PSI Life, Accident, and Health Insurance Study Guide Exam Questions with Correct Answers

PSI Life, Accident, and Health Insurance Study Guide Exam Questions with Correct Answers Which of the following refers to how often a premium is paid? - Answer- Mode When a policy or certificate containing an accelerated benefit provision is applied for or delivered, the producer is responsible for providing that applicant a summary of coverage that includes all of the following EXCEPT - Answer- A detailed and comprehensive summary of the accelerated benefit Which of the following represents an advantage of obtaining a policy loan versus a withdrawal? - Answer- The loan is not taxed while a withdrawal is taxed for amounts above the contract cost basis All of the following are features of the spendthrift clause EXCEPT - Answer- the beneficiary may encumber the proceeds Which of the following is TRUE regarding assignment rights for irrevocable beneficiaries? - Answer- They are MORE likely to receive a loan based on the expectations of the proceeds