PSI Practice exam NJ EXAM NEWEST, 2024/ 2025, ACTUAL EX
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AM QUESTIONS AND CORRECT DETAILED ANSWERS
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|ALREADY GRADED A
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C:lswitchinglthelpolicylfromlonlinsuredltolanotherl......answer .......... allloflthe
followinglarelownershiplrightslEXCEPT:
A:lchanginglthelbeneficiaryloflthelpolicy
B:lborrowinglfundslagainstlcashlvalue
C:lswitchinglthelpolicylfromlonlinsuredltolanother
D:lassigninglallloflthelrightsloflthelpolicyltolanotherlperson
C:lplanldoeslnotlmeetlfederallguidelineslforltaxlbenefitsl......answer. ......... whichlof
thelfollowinglislcharacteristicloflalnonlqualifiedlplan:
A:ldefinedlvestinglschedule
B:lplanlestablishedlbylthelemployer
C:lplanldoeslnotlmeetlfederallguidelineslforltaxlbenefits
D:lemployerlcontributionslareldeductiblelbusinesslexpense
A:lalwarrantylislguaranteedltolbeltrue,lalrepresentationlislbelievedltolbeltruelto
thelbestloflone'slknowledgel......answer. ...... Howldolwarrantiesldifferlfrom
representations?
A:lalwarrantylislguaranteedltolbeltrue,lalrepresentationlislbelievedltolbeltruelto
thelbestloflone'slknowledge
,B:lalrepresentationlislguaranteedltolbeltrue,lalwarrantylislbelievedltolbeltruelto
thelbestloflone'slknowledge
C:lalwarrantylislissuedlbylthelinsurer,lalrepresentationlislalstatementlprovided
bylthelapplicant
D:lanlincorrectlrepresentationlautomaticallylvoidslalcontract,lwhereaslan
incorrectlwarrantylmustlbelproven
B:lrecordinglmethodl......answer...... inlwhichloflthelfollowinglmustlalbeneficiary
changelrequestlbelfiledlinlwritingltolthelinsurerlandlislmadeleffectivelbylthe
insurancelcompany:
A:ldesignationloption
B:lrecordinglmethod
C:lendorsementlmethod
D:lsuccessionloflbeneficiaries
C:lthelminorlinlaljuvenilelpolicyl......answer. ....... allloflthelfollowinglarelrequired
signaturelonlallifelinsurancelapplicationlEXCEPT:
A:lthelagent
B:lthelapplicant
C:lthelminorlinlaljuvenilelpolicy
D:lthelproposedlinsured
, D:lthelbeneficiarylmaylencumberlthelproceedsl......answer. .......allloflthelfollowing
arelfeaturesloflthelspendthriftlclauselEXCEPT:
A:lproceedslarelpaidlinlsomelotherlwaylthanlalsinglelpremium
B:lproceedslarelprotectedlbylthelinsurerlfromlthelbeneficiary'slcreditors
C:ltransferloflproceedsltolcreditors
D:lthelbeneficiarylmaylencumberlthelproceeds
D:lvariablel......answer. .... Whichltypeloflannuitylattemptsltoloffsetlinflationlby
providinglalbenefitllinkedltolanlunderlyinglinvestmentlaccount:
A:ldeferred
B:lfixed
C:limmediate
D:lvariable
A:lthelproceedslareldividedlequallylamongllivinglprimarylbeneficiaries
......answer. ... howldoeslthelperlcapitalrulelapplyltolproceedslfromlallifelinsurance
policy:
A:lthelproceedslareldividedlequallylamongllivinglprimarylbeneficiaries
B:lthelsecondarylbeneficiarylreceiveslthelproceedsliflthelprimarylbeneficiarylis
nollongerlliving
C:lthelproceedslgoltolthelpolicyholder'slestatelwhenlnolbeneficiarylislliving
