PA Life Practice Exam from PSI
1. Obtaining consumer information reports under false
pretenses is prose- cutable by which of the following?
1.
USA Patriot Act
2.
Fair Credit Reporting Act
3.
State laws where the applicant resides
4.
Securities and Exchange Commission: 2. Fair Credit Reporting
Act
2. All of the following are features of the spendthrift clause
EXCEPT
1.
proceeds are paid in some other way than a single lump sum.
2.
proceeds are protected by the insurer from the beneficiary's
creditors.
3.
transfer of proceeds to creditors is prohibited.
,4.
the beneficiary may encumber the proceeds.: 4. the
beneficiary may encumber the proceeds.
3. What procedure is used by an insurer to protect itself in the
event a dispute arises and the applicant and the agent do not
recall the changes that were made in a completed
application?
1.
The applicant and possibly the agent initial any changes
made.
2.
The applicant and the agent sign a document that outlines
changes made.
3.
An arbitration agreement is signed at the time of the signing
of the applica- tion.
4.
All changes must be approved by the underwriter prior to the
submission of the application.: 1.
The applicant and possibly the agent initial any changes made.
4. All of the following are ownership rights EXCEPT
1. changing the beneficiary of the policy
2. borrowing funds against cash value
, 3. switching the policy from one insured to another
4. assigning all of the rights of the policy to another person:
3. switching the policy from one insured to another
5. Which policy type is backed by equity investments and
allows the policy- holder to adjust the death benefit?
1.
term life
2.
variable life
3.
regular whole life
4.
variable universal life: 4. variable universal life
6. The right to change the beneficiary or dispose of the policy
or its benefits in any manner one chooses is reserved to the
policyowner UNLESS which of the following is true?
1.
The policyowner has named an irrevocable beneficiary.
2.
The policyowner has named a revocable beneficiary.
3.
1. Obtaining consumer information reports under false
pretenses is prose- cutable by which of the following?
1.
USA Patriot Act
2.
Fair Credit Reporting Act
3.
State laws where the applicant resides
4.
Securities and Exchange Commission: 2. Fair Credit Reporting
Act
2. All of the following are features of the spendthrift clause
EXCEPT
1.
proceeds are paid in some other way than a single lump sum.
2.
proceeds are protected by the insurer from the beneficiary's
creditors.
3.
transfer of proceeds to creditors is prohibited.
,4.
the beneficiary may encumber the proceeds.: 4. the
beneficiary may encumber the proceeds.
3. What procedure is used by an insurer to protect itself in the
event a dispute arises and the applicant and the agent do not
recall the changes that were made in a completed
application?
1.
The applicant and possibly the agent initial any changes
made.
2.
The applicant and the agent sign a document that outlines
changes made.
3.
An arbitration agreement is signed at the time of the signing
of the applica- tion.
4.
All changes must be approved by the underwriter prior to the
submission of the application.: 1.
The applicant and possibly the agent initial any changes made.
4. All of the following are ownership rights EXCEPT
1. changing the beneficiary of the policy
2. borrowing funds against cash value
, 3. switching the policy from one insured to another
4. assigning all of the rights of the policy to another person:
3. switching the policy from one insured to another
5. Which policy type is backed by equity investments and
allows the policy- holder to adjust the death benefit?
1.
term life
2.
variable life
3.
regular whole life
4.
variable universal life: 4. variable universal life
6. The right to change the beneficiary or dispose of the policy
or its benefits in any manner one chooses is reserved to the
policyowner UNLESS which of the following is true?
1.
The policyowner has named an irrevocable beneficiary.
2.
The policyowner has named a revocable beneficiary.
3.
