PSI LIFE ACTUAL EXAM PAPER 2026
QUESTIONS WITH ANSWERS GRADED A+
◉ Which of the following must be given to the insurer within 20 days
after occurrence or commencement of any loss covered by the policy, or
as thereafter as is reasonably possible? Answer: Notice of claim.
◉ When will a policy pay on a UCR basis? Answer: When particular
benefits are not listed on a payment schedule.
◉ All of the following are non-forfeiture options EXCEPT Answer:
Cash dividend option.
◉ What happens when the lifetime maximum benefit limit has been
reached? Answer: The insured will pay all of the remaining medial costs
for as long as the policy is in force.
◉ Whose responsibility is it to make sure that the company is notified of
a death claim at the earliest possible opportunity (in most cases)?
Answer: The producer.
, ◉ What is the waiver of premium provision? Answer: In a long term
care contract, the premium is waived after the insured has been confined
for a specific period of time.
◉ All of the following are common exclusions from loss found in
disability income policies EXCEPT for that incurred while? Answer:
Committing a misdemeanor
◉ Which is a disadvantage to a flexible premium annuity? Answer: The
actual amount of the annuity benefit cannot be determined in advance.
◉ What does coninsurance mean? Answer: The insurer and the insured
share expenses over the deductible.
◉ Under normal conditions which of the following is TRUE for proof of
loss when a single loss is claimed? Answer: The insured has 90 days
from the date of loss to provide proof of loss.
◉ Which one of the following represents an advantage of obtaining a
policy loan versus a withdrawal? Answer: The loan is not taxed while a
withdrawal is taxed for amounts above the contract cost basis.
◉ All of the following statements define preexisting conditions
EXCEPT? Answer: Any chronic health condition that presents
symptoms and which was unknown at the time of application.
QUESTIONS WITH ANSWERS GRADED A+
◉ Which of the following must be given to the insurer within 20 days
after occurrence or commencement of any loss covered by the policy, or
as thereafter as is reasonably possible? Answer: Notice of claim.
◉ When will a policy pay on a UCR basis? Answer: When particular
benefits are not listed on a payment schedule.
◉ All of the following are non-forfeiture options EXCEPT Answer:
Cash dividend option.
◉ What happens when the lifetime maximum benefit limit has been
reached? Answer: The insured will pay all of the remaining medial costs
for as long as the policy is in force.
◉ Whose responsibility is it to make sure that the company is notified of
a death claim at the earliest possible opportunity (in most cases)?
Answer: The producer.
, ◉ What is the waiver of premium provision? Answer: In a long term
care contract, the premium is waived after the insured has been confined
for a specific period of time.
◉ All of the following are common exclusions from loss found in
disability income policies EXCEPT for that incurred while? Answer:
Committing a misdemeanor
◉ Which is a disadvantage to a flexible premium annuity? Answer: The
actual amount of the annuity benefit cannot be determined in advance.
◉ What does coninsurance mean? Answer: The insurer and the insured
share expenses over the deductible.
◉ Under normal conditions which of the following is TRUE for proof of
loss when a single loss is claimed? Answer: The insured has 90 days
from the date of loss to provide proof of loss.
◉ Which one of the following represents an advantage of obtaining a
policy loan versus a withdrawal? Answer: The loan is not taxed while a
withdrawal is taxed for amounts above the contract cost basis.
◉ All of the following statements define preexisting conditions
EXCEPT? Answer: Any chronic health condition that presents
symptoms and which was unknown at the time of application.
