Exam (elaborations) CA LIFE EXAM – PSI QUESTIONS AND ANSWERS LATEST UPDATE Exam (elaborations) CA- PSI- Life, Accident & Health Exam Questions with Complete Solutions Exam (elaborations) CA PSI Site - Life, Accident and Health Agent Examination (Life Agent) Questions with Correct Answers E...
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Coinsurance - Answer- refers to a co-sharing agreement that is between an insured and an insures which provides that the insured will pay for a certain percentage of the covered expenses incurred. Non-Contributory - Answer- In a non-contributory plan, the employer pays the entire amount of the pr...
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Add to cartCoinsurance - Answer- refers to a co-sharing agreement that is between an insured and an insures which provides that the insured will pay for a certain percentage of the covered expenses incurred. Non-Contributory - Answer- In a non-contributory plan, the employer pays the entire amount of the pr...
Which of the following would be true of both the fixed period and fixed amount settlement options - Answer- Both guarantee that the principal and interest will be fully paid out Who does the spendthrift clause in a life insurance policy protect? - Answer- beneficiary Under what circumstances w...
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Add to cartWhich of the following would be true of both the fixed period and fixed amount settlement options - Answer- Both guarantee that the principal and interest will be fully paid out Who does the spendthrift clause in a life insurance policy protect? - Answer- beneficiary Under what circumstances w...
What is a primary difference between individual and group health insurance? - Answer-Individual Insurance requires evidence of insurability. Which of the following coverage types pays a monthly cash benefit following the elimination for total disability due to accident or sickness? - Answer-Disab...
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Add to cartWhat is a primary difference between individual and group health insurance? - Answer-Individual Insurance requires evidence of insurability. Which of the following coverage types pays a monthly cash benefit following the elimination for total disability due to accident or sickness? - Answer-Disab...
All of the following are authorized activities for the limited lines automobile insurance agents EXCEPT if the agent-Answer-Charges and collects a brokers fee for service Which of the following descries a contract of reinsurance?-Answer-A first insurer issues insurance to compensate another insur...
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Add to cartAll of the following are authorized activities for the limited lines automobile insurance agents EXCEPT if the agent-Answer-Charges and collects a brokers fee for service Which of the following descries a contract of reinsurance?-Answer-A first insurer issues insurance to compensate another insur...
which oft he following is a characteristic of preferred provider org (PPO) A: prearranged costs for services rendered B: providers receive a flat montlyh amount for each user C: ability to receive care at the same cost from any provider D: emergency treatment is restricted to pre-select hospital...
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Add to cartwhich oft he following is a characteristic of preferred provider org (PPO) A: prearranged costs for services rendered B: providers receive a flat montlyh amount for each user C: ability to receive care at the same cost from any provider D: emergency treatment is restricted to pre-select hospital...
Who is eligible to be an insurer? - Answer- The direct writing distribution model utilizes: Any person, company, organization, or corporation that is capable of making a contract. Which is an INACCURATE statement on the purpose and intent of the Insurance Information and Privacy Protection Act...
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Add to cartWho is eligible to be an insurer? - Answer- The direct writing distribution model utilizes: Any person, company, organization, or corporation that is capable of making a contract. Which is an INACCURATE statement on the purpose and intent of the Insurance Information and Privacy Protection Act...
Which of the following occurs immediately after the application is submitted and the initial premium paid? 1. the underwriting process begins 2. the applicant's references are checked 3. the beneficiaries are selected 4. the insurance goes into effect. - Answer- 1. the underwriting process be...
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Add to cartWhich of the following occurs immediately after the application is submitted and the initial premium paid? 1. the underwriting process begins 2. the applicant's references are checked 3. the beneficiaries are selected 4. the insurance goes into effect. - Answer- 1. the underwriting process be...
all of the following are ownership rights EXCEPT: A: changing the beneficiary of the policy B: borrowing funds against cash value C: switching the policy from on insured to another D: assigning all of the rights of the policy to another person - Answer- C: switching the policy from on insured to...
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Add to cartall of the following are ownership rights EXCEPT: A: changing the beneficiary of the policy B: borrowing funds against cash value C: switching the policy from on insured to another D: assigning all of the rights of the policy to another person - Answer- C: switching the policy from on insured to...
If the insurer wishes to share an applicant's HIV status, the applicant must be given full notice of all of the following EXCEPT A-The applicant's rights to maintain privacy B-An opportunity to refuse the dissemination of the information C-Insurer's practices with respect to the treatment of...
