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PSI EXAM QUESTIONS AND ANSWERS
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PSI EXAM QUESTIONS AND ANSWERS
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PSI EXAM QUESTIONS AND ANSWERSThe insured, who is 59 years of age decides to replace a long-term care policy they had
for five years for new policy, which of the following is true of the insurer? - Answer-C.
The replacement insurer will not honor previous exclusions that had previously been
satisfied under the original policy
in new york state, insurable interest in the life of another person mus exist - Answer-A.at
the time the contract is made
Annuities purchased with a series of premium payments that vary year to year are
called - Answer-B. flexible premium deferred annuities
Hospital care under a typical health insuring corporation (HIC) plan includes all of the
following EXCEPT - Answer-A. private duty-nursing
If a partner of a company becomes permanently disabled, which type of plan will allow
the other partner to acquire the disabled partner's interest in the company? - Answer-B.
disability buy-sell agreement
Insurance that is designed to pay the balance of a loan if the insured dies before the
loan has been repaid in full is - Answer-D. credit life
How does a fixed annuity protect the annuitant from fluctuating economic conditions? -
Answer-B. interest is calculated on the basis of a current rate and a minimum
guaranteed rate
Which of the following statements best describes a disability elimination period? -
Answer-D. a qualifying period
Shari receives monthly income from her straight life annuity, if shari dies 36 months
after the monthly annuity payments begin, the balance of the annuity found is - Answer-
A. forfeited to the insurer
Who may terminate an agent appointment? - Answer-A. The insurer
if a subscriber of a preferred provider organization (PPO) obstains care from an out of
network provider, which of the following will occur? - Answer-B. The care is not covered
with respect to a life settlement contract, no person shall directly or indirectly pay
referral or finders fee to any person other than the - Answer-D. life settlement broker
The cost of a long term care policy is based on all of the following except - Answer-D.
personal income
, Which of the following long term disability clauses states that insured are considered
totally disabled when they cannot perform the major duties of a gainful occupation for
which they are reasonably suited because of education, training or experience? -
Answer-C. regular occupation clause
a fiduciary duty involves which of the following - Answer-A. proper handling of all client
premiums
Which of the following dividend options will increase the death benefit? - Answer-C. paid
up additions
when does an employee who has permanent kidney failure become eligible for
medicare coverage? - Answer-B. once on disability
Penalties that may be levied by the department of insurance for committing insurance
fraud do not include - Answer-D. probation
which of the following statements is true concerning classification of risks? - Answer-C.
a preferred individual is issued a rated policy
which of the following allows for a multiple of the face amount to be paid if the insured
dies because of an accident? - Answer-A. accidental death benefit
The New York superintendent of insurance will waive examination and education
requirements for a non resident applicant if the applicant - Answer-D. has a current valid
license in the applicant's home state and is in good standing
what provides full and fair disclosure of proposed coverages to an applicant? - Answer-
B. outline of coverage
Which of the following is a life insurance contract written on the life of an individual? -
Answer-D. Single life insurance
which of the following products is designed to pay benefits that can provide a stream of
retirement income to the purchaser? - Answer-A. annuity contract
an insured has a 5 year renewable term life insurance policy. upon exercising the
renewable privilege, the insured must - Answer-C. pay an annual premium that may be
higher
Under the fair credit reporting act, all of the following are considered to be negative
information except - Answer-C. credit reports
which of the following is a characteristic of level premium term life insurance? - Answer-
D. the cost of insurance is averaged throughout the life of the contract
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