PSI Life Exam with Verified Answers 100% Pass
1. Simple IRA
2. Exclusion ratio
3. failure to pay all
claims that are
reported within
90 days after a
loss occurs
4. Interest only
5. A radio com-
mercial that pro-
motes the bene-
fits of a specif-
ic company's life
insurance prod-
ucts...
1. Simple IRA What kind of retirement plan can a 75-employee for profit
corporation establish?
2. Exclusion ratio The taxable portion of a monthly income benefit paid
during the annuity phase from a nonqualified annuity is
calculated using the
3. failure to pay all Unfair claims settlement methods and practices by an
claims that are insurance company include all of the following acts EX-
reported within CEPT
90 days after a
loss occurs
4. Interest only 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
5. A radio com- Regulations on life insurance advertising apply to which
mercial that pro- of the following insurance company materials?
motes the bene-
fits of a specif-
ic company's life
insurance prod-
ucts
6. 2 An insurance company may contest a life policy within a
MAXIMUM of how many years after the policy's effective
date?
7. Morbidity All of the following factors are used in life insurance pre-
mium determination EXCEPT
8. the time frame The authorization used to obtain the applicant's medical
in which the in- information that will be used by the insurer for the primary
surer must re- purpose of determining eligibility must include:
lease the eligi-
bility decision to
the agent
9.
, Misrepresenta- An intermediary who omits information on an insurance
tion application without the applicant's knowledge and sub-
mits the application to the insurer may be guilty of:
10. Paying dividends Dividends are NOT subject to taxation because
is equivalent to
returning a pre-
mium
11. Continues to pay The XYZ Insurance Company cancels an intermediary's
the intermediary contract. XYZ could be bound by the intermediary's later
deferred com- acts if it:
missions
12. tax-deferred Which of the following products is designed to pay bene-
growth fits that can provide a stream of retirement income to the
purchaser?
13. Guaranteed life- Which of the following guarantees that the annuitant CAN-
time withdrawal NOT outlive their benefits?
benefit
14. It does not af- Which of the following statements is CORRECT about
fect the insur- an insured's failure to report a claim in a timely manner
ance company's based on the advice of an intermediary?
obligations
15. A Solicitor In Wisconsin, an "intermediary" is defined as a represen-
tative of:
16. Each employee All of the following statements regarding a group annuity
signs and re- are correct EXCEPT
ceives an indi-
vidual contract
17. Representations Statements by an application concerning personal health
history, family health history, occupation, and hobbies are
referred to as
18.
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