds.
B) Transfer of proceeds to creditors is prohibited.
C) The proceeds are paid in some other way than a single lump sum.
D) Proceeds are protected by the insurer from the beneficiary's creditors. - A
All of the following are ownership rights EXCEPT
A) assigning all of the rights of the policy to another person
B) switching the policy from one insured to anther
C) borrowing funds against cash value
D) changing the beneficiary of the policy - B
All of the following are required signatures on a life insurance application EXCEPT
A) the agent
B) the proposed insured
, C) the minor in a juvenile policy
D) the applicant - C
All of the following are tax qualified retirement plans EXCEPT
A) 401(K)
B) 403(B)
C) Section 529 plan
D) Simple IRA - C
All of the following are TRUE regarding incomplete applications EXCEPT
A) There will be a delay in the underwriting process.
B) The incomplete application can be accepted with the missing information added later.
C) the applicant will have to wait additional time before coverage begins.
D) the underwriting department will return the application to the agent. - B
An insured and the beneficiary are both killed in a fatal accident. Which provision presumes the
insured survived the beneficiary?
A) endorsement method
B) common disaster clause
C) contingent beneficiary
D) irrevocable beneficiary - B
Current assumption whole life policies are sensitive to which of the following?
