PSI INSURANCE EXAM 2024 ACTUAL
EXAM 2 VERSIONS (VERSION A AND
B) COMPLETE 500 QUESTIONS WITH
DETAILED VERIFIED ANSWERS (100%
CORRECT ANSWERS) / ALREADY
GRADED A+
VERSION A
An annuitant paid $500,000 for an annuity on
September 1 and expects to receive lifetime benefit
payments beginning October 1. What type of annuity
was purchased? - ....ANSWER...Single Premium
Immediate
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 soon
thereafter as is reasonably possible? -
....ANSWER...notice of claim
,Business partners wanting to purchase an insurance
policy on the lives of each of the other partners
would choose - ....ANSWER...a Cross-Purchase Plan.
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
In which of the following types of contracts is only
one party legally required to do something after the
insured has completed the act of paying the
premium? - ....ANSWER...unilateral
A producer accepted a life insurance application
without the initial premium. Once the underwriting
process was completed, the company issued the
policy by mailing it to the producer. What is the
producer's responsibility? - ....ANSWER...The
producer should personally deliver the policy to
collect the premium, explain the coverages, and
obtain a signed statement of good health.
,Health insurance policies include a uniform
provision that gives the insurer the right, at its own
expense, to do which of the following? -
....ANSWER...require an autopsy
Which of the following types of insurers operates
within the United States, but outside of the state in
which it is incorporated? - ....ANSWER...foreign
Group AD&D policies may be deducted by whom and
under which deduction category? - ....ANSWER...the
employer under business expenses
At which point are contractual death benefit
settlement options determined and by whom? -
....ANSWER...at the time the policy is purchased by
the owner of the policy
Which type of insurance provides benefits for
expenses incurred as a result of hospitalization,
surgical procedures, and outpatient expenses such
as office visits, laboratory tests, and diagnostic
services? - ....ANSWER...medical expense
, The group conversion option is allowed for all of the
following EXCEPT - ....ANSWER...during the annual
benefits enrollment period.
Which of the following is a characteristic of a fixed
annuity? - ....ANSWER...the insurer is obligated to pay
a guaranteed minimum interest rate.
The period beginning at the time of an insured loss
that an insured must wait before benefits are
payable is called the - ....ANSWER...elimination
period.
Which type of coverage pays the operating costs of a
small business when the owner becomes disabled? -
....ANSWER...business overhead expense disability
insurance
When may a policyowner change a revocable
beneficiary? - ....ANSWER...at any time
What is granted to the insured in the consideration
clause? - ....ANSWER...the right to insurance
coverage if premiums are paid
EXAM 2 VERSIONS (VERSION A AND
B) COMPLETE 500 QUESTIONS WITH
DETAILED VERIFIED ANSWERS (100%
CORRECT ANSWERS) / ALREADY
GRADED A+
VERSION A
An annuitant paid $500,000 for an annuity on
September 1 and expects to receive lifetime benefit
payments beginning October 1. What type of annuity
was purchased? - ....ANSWER...Single Premium
Immediate
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 soon
thereafter as is reasonably possible? -
....ANSWER...notice of claim
,Business partners wanting to purchase an insurance
policy on the lives of each of the other partners
would choose - ....ANSWER...a Cross-Purchase Plan.
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
In which of the following types of contracts is only
one party legally required to do something after the
insured has completed the act of paying the
premium? - ....ANSWER...unilateral
A producer accepted a life insurance application
without the initial premium. Once the underwriting
process was completed, the company issued the
policy by mailing it to the producer. What is the
producer's responsibility? - ....ANSWER...The
producer should personally deliver the policy to
collect the premium, explain the coverages, and
obtain a signed statement of good health.
,Health insurance policies include a uniform
provision that gives the insurer the right, at its own
expense, to do which of the following? -
....ANSWER...require an autopsy
Which of the following types of insurers operates
within the United States, but outside of the state in
which it is incorporated? - ....ANSWER...foreign
Group AD&D policies may be deducted by whom and
under which deduction category? - ....ANSWER...the
employer under business expenses
At which point are contractual death benefit
settlement options determined and by whom? -
....ANSWER...at the time the policy is purchased by
the owner of the policy
Which type of insurance provides benefits for
expenses incurred as a result of hospitalization,
surgical procedures, and outpatient expenses such
as office visits, laboratory tests, and diagnostic
services? - ....ANSWER...medical expense
, The group conversion option is allowed for all of the
following EXCEPT - ....ANSWER...during the annual
benefits enrollment period.
Which of the following is a characteristic of a fixed
annuity? - ....ANSWER...the insurer is obligated to pay
a guaranteed minimum interest rate.
The period beginning at the time of an insured loss
that an insured must wait before benefits are
payable is called the - ....ANSWER...elimination
period.
Which type of coverage pays the operating costs of a
small business when the owner becomes disabled? -
....ANSWER...business overhead expense disability
insurance
When may a policyowner change a revocable
beneficiary? - ....ANSWER...at any time
What is granted to the insured in the consideration
clause? - ....ANSWER...the right to insurance
coverage if premiums are paid
