PA ///
Life
/ ///
practice
/ ///
exam
/ ///
from
/ ///
PSI (1) questions with correct answers
/ //// //// //// //// ////
Obtaining ////consumer ////information ////reports ////under ////false ////pretenses ////is ////prosecutable ////by
////which ////of ////the ////following?
1.
USA ////Patriot ////Act
2.
Fair ////Credit ////Reporting ////Act
3.
State ////laws ////where ////the ////applicant ////resides
4.
Securities ////and ////Exchange ////Commission ////- ////CORRECT ////ANSWERS(S)✔✔2.
Fair ////Credit ////Reporting ////Act
All ////of ////the ////following ////are ////features ////of ////the ////spendthrift ////clause ////EXCEPT
1.
,proceeds ////are ////paid ////in ////some ////other ////way ////than ////a ////single ////lump ////sum.
2.
proceeds ////are ////protected ////by ////the ////insurer ////from ////the ////beneficiary's ////creditors.
3.
transfer ////of ////proceeds ////to ////creditors ////is ////prohibited.
4.
the ////beneficiary ////may ////encumber ////the ////proceeds. ////- ////CORRECT ////ANSWERS(S)✔✔4.
the ////beneficiary ////may ////encumber ////the ////proceeds.
What ///
/procedure ///
/is ///
/used ///
/by ///
/an ///
/insurer ///
/to ///
/protect ///
/itself ///
/in ///
/the ///
/event ////
a ///
/dispute ///
/arises ///
/and ///
/the ////applicant ////and ////the ////agent ////do ////not ////recall ////the ////changes ////that ////were ////made ////in ////a
////completed ////application?
1.
The ////applicant ////and ////possibly ////the ////agent ////initial ////any ////changes ////made.
2.
The ////applicant ////and ////the ////agent ////sign ////a ////document ////that ////outlines ////changes ////made.
,3.
An ///
/arbitration ////agreement ////is ////signed ////at ////the ////time ////of ////the ////signing ////of ////the ////application.
4.
All ///
/changes ////must ////be ////approved ////by ////the ////underwriter ////prior ////to ////the ////submission ////of ////the
////application. ////- ////CORRECT ////ANSWERS(S)✔✔1.
The ////applicant ////and ////possibly ////the ////agent ////initial ////any ////changes ////made.
All ////of ////the ////following ////are ////ownership ////rights ////EXCEPT
1.
changing ////the ////beneficiary ////of ////the ////policy
2.
borrowing ////funds ////against ////cash ////value
3.
switching ////the ////policy ////from ////one ////insured ////to ////another
4.
assigning ///
/all ///
/of ////the ////rights ////of ////the ////policy ////to ////another ////person ////- ////CORRECT ////ANSWERS(S)✔✔3.
switching ////the ////policy ////from ////one ////insured ////to ////another
Which ////policy ////type ////is ////backed ////by ////equity ////investments ////and ////allows ////the ////policyholder
////to ////adjust ////the ////death ////benefit?
1.
term ////life
, 2.
variable ////life
3.
regular ////whole ////life
4.
variable ////universal ////life ////- ////CORRECT ////ANSWERS(S)✔✔4.
variable ////universal ////life
The ///
/right ///
/to ///
/change ///
/the ///
/beneficiary ///
/or ///
/dispose ///
/of ///
/the ///
/policy ///
/or ///
/its ///
/benefits ///
/in ///
/any ///
/manner ///
/one ///
/chooses ///
/is ////reserved ////to ////the ////policyowner ////UNLESS ////which ////of ////the ////following ////is ////true?
1.
The ////policyowner ////has ////named ////an ////irrevocable ////beneficiary.
2.
Life
/ ///
practice
/ ///
exam
/ ///
from
/ ///
PSI (1) questions with correct answers
/ //// //// //// //// ////
Obtaining ////consumer ////information ////reports ////under ////false ////pretenses ////is ////prosecutable ////by
////which ////of ////the ////following?
1.
USA ////Patriot ////Act
2.
Fair ////Credit ////Reporting ////Act
3.
State ////laws ////where ////the ////applicant ////resides
4.
Securities ////and ////Exchange ////Commission ////- ////CORRECT ////ANSWERS(S)✔✔2.
Fair ////Credit ////Reporting ////Act
All ////of ////the ////following ////are ////features ////of ////the ////spendthrift ////clause ////EXCEPT
1.
,proceeds ////are ////paid ////in ////some ////other ////way ////than ////a ////single ////lump ////sum.
2.
proceeds ////are ////protected ////by ////the ////insurer ////from ////the ////beneficiary's ////creditors.
3.
transfer ////of ////proceeds ////to ////creditors ////is ////prohibited.
4.
the ////beneficiary ////may ////encumber ////the ////proceeds. ////- ////CORRECT ////ANSWERS(S)✔✔4.
the ////beneficiary ////may ////encumber ////the ////proceeds.
What ///
/procedure ///
/is ///
/used ///
/by ///
/an ///
/insurer ///
/to ///
/protect ///
/itself ///
/in ///
/the ///
/event ////
a ///
/dispute ///
/arises ///
/and ///
/the ////applicant ////and ////the ////agent ////do ////not ////recall ////the ////changes ////that ////were ////made ////in ////a
////completed ////application?
1.
The ////applicant ////and ////possibly ////the ////agent ////initial ////any ////changes ////made.
2.
The ////applicant ////and ////the ////agent ////sign ////a ////document ////that ////outlines ////changes ////made.
,3.
An ///
/arbitration ////agreement ////is ////signed ////at ////the ////time ////of ////the ////signing ////of ////the ////application.
4.
All ///
/changes ////must ////be ////approved ////by ////the ////underwriter ////prior ////to ////the ////submission ////of ////the
////application. ////- ////CORRECT ////ANSWERS(S)✔✔1.
The ////applicant ////and ////possibly ////the ////agent ////initial ////any ////changes ////made.
All ////of ////the ////following ////are ////ownership ////rights ////EXCEPT
1.
changing ////the ////beneficiary ////of ////the ////policy
2.
borrowing ////funds ////against ////cash ////value
3.
switching ////the ////policy ////from ////one ////insured ////to ////another
4.
assigning ///
/all ///
/of ////the ////rights ////of ////the ////policy ////to ////another ////person ////- ////CORRECT ////ANSWERS(S)✔✔3.
switching ////the ////policy ////from ////one ////insured ////to ////another
Which ////policy ////type ////is ////backed ////by ////equity ////investments ////and ////allows ////the ////policyholder
////to ////adjust ////the ////death ////benefit?
1.
term ////life
, 2.
variable ////life
3.
regular ////whole ////life
4.
variable ////universal ////life ////- ////CORRECT ////ANSWERS(S)✔✔4.
variable ////universal ////life
The ///
/right ///
/to ///
/change ///
/the ///
/beneficiary ///
/or ///
/dispose ///
/of ///
/the ///
/policy ///
/or ///
/its ///
/benefits ///
/in ///
/any ///
/manner ///
/one ///
/chooses ///
/is ////reserved ////to ////the ////policyowner ////UNLESS ////which ////of ////the ////following ////is ////true?
1.
The ////policyowner ////has ////named ////an ////irrevocable ////beneficiary.
2.
