PSL Exam with correct answers 2024

Insuring Clause correct answers Company's promise to pay the benefits * A company will pay as long as everything is ( Truthful ) Consideration Clause correct answers Application and initial premium = applicant's consideration Grace Period correct answers 30/31 and sometimes 60 days after the due date. Still covered when premium is not paid on time. The amount of days a policy owner has to make up a late premium after the due date. lapsed correct answers is when your policy is no longer active due to no payment. Reinstatement Clause correct answers * to "Re activate" Returning a lapsed policy to a premium paying status Maximum time limit is 3 years after a policy is lapsed. Proof of Insurability correct answers - proof that you are insurable You can prove that by showing medical records or physical exam Incontestable period correct answers 2 years for insurer to contest death benefit Misstatement of age and sex correct answers Make it right; adjust the face amount Free Look correct answers *also known as (Right To Examine) Full refund of policy premium: 10 days new policy, 20 days replacement policy 30 days seniors- Varies by state *Starts upon policy delivery Policy is important! Exclusions correct answers When something is excluded which is not including Types of risks the policy will not cover. Most common ones are correct answers Aviation ( like a pilot ) Hazardous occupation/hobbies ( skydiving or auto racing ) War or military service Ownership Clause correct answers Owner has all rights to the policy i.e make changes * whoever owns your policy can make any decision they want because they own it.