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Add to cartIf the insurer wishes to share an applicant's HIV status, the applicant must be given full notice of all of the following EXCEPT A-The applicant's rights to maintain privacy B-An opportunity to refuse the dissemination of the information C-Insurer's practices with respect to the treatment of...
Which is an ACCURATE statement regarding benefits of Medicare supplement and Medicare select plans? 1 The insurer is able to cancel, or deny renewal of an existing policy, based solely on the health of the insured. 2 There is no restriction for benefits after the coverage has been in effect fo...
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Add to cartWhich is an ACCURATE statement regarding benefits of Medicare supplement and Medicare select plans? 1 The insurer is able to cancel, or deny renewal of an existing policy, based solely on the health of the insured. 2 There is no restriction for benefits after the coverage has been in effect fo...
Under the misstatement of age or gender provision, what happens if it is determined at death that the insured's age or gender was misstated on a life insurance policy application? - Answer- Benefits are adjusted to an amount that the premium would have purchased at the correct age or gender. Whi...
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Add to cartUnder the misstatement of age or gender provision, what happens if it is determined at death that the insured's age or gender was misstated on a life insurance policy application? - Answer- Benefits are adjusted to an amount that the premium would have purchased at the correct age or gender. Whi...
Which of the following is TRUE of an equity-indexed annuity? - Answer- It has a guaranteed minimum interest rate Compared to basic hospital, medical and surgical policies, which type of insurance provides broader coverage, fewer gaps, higher individual benefits, and higher policy maximums? - Answ...
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Add to cartWhich of the following is TRUE of an equity-indexed annuity? - Answer- It has a guaranteed minimum interest rate Compared to basic hospital, medical and surgical policies, which type of insurance provides broader coverage, fewer gaps, higher individual benefits, and higher policy maximums? - Answ...
How long after being entitled to disability benefits will an individual be eligible to receive Medicare benefits? A. immediately B. 1 year C. 2 years D. At age 65 - Answer- 2 years What is the return of premium rider? A. an increasing amount of term insurance that always equals the total o...
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Add to cartHow long after being entitled to disability benefits will an individual be eligible to receive Medicare benefits? A. immediately B. 1 year C. 2 years D. At age 65 - Answer- 2 years What is the return of premium rider? A. an increasing amount of term insurance that always equals the total o...
Which policy type is backed by equity investments and allows the policyholder to adjust the death benefit? - Answer- variable universal life Which annuity settlement option provides a stated monthly amount to the annuitant and upon the annuitant?s death the same or a lesser amount paid for the li...
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Add to cartWhich policy type is backed by equity investments and allows the policyholder to adjust the death benefit? - Answer- variable universal life Which annuity settlement option provides a stated monthly amount to the annuitant and upon the annuitant?s death the same or a lesser amount paid for the li...
What kind of retirement plan can a 75-employee for profit corporation establish? - Answer- Simple IRA The taxable portion of a monthly income benefit paid during the annuity phase from a nonqualified annuity is calculated using the - Answer- Exclusion ratio Unfair claims settlement methods and...
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Add to cartWhat kind of retirement plan can a 75-employee for profit corporation establish? - Answer- Simple IRA The taxable portion of a monthly income benefit paid during the annuity phase from a nonqualified annuity is calculated using the - Answer- Exclusion ratio Unfair claims settlement methods and...
What is it called when a life insurance policy pays a multiple of the coverage amount when certain types of accidents occur? -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 amou...
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Add to cartWhat is it called when a life insurance policy pays a multiple of the coverage amount when certain types of accidents occur? -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 amou...
During which period of a Disability Income Policy is coverage effective but during which no benefits will be paid under the policy? - Answer- Probationary period All of the following are common exclusions from loss found in disability income policies EXCEPT for that incurred while - Answer- commi...
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Add to cartDuring which period of a Disability Income Policy is coverage effective but during which no benefits will be paid under the policy? - Answer- Probationary period All of the following are common exclusions from loss found in disability income policies EXCEPT for that incurred while - Answer- commi...
What is the procedure regarding change of address for a licensee? - Answer-The commissioner must be notified immediately of any change in the personal, business, or email address. What is the punishment for a person who refuses to deliver books, records, or assets to the commissioner when subject...
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Add to cartWhat is the procedure regarding change of address for a licensee? - Answer-The commissioner must be notified immediately of any change in the personal, business, or email address. What is the punishment for a person who refuses to deliver books, records, or assets to the commissioner when subject...
