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PSI INSURANCE EXAM ACTUAL EXAM VERSIONS COMPLETE 230 QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CORRECT ANSWER S) GRADED A+ $16.99   Add to cart

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PSI INSURANCE EXAM ACTUAL EXAM VERSIONS COMPLETE 230 QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CORRECT ANSWER S) GRADED A+

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PSI INSURANCE EXAM ACTUAL EXAM VERSIONS COMPLETE 230 QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CORRECT ANSWER S) GRADED A+/PSI INSURANCE EXAM ACTUAL EXAM VERSIONS COMPLETE 230 QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CORRECT ANSWER S) GRADED A+

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  • September 11, 2024
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  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • PSI INSURANCE
  • PSI INSURANCE
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PSI INSURANCE EXAM 2024-2025 ACTUAL EXAM VERSIONS COMPLETE 230
QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CORRECT ANSWER S)
GRADED A+



What is it called when a life insurance policy pays a multiple of the coverage amount when
certain types of accidents occur? - correct answer multiple indemnity
Upon the issuance of a conditional receipt for a renewal when the premium is paid AFTER the
time granted by the insurer, what is the maximum amount of time for reinstatement of the
policy? - correct answer 30 days
Which of the following statements regarding a pure life annuity payout option is correct? -
correct answer This option provides the highest monthly income.
Which of the following does not apply to the time limit on certain defenses provision in health
insurance policies? - correct answer fraudulent misstatements
If an individual is insured by both their own health insurance policy and their spouse's policy,
which policy pays first in the event of an illness? - correct answer The individual's policy pays
first, the spouse's policy pays the remaining up to coverage amount.
When can the premiums of an individually owned health insurance policy be deducted from the
individual's income tax? - correct answer when the taxpayer's unreimbursed medical expenses
exceed 7.5% of adjusted gross income during a taxable year
When the suicide clause is inserted in a life insurance contract, death by suicide is not covered
during the policy's initial - correct answer 2 year period.
Which of the following is a characteristic of Health Maintenance Organizations (HMOs)? -
correct answer preventive care
The life insurance policy will not be truly effective until all of the following occur EXCEPT -
correct answer the producer has explained the policy to the client.
Under which situation must insurable interest exist between the applicant and insured at the
time of application? - correct answer when a third-party applicant names themselves
beneficiary
Which of the following is a distinguishing feature of a variable life insurance policy? - correct
answer The cash value earnings are based on the performance of the separate account.
The person who receives the benefit of an annuity is known as the - correct answer annuitant.

, 2


Which of the following is an example of a premium payment mode? - correct answer annual
premium payment
How do most disability policies handle the case of a recurrent disability occurring at least 90
days after the first claim? - correct answer it must be handled as a new claim for a new period
of disability, requiring a new elimination period.
Which of the following is true for most comprehensive dental policies? - correct answer
Routine care is provided without coinsurance or deductibles.
Under a Medicare Supplement Policy, preexisting conditions CANNOT be excluded after how
many months from the effective date of the policy? - correct answer 6 months
What does an application for insurance contractually represent for the insured? - correct
answer an offer
Which of the following is exempted from the incontestability provision in insurance policies? -
correct answer fraudulent misstatements
Which of the following may be thought of as a time deductible rather than a dollar deductible
in a disability income policy because benefits are not payable during that time? - correct
answer elimination period
How long after being entitled to Social Security disability benefits will an individual be eligible to
receive Medicare benefits? - correct answer 2 years
If a policy is determined to be a Modified Endowment Contract (MEC), funds received under the
policy will be - correct answer considered taxable income first.
Which type of annuity attempts to offset inflation by providing a benefit linked to an underlying
investment account? - correct answer variable
What is a MIB report? - correct answer medical information on an applicant for assessing life
or health insurance risk
Group Life Policies typically include which of the following provisions? - correct answer
conversion privilege
In a case where an individual's health is insured by both their own policy and their spouse's
policy, which policy pays in the event of an illness? - correct answer The individual's policy pays
first, the spouse's policy pays the remaining up to coverage amount.
The feature of a Life Insurance Policy stating that the policy will NOT cover certain risks is
known as - correct answer exclusion.

, 3


The primary purpose of Health Reimbursement Accounts (HRAs) is to assist - correct answer
covered employees with the payment of medical expenses on a high deductible plan funded
through pre-tax contributions.
What type of insurance should a company purchase if it wants to insure the life of its CEO? -
correct answer key person insurance
Which is the major reason why long term care insurance is becoming increasingly important? -
correct answer As life expectancy increases, the chances of needing long term care also
increase.
Which of the following requires the claim information to be submitted to the insurer prior to
treatment to determine whether the treatment is covered and how much the insured's plan
will pay? - correct answer precertification provision
Which policy provision permits the policyowner to take a specified number of days to examine
the contract, and allows for cancellation and a full refund if the policyowner rejects the terms
or costs? - correct answer free look
A life insurance policy may be returned for cancellation and full refund if it is returned NO later
than - correct answer 20 days after receipt by the policyholder.
Which of the following features makes Universal Life Insurance different from other forms of
Whole Life Insurance? - correct answer premium schedules
Which of the following is TRUE in a key employee life insurance policy? - correct answer The
corporation is the applicant and policy holder. The employee is the insured.
How are issues of ambiguity usually resolved because insurance contracts are contracts of
adhesion? - correct answer in favor of the insured because the insurance company drafts the
language in the contract
Which of the following is a characteristic of indexed universal life insurance? - correct answer A
portion of the cash value is tied to an equity index account linked to a stipulated stock index.
Managed care plans increase efficiency by all of the following means EXCEPT - correct answer
transferring the management of costs to the insureds.
Which type of policy allows the policyowner the option to change the face value, amount of
premium, length of coverage, and type of coverage without changing policies? - correct answer
adjustable life
Which of the following policy loans is a provision in which an amount equal to the premium due
is subtracted from the cash value to pay the premium and prevent a lapse of the policy? -
correct answer automatic premium loan

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