PA Life, Accident, & Health Insurance
Real Exam Based Questions & Verified
This "PA Life, Accident, & Health Insurance Exam" assesses a candidate's knowledge of insurance
regulations, policies, and ethics. Study decks like the 183-questions or similar breakdowns distill
these complex modules into Set emphasizing fundamental insurance definitions and concepts.
Core Concepts from the 183-Question Set
• Pure Risk: The transfer of pure risk is the basis of insurance. It is characterized by the
chance of loss with no chance of gain.
• Speculative Risk: Involves the possibility for both loss and gain; speculative risks are
never insurable.
• Hazards: Conditions that increase the chance of a loss occurring. A physical hazard is a
tangible condition (e.g., faulty wiring).
• Perils: Defined as the actual cause of loss, such as a fire or an accident.
• Law of Large Numbers: The mathematical foundation that allows insurance companies
to predict claims and set premiums accurately. This principle applies to large, homogeneous
groups, not to individual policyholders.
Pennsylvania State Licensing Details
To successfully obtain your Pennsylvania license through the state's testing vendor, PSI, you will need
to master specific state statutes and general rules:
• Exam Breakdown: The combined Life, Accident, and Health examination typically
consists of 150+ scored questions.
• Time Limit: You are allowed 150 minutes (2.5 hours) to complete the examination.
• Passing Score: You must achieve a score of \(\ge 70\%\) to pass.
1
, Quiz_________________?
(18 or 21, depending upon the state) in order to receive policy proceeds; however,
proceeds cannot be directly paid to a minor child since they cannot sign the release. -
ANSWER✅
The beneficiary does not have to be of the age of majority
Quiz_________________?
(employer pays total premium), 100% of all eligible employees must participate. -
ANSWER✅
In a noncontributory group life plan
Quiz_________________?
(usually 10 days) starts upon policy delivery. -
ANSWER✅
The free look period
Quiz_________________?
1-year renewable term and a cash value account. -
ANSWER✅
Universal life is a combination of
Quiz_________________?
75% eligible employees must enroll. -
ANSWER✅
In a contributory group life insurance policy,
2
, Quiz_________________?
75% eligible employees must enroll. -
ANSWER✅
In a contributory group life insurance policy,
Quiz_________________?
a hedge against inflation. -
ANSWER✅
Investing in variable products is considered
Quiz_________________?
a level premium and will provide coverage until the insured dies or reaches age 100. -
ANSWER✅
Straight or traditional whole life has
Quiz_________________?
a life policy. -
ANSWER✅
A revocable beneficiary has no vested rights under
Quiz_________________?
a policy. -
3
, ANSWER✅
Producers may not make changes to
Quiz_________________?
a policyowner who returns their policy 5 days after delivery will receive a full refund since
the free look is commonly 10 days. -
ANSWER✅
Under the life insurance free look,
Quiz_________________?
a premium discount. -
ANSWER✅
A preferred risk is likely to receive
Quiz_________________?
a reciprocal insurer. -
ANSWER✅
An unincorporated association of individuals who insure each other is known as
Quiz_________________?
a sworn statement of truth, guaranteed to be true. -
ANSWER✅
A warranty is defined as
4
Real Exam Based Questions & Verified
This "PA Life, Accident, & Health Insurance Exam" assesses a candidate's knowledge of insurance
regulations, policies, and ethics. Study decks like the 183-questions or similar breakdowns distill
these complex modules into Set emphasizing fundamental insurance definitions and concepts.
Core Concepts from the 183-Question Set
• Pure Risk: The transfer of pure risk is the basis of insurance. It is characterized by the
chance of loss with no chance of gain.
• Speculative Risk: Involves the possibility for both loss and gain; speculative risks are
never insurable.
• Hazards: Conditions that increase the chance of a loss occurring. A physical hazard is a
tangible condition (e.g., faulty wiring).
• Perils: Defined as the actual cause of loss, such as a fire or an accident.
• Law of Large Numbers: The mathematical foundation that allows insurance companies
to predict claims and set premiums accurately. This principle applies to large, homogeneous
groups, not to individual policyholders.
Pennsylvania State Licensing Details
To successfully obtain your Pennsylvania license through the state's testing vendor, PSI, you will need
to master specific state statutes and general rules:
• Exam Breakdown: The combined Life, Accident, and Health examination typically
consists of 150+ scored questions.
• Time Limit: You are allowed 150 minutes (2.5 hours) to complete the examination.
• Passing Score: You must achieve a score of \(\ge 70\%\) to pass.
1
, Quiz_________________?
(18 or 21, depending upon the state) in order to receive policy proceeds; however,
proceeds cannot be directly paid to a minor child since they cannot sign the release. -
ANSWER✅
The beneficiary does not have to be of the age of majority
Quiz_________________?
(employer pays total premium), 100% of all eligible employees must participate. -
ANSWER✅
In a noncontributory group life plan
Quiz_________________?
(usually 10 days) starts upon policy delivery. -
ANSWER✅
The free look period
Quiz_________________?
1-year renewable term and a cash value account. -
ANSWER✅
Universal life is a combination of
Quiz_________________?
75% eligible employees must enroll. -
ANSWER✅
In a contributory group life insurance policy,
2
, Quiz_________________?
75% eligible employees must enroll. -
ANSWER✅
In a contributory group life insurance policy,
Quiz_________________?
a hedge against inflation. -
ANSWER✅
Investing in variable products is considered
Quiz_________________?
a level premium and will provide coverage until the insured dies or reaches age 100. -
ANSWER✅
Straight or traditional whole life has
Quiz_________________?
a life policy. -
ANSWER✅
A revocable beneficiary has no vested rights under
Quiz_________________?
a policy. -
3
, ANSWER✅
Producers may not make changes to
Quiz_________________?
a policyowner who returns their policy 5 days after delivery will receive a full refund since
the free look is commonly 10 days. -
ANSWER✅
Under the life insurance free look,
Quiz_________________?
a premium discount. -
ANSWER✅
A preferred risk is likely to receive
Quiz_________________?
a reciprocal insurer. -
ANSWER✅
An unincorporated association of individuals who insure each other is known as
Quiz_________________?
a sworn statement of truth, guaranteed to be true. -
ANSWER✅
A warranty is defined as
4
