PSI Life Exam Questions with Complete Answers

PSI Life Exam Questions with Complete Answers Which of the following policies allows for partial surrender? - Answer- Universal Life Any form that becomes part of an insurance contract must be filed at the Office of the Commissioner of Insurance - Answer- Prior to its use Keogh (HR 10) plans were designed to provide retirement benefits for - Answer- Self-employed individuals Which statements is NOT a characteristic of Group Life insurance plan? - Answer- Individual underwriting Insurance applications with an AVERAGE life expectancy without higher than normal risk factors are considered which type of risk? - Answer- Standard Which of the following dividend options is taxable? - Answer- Accumulation at interest Which nonforfeiture option allows the policyowner to purchase less coverage for life? - Answer- Reduced Paid-Up Insurance Who is allowed to make changes to a life insurance contact terms? - Answer- An officer of the company Which of the following policies allows the policyowner to change two policy features? - Answer- Adjustable Life Which of the following provides a death benefit if the spouse of the insured dies? - Answer- Family term insurance rider