PSi Exam questions and answers/2025 newest
A condition in a cash value life insurance policy that allows a policy owner to terminate the
policy in return for a reduced paid up policy of the same type is referred to as: - A
nonforfeiture provision
A contract will be deemed invalid if: - One party was not competent
A document that specifies the critical segments of an insured's life insurance policy is known as:
- Policy summary
A fixed percentage of a covered loss that an insured enrolled in a dental plan may be obligated
to pay for dental services is known as: - Coinsurance
A licensee who is required to take continuing education must include how many coursework
hours? - 3
A life insurance policy becomes effective when the: - Premium is collected and policy is
issued
A life insurance policy has lapsed due to non payment of premiums, To activate the
reinstatement clause in the policy the insured MUST: - Pay the premiums within 15 days
of the grace period
A marketing system in which there are no agents and insurance is sold through direct mil or
over the phone is called: - A direct response system
,A producer moved on April 1 and must inform the director of insurance of the address change
no later than what date of the same year? - May 1 (30 days)
A purpose of the Insurance Fraud Act is to: - Impose criminal penalties on individuals
who have been found guilty of insurance fraud
A reason for using consumer reporting agencies to gather information about insurance
applicants in to obtain: - Publicly accessible information for both the insurer and the
applicant on a fee-for-service basis
A single contract for Group Medical insured to an employer is known as: - Master policy
A single deductible applying to both medical and dental insurance coverages is referred to as: -
An integrated deductible
Accident only policies commonly include benefits due to losses relate to: - Accidents or
fortuitous events
According to the Affordable Care Act, essential health benefits do NOT include which of the
following categories? - Routine vision are for adults
According to the Fair Credit Reporting Act, an insurer needs to do all of the following EXCEPT: -
Notify the applicant if an application is denied
All of the following claims settlement practices could initiate a cease and desist order except: -
Refusing to pay a claim which was not reported to the insurer or its producer in the
required time
, All of the following factors are used in determining premiums except: - Liquidity
All of the following statements apply to surrender of an annuity contract EXCEPT: - The
owner has the right to surrender the contract during the accumulation period
All of the following types of calls are exempt from the Do-Not-Call registry EXCEPT: -
Insurance sales calls
An agent is required to give an applicant for life insurance with long care benefits? - A
binding receipt for coverage
An agent license is NOT required when: - Receiving a referral fee
An agent's underwriting duties include which fo the following? - Setting premium
amounts
An annuity that guarantees a given number of income payments, whether or not the annuitant
is alive to receive them, is referred to as: - Life annuity certain
An immediate annuity begins making payments after the: - First premium has been paid
An insurance producer shall NOT act as an agent of an insurer unless the insurer: -
Appoints the producer
An insured has a 20-pay life policy with a. paid-up dividend option. In this option, the insured
may: - Pay up the policy early by using dividends
A condition in a cash value life insurance policy that allows a policy owner to terminate the
policy in return for a reduced paid up policy of the same type is referred to as: - A
nonforfeiture provision
A contract will be deemed invalid if: - One party was not competent
A document that specifies the critical segments of an insured's life insurance policy is known as:
- Policy summary
A fixed percentage of a covered loss that an insured enrolled in a dental plan may be obligated
to pay for dental services is known as: - Coinsurance
A licensee who is required to take continuing education must include how many coursework
hours? - 3
A life insurance policy becomes effective when the: - Premium is collected and policy is
issued
A life insurance policy has lapsed due to non payment of premiums, To activate the
reinstatement clause in the policy the insured MUST: - Pay the premiums within 15 days
of the grace period
A marketing system in which there are no agents and insurance is sold through direct mil or
over the phone is called: - A direct response system
,A producer moved on April 1 and must inform the director of insurance of the address change
no later than what date of the same year? - May 1 (30 days)
A purpose of the Insurance Fraud Act is to: - Impose criminal penalties on individuals
who have been found guilty of insurance fraud
A reason for using consumer reporting agencies to gather information about insurance
applicants in to obtain: - Publicly accessible information for both the insurer and the
applicant on a fee-for-service basis
A single contract for Group Medical insured to an employer is known as: - Master policy
A single deductible applying to both medical and dental insurance coverages is referred to as: -
An integrated deductible
Accident only policies commonly include benefits due to losses relate to: - Accidents or
fortuitous events
According to the Affordable Care Act, essential health benefits do NOT include which of the
following categories? - Routine vision are for adults
According to the Fair Credit Reporting Act, an insurer needs to do all of the following EXCEPT: -
Notify the applicant if an application is denied
All of the following claims settlement practices could initiate a cease and desist order except: -
Refusing to pay a claim which was not reported to the insurer or its producer in the
required time
, All of the following factors are used in determining premiums except: - Liquidity
All of the following statements apply to surrender of an annuity contract EXCEPT: - The
owner has the right to surrender the contract during the accumulation period
All of the following types of calls are exempt from the Do-Not-Call registry EXCEPT: -
Insurance sales calls
An agent is required to give an applicant for life insurance with long care benefits? - A
binding receipt for coverage
An agent license is NOT required when: - Receiving a referral fee
An agent's underwriting duties include which fo the following? - Setting premium
amounts
An annuity that guarantees a given number of income payments, whether or not the annuitant
is alive to receive them, is referred to as: - Life annuity certain
An immediate annuity begins making payments after the: - First premium has been paid
An insurance producer shall NOT act as an agent of an insurer unless the insurer: -
Appoints the producer
An insured has a 20-pay life policy with a. paid-up dividend option. In this option, the insured
may: - Pay up the policy early by using dividends