The purchaser has the option to vary the amount of each premium payment falling between a minimum and maximum amount. - Answer- Which of the following is TRUE for a flexible premium annuity? Medical underwriting exam - Answer- A consumer report used to determine eligibility for insurance may incl...
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Add to cartThe purchaser has the option to vary the amount of each premium payment falling between a minimum and maximum amount. - Answer- Which of the following is TRUE for a flexible premium annuity? Medical underwriting exam - Answer- A consumer report used to determine eligibility for insurance may incl...
Which type of annuity covers two or more annuitants and provides monthly income only until the first annuitant dies? - Answer- Joint life annuity Which of the following is TRUE of an equity-indexed annuity? - Answer- It has a guaranteed minimum interest rate Which is the primary purpose of Hea...
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Add to cartWhich type of annuity covers two or more annuitants and provides monthly income only until the first annuitant dies? - Answer- Joint life annuity Which of the following is TRUE of an equity-indexed annuity? - Answer- It has a guaranteed minimum interest rate Which is the primary purpose of Hea...
Nonforfeiture Options - Answer- cash value, reduced paid-up insurance, extended term insurance Cash Value - Answer- the amount of money a whole life policyholder would receive if the policy were surrendered before death or maturity Reduced Paid-Up - Answer- The amount of equity (ownership) or ...
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Add to cartNonforfeiture Options - Answer- cash value, reduced paid-up insurance, extended term insurance Cash Value - Answer- the amount of money a whole life policyholder would receive if the policy were surrendered before death or maturity Reduced Paid-Up - Answer- The amount of equity (ownership) or ...
What happens under a misstatement of age clause on a disability policy? 1. The policy would be terminated and all premiums would be returned to the policy owner. 2. The policy would be terminated and all premiums would be retained by the insurance company. 3. All amounts payable under this ...
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Add to cartWhat happens under a misstatement of age clause on a disability policy? 1. The policy would be terminated and all premiums would be returned to the policy owner. 2. The policy would be terminated and all premiums would be retained by the insurance company. 3. All amounts payable under this ...
Obtaining consumer information reports under false pretenses is prosecutable by which of the following? 1. USA Patriot Act 2. Fair Credit Reporting Act 3. State laws where the applicant resides 4. Securities and Exchange Commission - Answer- 2. Fair Credit Reporting Act All of the follow...
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Add to cartObtaining consumer information reports under false pretenses is prosecutable by which of the following? 1. USA Patriot Act 2. Fair Credit Reporting Act 3. State laws where the applicant resides 4. Securities and Exchange Commission - Answer- 2. Fair Credit Reporting Act All of the follow...
convertible - Answer- Which of the following term insurance types provides temporary protection that can be changed to some type of permanent protection without evidence of insurability? Variable Universal Life - Answer- Which policy type is backed by equity investments and allows the policyh...
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Add to cartconvertible - Answer- Which of the following term insurance types provides temporary protection that can be changed to some type of permanent protection without evidence of insurability? Variable Universal Life - Answer- Which policy type is backed by equity investments and allows the policyh...
Which of the following is TRUE of a point of service plan - Answer- A patient's care is coordinated by an in-network primary care physician. In a Level term life policy, which always remains constant ? - Answer- death benefit which part of an insurance contract contains the promise to pay los...
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Add to cartWhich of the following is TRUE of a point of service plan - Answer- A patient's care is coordinated by an in-network primary care physician. In a Level term life policy, which always remains constant ? - Answer- death benefit which part of an insurance contract contains the promise to pay los...
Admitted Insurance Company vs. Non-Admitted Insurance Company - Answer- An admitted insurance company is authorized to transact insurance in California because it has a Certificate of Authority granted by the California Department of Insurance (CDI) A non-admitted insurance company is not authori...
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Add to cartAdmitted Insurance Company vs. Non-Admitted Insurance Company - Answer- An admitted insurance company is authorized to transact insurance in California because it has a Certificate of Authority granted by the California Department of Insurance (CDI) A non-admitted insurance company is not authori...
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 W...
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Add to cartReduced 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 W...
A participating company is also referred to as which type of insurer? - Answer- Mutual insurer An insurer owned by its policyholders, is called a - Answer- Mutual insurer What is a participating life insurance policy? - Answer- Contract that allows the policyowner to receive a share of surplus...
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Add to cartA participating company is also referred to as which type of insurer? - Answer- Mutual insurer An insurer owned by its policyholders, is called a - Answer- Mutual insurer What is a participating life insurance policy? - Answer- Contract that allows the policyowner to receive a share of surplus...
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