1
PSI EXAM NEWEST VERSION -2025/2026- 100+ QUESTIONS
AND VERIFIED ANSWERS 100% CORRECT GUARANTEED
SUCCESS
Which of the following was specifically designed to address STOLI and IOLI
practices?
NCOIL Act
Which of the following occurs immediately after the application is submitted and
the initial premium paid?
the underwriting process begins
Which of the following was specifically designed to address STOLI and IOLI
practices?
NCOIL Act
Which of the following occurs immediately after the application is submitted and
the initial premium paid?
the underwriting process begins
A consumer report used to determine eligibility for insurance may include all of
the following EXCEPT
medical underwriting exam
For an individual long-term care policy there is an annual dollar limit for tax
deductions that is based on which of the following?
age
A consumer report used to determine eligibility for insurance may include all of
the following EXCEPT
, 2
medical underwriting exam
For an individual long-term care policy there is an annual dollar limit for tax
deductions that is based on which of the following?
age
How does a noncancelable policy differ from a guaranteed renewable policy?
With the noncancelable policy the insurer may increase premiums only based on
the terms of the policy.
What does first dollar coverage mean?
As soon as covered medical expenses are incurred, the policy begins to pay.
What is the maximum amount of time the insured has to file legal action against
the insurer after written proof of loss is provided?
3 years
What is a MIB report?
medical information on an applicant for assessing life or health insurance risk
All of the following are TRUE regarding incomplete applications EXCEPT
the incomplete application can be accepted with the missing information added
later.
hy are insurance policies considered conditional contracts?
Certain conditions need to be met to make the contract legally enforceable.
When does insurable interest come into play in a life insurance policy?
when the applicant for the policy is not the insured
Which type of receipt makes the insurer liable for the risk from the date of
application, regardless of the applicant's insurability?
binding receipt
PSI EXAM NEWEST VERSION -2025/2026- 100+ QUESTIONS
AND VERIFIED ANSWERS 100% CORRECT GUARANTEED
SUCCESS
Which of the following was specifically designed to address STOLI and IOLI
practices?
NCOIL Act
Which of the following occurs immediately after the application is submitted and
the initial premium paid?
the underwriting process begins
Which of the following was specifically designed to address STOLI and IOLI
practices?
NCOIL Act
Which of the following occurs immediately after the application is submitted and
the initial premium paid?
the underwriting process begins
A consumer report used to determine eligibility for insurance may include all of
the following EXCEPT
medical underwriting exam
For an individual long-term care policy there is an annual dollar limit for tax
deductions that is based on which of the following?
age
A consumer report used to determine eligibility for insurance may include all of
the following EXCEPT
, 2
medical underwriting exam
For an individual long-term care policy there is an annual dollar limit for tax
deductions that is based on which of the following?
age
How does a noncancelable policy differ from a guaranteed renewable policy?
With the noncancelable policy the insurer may increase premiums only based on
the terms of the policy.
What does first dollar coverage mean?
As soon as covered medical expenses are incurred, the policy begins to pay.
What is the maximum amount of time the insured has to file legal action against
the insurer after written proof of loss is provided?
3 years
What is a MIB report?
medical information on an applicant for assessing life or health insurance risk
All of the following are TRUE regarding incomplete applications EXCEPT
the incomplete application can be accepted with the missing information added
later.
hy are insurance policies considered conditional contracts?
Certain conditions need to be met to make the contract legally enforceable.
When does insurable interest come into play in a life insurance policy?
when the applicant for the policy is not the insured
Which type of receipt makes the insurer liable for the risk from the date of
application, regardless of the applicant's insurability?
binding receipt
