PSI Life Exam Questions and Correct Detailed
Answers (Verified Answers) ||Already Graded
A+|2026/2027 Updated|Newest Version
Quiz: What kind of retirement plan can a 75-employee for profit corporation
establish?
Ans: Simple IRA
Quiz: The taxable portion of a monthly income benefit paid during the annuity
phase from a nonqualified annuity is calculated using the
Ans: Exclusion ratio
Quiz: Unfair claims settlement methods and practices by an insurance
company include all of the following acts EXCEPT
Ans: failure to pay all claims that are reported within 90 days after a loss
occurs
Quiz: The settlement option that allows proceeds to remain with the insurer
and the earnings to be paid to the beneficiary on a monthly basis is called
o
o
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, Ans: Interest only
Quiz: Regulations on life insurance advertising apply to which of the following
insurance company materials?
Ans: A radio commercial that promotes the benefits of a specific company's
life insurance products
Quiz: An insurance company may contest a life policy within a MAXIMUM of
how many years after the policy's effective date?
Ans: 2
Quiz: All of the following factors are used in life insurance premium
determination EXCEPT
Ans: Morbidity
Quiz: The authorization used to obtain the applicant's medical information
that will be used by the insurer for the primary purpose of determining
eligibility must include:
o
o
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, Ans: the time frame in which the insurer must release the eligibility decision to
the agent
Quiz: An intermediary who omits information on an insurance application
without the applicant's knowledge and submits the application to the insurer
may be guilty of:
Ans: Misrepresentation
Quiz: Dividends are NOT subject to taxation because
Ans: Paying dividends is equivalent to returning a premium
Quiz: The XYZ Insurance Company cancels an intermediary's contract. XYZ
could be bound by the intermediary's later acts if it:
Ans: Continues to pay the intermediary deferred commissions
Quiz: Which of the following products is designed to pay benefits that can
provide a stream of retirement income to the purchaser?
Ans: tax-deferred growth
o
o
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Answers (Verified Answers) ||Already Graded
A+|2026/2027 Updated|Newest Version
Quiz: What kind of retirement plan can a 75-employee for profit corporation
establish?
Ans: Simple IRA
Quiz: The taxable portion of a monthly income benefit paid during the annuity
phase from a nonqualified annuity is calculated using the
Ans: Exclusion ratio
Quiz: Unfair claims settlement methods and practices by an insurance
company include all of the following acts EXCEPT
Ans: failure to pay all claims that are reported within 90 days after a loss
occurs
Quiz: The settlement option that allows proceeds to remain with the insurer
and the earnings to be paid to the beneficiary on a monthly basis is called
o
o
© 2025 TestTrackers
WhatsApp or call o Resources & Updates: [Testtrackers - Stuvia US]
[+254707240657] o Your Success is Our Mission!
o For online exams and tutor expert, please whatsapp
me in the number given.
, Ans: Interest only
Quiz: Regulations on life insurance advertising apply to which of the following
insurance company materials?
Ans: A radio commercial that promotes the benefits of a specific company's
life insurance products
Quiz: An insurance company may contest a life policy within a MAXIMUM of
how many years after the policy's effective date?
Ans: 2
Quiz: All of the following factors are used in life insurance premium
determination EXCEPT
Ans: Morbidity
Quiz: The authorization used to obtain the applicant's medical information
that will be used by the insurer for the primary purpose of determining
eligibility must include:
o
o
© 2025 TestTrackers
WhatsApp or call o Resources & Updates: [Testtrackers - Stuvia US]
[+254707240657] o Your Success is Our Mission!
o For online exams and tutor expert, please whatsapp
me in the number given.
, Ans: the time frame in which the insurer must release the eligibility decision to
the agent
Quiz: An intermediary who omits information on an insurance application
without the applicant's knowledge and submits the application to the insurer
may be guilty of:
Ans: Misrepresentation
Quiz: Dividends are NOT subject to taxation because
Ans: Paying dividends is equivalent to returning a premium
Quiz: The XYZ Insurance Company cancels an intermediary's contract. XYZ
could be bound by the intermediary's later acts if it:
Ans: Continues to pay the intermediary deferred commissions
Quiz: Which of the following products is designed to pay benefits that can
provide a stream of retirement income to the purchaser?
Ans: tax-deferred growth
o
o
© 2025 TestTrackers
WhatsApp or call o Resources & Updates: [Testtrackers - Stuvia US]
[+254707240657] o Your Success is Our Mission!
o For online exams and tutor expert, please whatsapp
me in the number given.
