PSI Life Exam Questions and Answers Latest 2024

What kind of retirement plan can a 75-employee for profit corporation establish? - CORRECT ANSWER-Simple IRA The taxable portion of a monthly income benefit paid during the annuity phase from a nonqualified annuity is calculated using the - CORRECT ANSWER-Exclusion ratio Unfair claims settlement methods and practices by an insurance company include all of the following acts EXCEPT - CORRECT ANSWER-failure to pay all claims that are reported within 90 days after a loss occurs The settlement option that allows proceeds to remain with the insurer and the earnings to be paid to the beneficiary on a monthly basis is called - CORRECT ANSWER-Interest only Regulations on life insurance advertising apply to which of the following insurance company materials? - CORRECT ANSWER-A radio commercial that promotes the benefits of a specific company's life insurance products An insurance company may contest a life policy within a MAXIMUM of how many years after the policy's effective date? - CORRECT ANSWER-2 All of the following factors are used in life insurance premium determination EXCEPT - CORRECT ANSWER-Morbidity 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 ANSWER-the time fra