PSI Life Practice Exam Questions Well Answered Graded A+ 2024.

What kind of retirement plan can a 75-employee for profit corporation establish? - Answer Simple IRA The taxable portion of a monthly income benefit paid during the annuity phase from a nonqualified annuity is calculated using the - Answer Exclusion ratio Unfair claims settlement methods and practices by an insurance company include all of the following acts EXCEPT - Answer failure to pay all claims that are reported within 90 days after a loss occurs The settlement option that allows proceeds to remain with the insurer and the earnings to be paid to the beneficiary on a monthly basis is called - Answer Interest only Regulations on life insurance advertising apply to which of the following insurance company materials? - Answer A radio commercial that promotes the benefits of a specific company's life insurance products An insurance company may contest a life policy within a MAXIMUM of how many years after the policy's effective date? - Answer 2 All of the following factors are used in life insurance premium determination EXCEPT - Answer Morbidity The authorization used to obtain the applicant's medical information that will be used by the insurer for the primary purpose of determining eligibility must include: - Answer the time frame in which the insurer must release the eligibility decision to the agent An intermediary who omits information on an insurance application without the applicant's knowledge and submits the application to the insurer may be guilty of: - Answer Misrepresentation Dividends are NOT subject to taxation because - Answer Paying dividends is equivalent to returning a premium