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PSI Life Exam Questions and answers. 100% proven pass rate, Graded A+

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PSI Life Exam Questions and answers. 100% proven pass rate, Graded A+ What kind of retirement plan can a 75-employee for profit corporation establish? - ✔✔Simple IRA The taxable portion of... a monthly income benefit paid during the annuity phase from a nonqualified annuity is calculated using the - ✔✔Exclusion ratio Unfair claims settlement methods and practices by an insurance company include all of the following acts EXCEPT - ✔✔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 - ✔✔Interest only Regulations on life insurance advertising apply to which of the following insurance company materials? - ✔✔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? - ✔✔2 All of the following factors are used in life insurance premium determination EXCEPT - ✔✔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: - ✔✔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: - ✔✔Misrepresentation Dividends are NOT subject to taxation because - ✔✔Paying dividends is equivalent to returning a premium The XYZ Insurance Company cancels an intermediary's contract. XYZ could be bound by the intermediary's later acts if it: - ✔✔Continues to pay the intermediary deferred commissions Which of the following products is designed to pay benefits that can provide a stream of retirement income to the purchaser? - ✔✔tax-deferred growth Which of the following guarantees that the annuitant CANNOT outlive their benefits? - ✔✔Guaranteed lifetime withdrawal benefit Which of the following statements is CORRECT about an insured's failure to report a claim in a timely manner based on the advice of an intermediary? - ✔✔It does not affect the insurance company's obligations In Wisconsin, an "intermediary" is defined as a representative of: - ✔✔A Solicitor All of the following statements regarding a group annuity are correct EXCEPT - ✔✔Each employee signs and receives an individual contract Statements by an application concerning personal health history, family health history, occupation, and hobbies are referred to as - ✔✔Representations Which of the following entities is responsible for notifying an insurance company of a disability insurance claim? - ✔✔1. Insured 2. Insured's physician An insurer may cancel a policy midterm for all of the following reasons EXCEPT when the insured: - ✔✔Has a change in marital status An accelerated death benefit - ✔✔Pays a portion of the face amount when a policyowner is determined to be terminally ill Upon annuitization, which of the following will have the HIGHEST monthly payout? - ✔✔Straight Life Backdating on a life insurance policy is the practice of - ✔✔Making the policy effective on an earlier date then the present Wisconsin insurance law requires intermediaries to keep policyholder records for at least how many years after termination or lapse of the policy? - ✔✔3 When underwriting group life insurance, the underwriter - ✔✔Typically evaluates the group as a whole When using the needs approach to determine the amount of life insurance needed, it is necessary to determine all of the following EXCEPT - ✔✔project lifetime earnings in the stock market, including dividends and growth account Which of the following is permitted under the proper exchange of business? - ✔✔Splitting a commission between two intermediaries licensed in the same line of insurance the life insurance illustration rule applies to: - ✔✔Universal Life Which of the following is NOT subject to the Wisconsin annuity suitability law? - ✔✔Fixed settlement options Without written consent, a policyowner CANNOT change the beneficiary if he has named - ✔✔An irrevocable beneficiary What element of a contract does the application represent? - ✔✔Offer An life insurance policy is required to contain which of the following provisions? - ✔✔A reinstatement provision during which the interest may be charge for late payments In which of the following fixed annuity features is the surrender value tied to interest rates? - ✔✔Market value adjustments Which of the following policies allows for partial surrender? - ✔✔Universal Life Any form that becomes part of an insurance contract must be filed at the Office of the Commissioner of Insurance - ✔✔Prior to its use Keogh (HR 10) plans were designed to provide retirement benefits for - ✔✔Self-employed individuals Which statements is NOT a characteristic of Group Life insurance plan? - ✔✔Individual underwriting Insurance applications with an AVERAGE life expectancy without higher than normal risk factors are considered which type of risk? - ✔✔Standard Which of the following dividend options is taxable? - ✔✔Accumulation at interest Which nonforfeiture option allows the policyowner to purchase less coverage for life? - ✔✔Reduced Paid-Up Insurance Who is allowed to make changes to a life insurance contact terms? - ✔✔An officer of the company Which of the following policies allows the policyowner to change two policy features? - ✔✔Adjustable Life Which of the following provides a death benefit if the spouse of the insured dies? - ✔✔Family term insurance rider Which of the following states BEST describes a single premium cash value policy? - ✔✔It provides for only one premium to be paid without evidence of insurability Universal life and variable life insurance policies contain many similar features. Which of the following features is unique to variable universal life insurance? - ✔✔It includes the right to select the investment which will provide the greatest return Which of the following is a potential DISADVANTAGE of a fixed annuity? - ✔✔Annuitants could experience a decrease in the purchasing power of their payments over a period of years due to inflation A premium is due on a life insurance policy the first of each month. The policyowner failed to pay the premium and 20 days later the insured died. Under which of the following provisions would the death benefit be paid? - ✔✔a nonforfeiture clause The period after an annuity is purchased but before distributions begin is referred to as the - ✔✔accumulation phase In order to ensure compliance with the law, the Insurance Commissioner may issue - ✔✔orders As a form of level premium permanent insurance, ordinary life insurance accumulates a reserve that eventually - ✔✔equals the face amount of the policy An intermediary is employed by an insurance agency affiliated with a lending institution. As a condition for a loan, the institution requires placement of insurance on the applicant's life with the affiliated agency. In this situation the institution's action is referred to as: - ✔✔Twisting [Show More]

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