PSI Online Practice Life Study Guide Exam Questions with Complete Answers

PSI Online Practice Life Study Guide Exam Questions with Complete Answers How do warranties differ from representations? A) A representation is guaranteed to be true, a warranty is believed to be true to the best of one's knowledge. B) A warranty is issued by the insurer, a representation is a statement provided by the applicant. C) A warranty is guaranteed to be true, a representation is believed to be true to the best of one's knowledge. D) An incorrect representation automatically voids a contract, whereas an incorrect warranty must be proven. - Answer- C The group conversion option is allowed for all of the following EXCEPT A) Termination of the master policy. B) Loss of group coverage due to termination of employment. C) During the annual benefits enrollment period. D) Upon the loss of eligibility on the part of a class insureds. - Answer- C Which type of annuity attempts to offset inflation by providing a benefit linked to an underlying investment account? A) immediate B) deferred C) fixed D) variable - Answer- D