PSI Life Insurance Test (solved)2023-2024 Updated
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 lifetime of the survivor? - ANSWER-Joint and survivorship
option
In which of the following must a beneficiary change request be filed in
writing to the insurer and is made effective by the insurance company
recording the change in its records? - ANSWER-recording method
What is the order in which beneficiaries receive proceeds from a life
insurance policy? - ANSWER-succession of beneficiaries
Which part of an insurance contract contains the promise to pay losses
covered by the policy in exchange for the insured's premium and
compliance with policy terms? - ANSWER-insuring clause
Which of the following is exempted from the incontestability provision in
insurance policies? - ANSWER-fraudulent misstatements
, PSI Life Insurance Test (solved)2023-2024 Updated
What is the primary advantage for obtaining a reinstatement of a policy
rather than obtaining a new one? - ANSWER-insured original age is used
All of the following are ownership rights EXCEPT - ANSWER-switching the
policy from one insured to another
Which is a common approach to addressing the problems inherent in
naming a minor as a beneficiary to a life insurance policy? - ANSWER-
establishing a trust to administer proceeds
In which of the following must a beneficiary change request be filed in
writing to the insurer and is made effective by the insurance company
recording the change in its records? - ANSWER-recording method
Which part of an insurance contract contains the promise to pay losses
covered by the policy in exchange for the insured's premium and
compliance with policy terms? - ANSWER-insuring clause
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 lifetime of the survivor? - ANSWER-Joint and survivorship
option
In which of the following must a beneficiary change request be filed in
writing to the insurer and is made effective by the insurance company
recording the change in its records? - ANSWER-recording method
What is the order in which beneficiaries receive proceeds from a life
insurance policy? - ANSWER-succession of beneficiaries
Which part of an insurance contract contains the promise to pay losses
covered by the policy in exchange for the insured's premium and
compliance with policy terms? - ANSWER-insuring clause
Which of the following is exempted from the incontestability provision in
insurance policies? - ANSWER-fraudulent misstatements
, PSI Life Insurance Test (solved)2023-2024 Updated
What is the primary advantage for obtaining a reinstatement of a policy
rather than obtaining a new one? - ANSWER-insured original age is used
All of the following are ownership rights EXCEPT - ANSWER-switching the
policy from one insured to another
Which is a common approach to addressing the problems inherent in
naming a minor as a beneficiary to a life insurance policy? - ANSWER-
establishing a trust to administer proceeds
In which of the following must a beneficiary change request be filed in
writing to the insurer and is made effective by the insurance company
recording the change in its records? - ANSWER-recording method
Which part of an insurance contract contains the promise to pay losses
covered by the policy in exchange for the insured's premium and
compliance with policy terms? - ANSWER-insuring clause
