Psi life stuvia - Study guides, Class notes & Summaries

PSI Life Exam Questions and Answers 100% Pass What kind of retirement plan can a 75-employee for profit corporation establish? - CORRECT ANSWER-Simple IRA The taxable portion of a monthly income benefit paid during the annuity phase from a nonqualified annuity is calculated using the - CORRECT ANSWER-Exclusion ratio Unfair claims settlement methods and practices by an insurance company include all of the following acts EXCEPT - CORRECT ANSWER-failure to pay all claims that are...

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 authorized to transact insurance in California because of failing to comply with California requirements or did not seek admission Pure Risk vs. Speculative Risk - ANSWER-Pure risks are insurable but Specu...

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 for six months when involving a preexisting condition. 3 The coverage for a loss from an illness or disease is treated differently than for a loss resulting from an injury due to an accident. 4 The ...

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 this information D-The treatment procedures that are covered by the policy. - ANSWER-D All of the following are common exclusions from loss found in disability income policies EXCEPT for that incurred while A) committing a misdemeanor B) piloting a personal aircraft C) living overseas D) serving in the military - ANSWER-...

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. Which of the following must be given to the insurer within 20 days after occurrence or commencement of any loss covered by the policy, or as thereafter as is reasonably possible? - ANSWER-Notice of clai...

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 policy shall be what the premium originally would have purchased and been paid at the correct age. 4. Prior to any benefits being payable, the insured shall rate and pay the difference in premiums...

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 in the form of policy dividends An insurer enter into a contract with a third-party to ensure itself against losses from insurance policies it issues. What is this agreement called? - ANSWER-Reinsura...

The Social Security age of retirement is dependent upon: - ANSWER-The individual's date of birth. Whole Life insurance is permanent insurance provides a _________ death benefit combining __________ insurance protection and __________ cash value. - ANSWER-Level, Decreasing, Increasing An agent held one appointment with an insurance company. The appointment was terminated. What is correct? - ANSWER-The license is inactive What is the term used to apply to a break (rest) given to people c...

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 policy shall be what the premium originally would have purchased and been paid at the correct age. 4. Prior to any benefits being payable, the insured shall rate and pay the difference in premiums...

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. Which of the following must be given to the insurer within 20 days after occurrence or commencement of any loss covered by the policy, or as thereafter as is reasonably possible? - ANSWER-Notice of claim....