- Study guides, Class notes & Summaries

Dividends that are received by a life insurance policy holder can be taxed in what situation(s): I - When the dividend amount received exceeds the amount that the policy holder paid in premiums Ans-The amount received that is over and above the amount paid into the policy via premiums is considered to be gain and is therefore taxable. There are no dividends paid on term life insurance policies. Under the misstatement of age or gender provision, what happens if it is determined at death that...

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79 pages

Written in 2024/2025

Grade A+

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PSI 200 Life Health Accident EXAM Must Know Questions with verified answers

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10 pages

Written in 2024/2025

Grade A+

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This comprehensive study guide is designed for individuals preparing for the 2025 Accident, Life, and Health Insurance Exam. It includes both Version A and Version B of the actual exam, featuring complete and accurate questions with detailed, verified answers. Graded A+, this guide ensures 100% correct answers and provides in-depth explanations of key insurance concepts, policies, and regulations. Ideal for anyone looking to pass the insurance licensing exam with confidence.

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24 pages

Written in 2024/2025

Grade A+

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Life, Accident, & Health State Exam Simulator Tests Bundle Set

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25 items

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Psi: Life, Accident, And Health Tests Bundle Set

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7 items

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defamation Ans-Making a statement that is false or maliciously critical of the financial condition of an insurer is known as Business overhead expense policy Ans-Which type of business insurance is meant to cover the costs of continuing to do business while the owner is disabled? the protection ends Ans-Dorian exercised a nonforfeiture option by using his life policy's cash value to purchase an extended term insurance option. When the term insurance expires, must have an appointed gu...

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44 pages

Written in 2024/2025

Grade A+

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Michigan Life Insurance State Exam Questions with Answers

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69 pages

Written in 2024/2025

Grade A+

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What is considered to be the primary reason for buying life insurance? Ans-Provide death benefits Karen is a producer who has obtained personal information about a client without having a legitimate reason to do so. Under the McCarran-Feguson Act, what is the minimum penalty for this? Ans-$10,000 or up to 1 year in jail A nonparticipating company is sometimes called a(n) Ans-Stock insurer, because policyholders do not participate in dividends resulting from stock ownership. The Fair Cre...

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50 pages

Written in 2024/2025

Grade A+

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Michigan Life and health accident Questions with Verified Answers

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18 pages

Written in 2024/2025

Grade A+

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The Commissioner of Insurance is appointed by the Governor for a term of Ans-4 years All of the following are examples of insurance transactions except: A. soliciting applications for insurance B. delivering policies C. licensing of producers D. collecting premiums Ans-Ans: C - licensing of producers A temporary license issued to close the affairs of a deceased producer may be issued for up to _____ days at the discretion of the Commissioner Ans-180 days Continuing Education (CE) ...

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35 pages

Written in 2024/2025

Grade A+

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What amount will be paid under a policy where the insured misstated his/her age? Ans-an amount the premium would have purchased at the correct age the acceptance of a credit life application requires the submission of a certificate of insurance to the insured within_____ days Ans-30 days which of these is considered to be a Living benefit option in a life insurance policy Ans-Accelerated death benefit loans obtained by a policy owner against the cash value of a life insurance policy Ans...

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34 pages

Written in 2024/2025

Grade A+

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Insurance Contract Ans-Legal agreement between an insurance company and an individual, where the insurer collects a premium from the insured in exchange for the insurers promise to pay potential future benefits in the event of covered losses. Risk Pooling Ans-Combines similar losses from many people so that the average loss over the entire group is relatively constant Law of Large Numbers Ans-States that as a group increases in size, it is easier to predict the number of future losses over...

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53 pages

Written in 2024/2025

Grade A+

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A policyowner may change two policy features on what type of life insurance? Ans-Adjustable life The legal action provision in a health contract is limited to no more than ___ years. Ans-5 Long-Term Care policies may provide coverage for claims arising from Ans-Senile dementia In group health care, what is the purpose of the coordination of benefits provision? Ans-Determines what is paid by the primary and secondary insures in the event of a claim All of the following riders can incr...

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10 pages

Written in 2024/2025

Grade A+

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According to the Affordable Care Act, any plan in existence prior to which date is considered a grandfathered plan? Ans-March 23, 2010 Which of these factors help determine an insured's life insurance premium? Ans-avocation (hobby) Long-Term Care policies may provide coverage for claims arising from Ans-senile dementia When replacing a life insurance policy, an agent must provide the applicant with a Ans-Notice Regarding Replacement All of the following are considered appropriate ...

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21 pages

Written in 2024/2025

Grade A+

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Annuity Ans--A contract between a person and an insurance company that requires the insurer to make payments to you. -You buy an annuity by making either a single payment or a series of payments -Annuity Death benefits are NOT tax deductible or taxfree Dividends Ans--Declared by the board of directors and cannot be guaranteed -A sum of money paid regularly by a company to its shareholders out of its profits Stock Insurers Ans--Owned by the stockholders who elect the board of directors. ...

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21 pages

Written in 2024/2025

Grade A+

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What does a life insurance policy guarantee to the stated beneficiary upon the death of the insured? Ans-specified amount of money When a Medicare Supplement insurance policy is being replaced, who must sign the notice of replacement? Ans-30 days long-term care policies may provide coverage for claims arising from Ans-senile dementia senile dementia and organic mental disorders are typically covered claims for long-term care policies according to the Affordable Care Act, any plan i...

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23 pages

Written in 2024/2025

Grade A+

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What happens when an initial offer is answered with a counteroffer? Ans-Initial offer is void According to the Affordable Care Act (ACA), dependent children may remain on their parent's plan until what age? Ans-Age 26 The premiums paid by an employer for his employee's group life insurance are usually considered to be Ans-tax-deductible to the employer A family group accident and health insurance policy must continue coverage for each unmarried child at least until age Ans-19 A...

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22 pages

Written in 2024/2025

Grade A+

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An accident and health policy that provides reimbursement benefits makes them payable to? Ans-Insured Which of the following is NOT part of an insurance contract Ans-Certificate of Authority -Policy -Application -Riders An insured under a Major Medical expense plan with a zero deductible and 80/20 coinsurance provision files a $1,000 claim. How much of this claim is the insured responsible for? Ans-$200 insured only responsible for 20% coinsurance According to the Affordable Care Ac...

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24 pages

Written in 2024/2025

Grade A+

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Which of the following can be defined as "the potential for loss"? Ans-Risk Which of the following describes the act of insuring a risk against possible loss? Ans-Risk Transfer A description of a qualified plan's insurance contract may be found in which ERISA reporting form? Ans-Annual Return/Report (Form 5500) Which of the following statements is NOT true concerning the relationship between group health insurance plans and Medicare? (Assuming the business has more than 20 empl...

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21 pages

Written in 2024/2025

Grade A+

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Which of the following is TRUE of an equity-indexed annuity? Ans-It has a guaranteed minimum interest rate Compared to basic hospital, medical and surgical policies, which type of insurance provides broader coverage, fewer gaps, higher individual benefits, and higher policy maximums? Ans-major medical insurance Which of the following is TRUE for a flexible premium annuity? Ans-The purchaser has the option to vary the amount of each premium payment falling between a minimum and maximum amou...

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11 pages

Written in 2024/2025

Grade A+

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health and accident exam psi questions with verified answers.

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17 pages

Written in 2024/2025

Grade A+

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