PSI LIFE EXAM Q AND A

PSI LIFE EXAM Q AND A

Whatvykindvyofvyretirementvyplanvycanvyavy75-
employeevyforvyprofitvycorporationvyestablish?vy-vyanswer--SimplevyIRA

Thevytaxablevyportionvyofvyavymonthlyvyincomevybenefitvypaidvyduringvythevyannuityvyphasev
yfromvyavynonqualifiedvyannuityvyisvycalculatedvyusingvythevy-vyanswer--Exclusionvyratio



Unfairvyclaimsvysettlementvymethodsvyandvypracticesvybyvyanvyinsurancevycompanyvyinclu
devyallvyofvythevyfollowingvyactsvyEXCEPTvy-vyanswer--
failurevytovypayvyallvyclaimsvythatvyarevyreportedvywithinvy90vydaysvyaftervyavylossvyoccurs

Thevysettlementvyoptionvythatvyallowsvyproceedsvytovyremainvywithvythevyinsurervyandvythevy
earningsvytovybevypaidvytovythevybeneficiaryvyonvyavymonthlyvybasisvyisvycalledvy-vyanswer--
Interestvyonly

Regulationsvyonvylifevyinsurancevyadvertisingvyapplyvytovywhichvyofvythevyfollowingvyinsuran
cevycompanyvymaterials?vy-vyanswer--
Avyradiovycommercialvythatvypromotesvythevybenefitsvyofvyavyspecificvycompany'svylifevyinsu
rancevyproducts

AnvyinsurancevycompanyvymayvycontestvyavylifevypolicyvywithinvyavyMAXIMUMvyofvyhowvym
anyvyyearsvyaftervythevypolicy'svyeffectivevydate?vy-vyanswer--2

AllvyofvythevyfollowingvyfactorsvyarevyusedvyinvylifevyinsurancevypremiumvydeterminationvyEX
CEPTvy-vyanswer--Morbidity

Thevyauthorizationvyusedvytovyobtainvythevyapplicant'svymedicalvyinformationvythatvywillvybev
yusedvybyvythevyinsurervyforvythevyprimaryvypurposevyofvydeterminingvyeligibilityvymustvyinclu

de:vy-vyanswer--
thevytimevyframevyinvywhichvythevyinsurervymustvyreleasevythevyeligibilityvydecisionvytovythevy
agent

Anvyintermediaryvywhovyomitsvyinformationvyonvyanvyinsurancevyapplicationvywithoutvythevy
applicant'svyknowledgevyandvysubmitsvythevyapplicationvytovythevyinsurervymayvybevyguiltyvy
of:vy-vyanswer--Misrepresentation

DividendsvyarevyNOTvysubjectvytovytaxationvybecausevy-vyanswer--
Payingvydividendsvyisvyequivalentvytovyreturningvyavypremium

ThevyXYZvyInsurancevyCompanyvycancelsvyanvyintermediary'svycontract.vyXYZvycouldvybev
yboundvybyvythevyintermediary'svylatervyactsvyifvyit:vy-vyanswer--

Continuesvytovypayvythevyintermediaryvydeferredvycommissions

Whichvyofvythevyfollowingvyproductsvyisvydesignedvytovypayvybenefitsvythatvycanvyprovidevyavy
streamvyofvyretirementvyincomevytovythevypurchaser?vy-vyanswer--tax-deferredvygrowth

, WhichvyofvythevyfollowingvyguaranteesvythatvythevyannuitantvyCANNOTvyoutlivevytheirvyben
efits?vy-vyanswer--Guaranteedvylifetimevywithdrawalvybenefit

WhichvyofvythevyfollowingvystatementsvyisvyCORRECTvyaboutvyanvyinsured'svyfailurevytovyre
portvyavyclaimvyinvyavytimelyvymannervybasedvyonvythevyadvicevyofvyanvyintermediary?vy-
vyanswer--Itvydoesvynotvyaffectvythevyinsurancevycompany'svyobligations



InvyWisconsin,vyanvy"intermediary"vyisvydefinedvyasvyavyrepresentativevyof:vy-vyanswer--
AvySolicitor

AllvyofvythevyfollowingvystatementsvyregardingvyavygroupvyannuityvyarevycorrectvyEXCEPTvy-
vyanswer--Eachvyemployeevysignsvyandvyreceivesvyanvyindividualvycontract



Statementsvybyvyanvyapplicationvyconcerningvypersonalvyhealthvyhistory,vyfamilyvyhealthvyh
istory,vyoccupation,vyandvyhobbiesvyarevyreferredvytovyasvy-vyanswer--Representations

Whichvyofvythevyfollowingvyentitiesvyisvyresponsiblevyforvynotifyingvyanvyinsurancevycompan
yvyofvyavydisabilityvyinsurancevyclaim?vy-vyanswer--1.vyInsured
2.vyInsured'svyphysician

AnvyinsurervymayvycancelvyavypolicyvymidtermvyforvyallvyofvythevyfollowingvyreasonsvyEXCEP
Tvywhenvythevyinsured:vy-vyanswer--Hasvyavychangevyinvymaritalvystatus

Anvyacceleratedvydeathvybenefitvy-vyanswer--
Paysvyavyportionvyofvythevyfacevyamountvywhenvyavypolicyownervyisvydeterminedvytovybevyter
minallyvyill

Uponvyannuitization,vywhichvyofvythevyfollowingvywillvyhavevythevyHIGHESTvymonthlyvypayo
ut?vy-vyanswer--StraightvyLife

Backdatingvyonvyavylifevyinsurancevypolicyvyisvythevypracticevyofvy-vyanswer--
Makingvythevypolicyvyeffectivevyonvyanvyearliervydatevythenvythevypresent

Wisconsinvyinsurancevylawvyrequiresvyintermediariesvytovykeepvypolicyholdervyrecordsvyfo
rvyatvyleastvyhowvymanyvyyearsvyaftervyterminationvyorvylapsevyofvythevypolicy?vy-vyanswer--3

Whenvyunderwritingvygroupvylifevyinsurance,vythevyunderwritervy-vyanswer--
Typicallyvyevaluatesvythevygroupvyasvyavywhole

Whenvyusingvythevyneedsvyapproachvytovydeterminevythevyamountvyofvylifevyinsurancevynee
ded,vyitvyisvynecessaryvytovydeterminevyallvyofvythevyfollowingvyEXCEPTvy-vyanswer--
projectvylifetimevyearningsvyinvythevystockvymarket,vyincludingvydividendsvyandvygrowthvyac
count

Whichvyofvythevyfollowingvyisvypermittedvyundervythevypropervyexchangevyofvybusiness?vy-
vyanswer--

Splittingvyavycommissionvybetweenvytwovyintermediariesvylicensedvyinvythevysamevylinevyofv
yinsurance