D:lthelproceedslgoltoltheldescendantsloflthelprimarylbeneficiaries
l l l l l l l l l
AM QUESTIONS AND CORRECT DETAILED ANSWERS
l l l l l
|ALREADY GRADED A
l l
C:lswitchinglthelpolicylfromlonlinsuredltolanotherl......answer .......... allloflthe
followinglarelownershiplrightslEXCEPT:
A:lchanginglthelbeneficiaryloflthelpolicy
B:lborrowinglfundslagainstlcashlvalue
C:lswitchinglthelpolicylfromlonlinsuredltolanother
D:lassigninglallloflthelrightsloflthelpolicyltolanotherlperson
C:lplanldoeslnotlmeetlfederallguidelineslforltaxlbenefitsl......answer. ......... whichlof
thelfollowinglislcharacteristicloflalnonlqualifiedlplan:
A:ldefinedlvestinglschedule
B:lplanlestablishedlbylthelemployer
C:lplanldoeslnotlmeetlfederallguidelineslforltaxlbenefits
D:lemployerlcontributionslareldeductiblelbusinesslexpense
A:lalwarrantylislguaranteedltolbeltrue,lalrepresentationlislbelievedltolbeltruelto
thelbestloflone'slknowledgel......answer. ...... Howldolwarrantiesldifferlfrom
representations?
A:lalwarrantylislguaranteedltolbeltrue,lalrepresentationlislbelievedltolbeltruelto
thelbestloflone'slknowledge
,B:lalrepresentationlislguaranteedltolbeltrue,lalwarrantylislbelievedltolbeltruelto
thelbestloflone'slknowledge
C:lalwarrantylislissuedlbylthelinsurer,lalrepresentationlislalstatementlprovided
bylthelapplicant
D:lanlincorrectlrepresentationlautomaticallylvoidslalcontract,lwhereaslan
incorrectlwarrantylmustlbelproven
B:lrecordinglmethodl......answer...... inlwhichloflthelfollowinglmustlalbeneficiary
changelrequestlbelfiledlinlwritingltolthelinsurerlandlislmadeleffectivelbylthe
insurancelcompany:
A:ldesignationloption
B:lrecordinglmethod
C:lendorsementlmethod
D:lsuccessionloflbeneficiaries
C:lthelminorlinlaljuvenilelpolicyl......answer. ....... allloflthelfollowinglarelrequired
signaturelonlallifelinsurancelapplicationlEXCEPT:
A:lthelagent
B:lthelapplicant
C:lthelminorlinlaljuvenilelpolicy
D:lthelproposedlinsured
, D:lthelbeneficiarylmaylencumberlthelproceedsl......answer. .......allloflthelfollowing
arelfeaturesloflthelspendthriftlclauselEXCEPT:
A:lproceedslarelpaidlinlsomelotherlwaylthanlalsinglelpremium
B:lproceedslarelprotectedlbylthelinsurerlfromlthelbeneficiary'slcreditors
C:ltransferloflproceedsltolcreditors
D:lthelbeneficiarylmaylencumberlthelproceeds
D:lvariablel......answer. .... Whichltypeloflannuitylattemptsltoloffsetlinflationlby
providinglalbenefitllinkedltolanlunderlyinglinvestmentlaccount:
A:ldeferred
B:lfixed
C:limmediate
D:lvariable
A:lthelproceedslareldividedlequallylamongllivinglprimarylbeneficiaries
......answer. ... howldoeslthelperlcapitalrulelapplyltolproceedslfromlallifelinsurance
policy:
A:lthelproceedslareldividedlequallylamongllivinglprimarylbeneficiaries
B:lthelsecondarylbeneficiarylreceiveslthelproceedsliflthelprimarylbeneficiarylis
nollongerlliving
C:lthelproceedslgoltolthelpolicyholder'slestatelwhenlnolbeneficiarylislliving
D:lthelproceedslgoltoltheldescendantsloflthelprimarylbeneficiaries
