Exam (elaborations)
CA- PSI- LIFE, ACCIDENT & HEALTH EXAM QUESTIONS WITH COMPLETE ANSWERS
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CA- PSI- LIFE, ACCIDENT & HEALTH EXAM QUESTIONS WITH COMPLETE ANSWERS
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CA- PSI- LIFE, ACCIDENT & HEALTHEXAM QUESTIONS WITH COMPLETE
ANSWERS
Reduced Paid Up - Answer-Nonforfeiture option provides new whole life policy at
reduced face amount of protection. Provides coverage for longest time.
Extended Term - Answer-Nonforfeiture option provides new TERM policy with same
face amount of coverage as original policy
Guaranteed Lifetime Withdrawal - Answer-Annuity rider that assures owner will at least
get amount paid for the annuity
Guaranteed Minimum Income - Answer-Rider that guarantees you will get a set amount
annually
Paid-Up Additions - Answer-Increase the death benefit of the original policy by the
amount the dividend will buy
Needs Approach - Answer-The predicted needs of a family after the premature death of
the insured
3 Factors that determine premium of life insurance policy - Answer-Mortality, Interest,
Expense
Optionally Renewable - Answer-Allows insurer to terminate policy for any reason or
increase premiums for a class of insureds on specified date. Only allowed to terminate
on premium due dates
Monthly Premium for health insurance- How long is grace period - Answer-10 days for
monthly pay mode. 7 days for weekly pay mode. 31 days for all other modes.
Purpose of Coinsurance provision - Answer-Prevent overutilization of policy benefits
What does "level" refer to in level term insurance? - Answer-Face Amount
Limited Pay Whole Life - Answer-Policyholder only pays premiums for a specified
number of years. The whole policy is paid by age 100.
What type of policy can a policyowner skip payments without lapsing? - Answer-
Universal
Death Benefit Options in Universal Life - Answer-Option A- Level death benefit,
gradually increasing cash value. IRS Corridor
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