PSI LIFE VERIFIED EXAM QUESTIONS & CORRECT ANSWERS ALREADY A GRADE.REVISED.

PSI LIFE VERIFIED EXAM QUESTIONS & CORRECT ANSWERS ALREADY A GRADE.REVISED. Which of the following authorities is required to examine the business records of domestic insurance companies and licensed rate-services organizations in Wisconsin? - Correct answer-The Office of commissioner of insurance Which of the following dividend options will increase the death benefit? - Correct answer-Guaranteed insurability Under a executive bonus plan, premiums paid by the employer are - Correct answeronly tax deductible when the bonus is an insurance plan An intermediary should determine whether replacement is involved in a transaction no later than when the - Correct answer-Insurance company issues the policy In Wisconsin the intermediary holding which of the following licenses is exempt from continuing education requirements? - Correct answer-credit insurance Contributions made to a Roth IRA are - Correct answer-Not tax deductible Who can surrender an annuity during the accumulation period? - Correct answer-the policyowner An annuity that guarantees a given number of income payments, whether or not the annuitant is alive to receive them, is referred to as - Correct answer-a life annuity certain Which term describes naming a contingent beneficiary as "all of my children"? - Correct answer-Class designation A contract in which the company would be legally obligated to perform is considered - Correct answer-conditional Which type of insurance policy is characterized by premiums that are fully paid-up within a stated period, after which no further premiums are REQUIRED? - Correct answerLimited payment life insurance What is it called when an insurer writes only insureds who have known risks ? - Correct answer-Predictable loss Disclosure requirements for the sale of annuities do NOT apply to - Correct answerImmediate annuities Sam had a $100,000 5-year, non-renewable level term life insurance policy with his wife as the beneficiary. Sam dies 8 years after the inception date of the policy. How much will be paid to Sam's wife? - Correct answer-Nothing What kind of retirement plan can a 75-employee for profit corporation establish? - Correct answer-Simple IRA The taxable portion of a monthly income benefit paid during the annuity phase from a nonqualified annuity is calculated using the - Correct answer-Exclusion ratio Unfair claims settlement methods and practices by an insurance company include all of the following acts EXCEPT - Correct answer-failure to pay all claims that are reported within 90 days after a loss occurs 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 - Correct answer-Interest only Regulations on life insurance advertising apply to which of the following insurance company materials? - Correct answer-A radio commercial that promotes the benefits of a specific company's life insurance products An insurance company may contest a life policy within a MAXIMUM of how many years after the policy's effective date? - Correct answer-2 All of the following factors are used in life insurance premium determination EXCEPT - Correct answer-Morbidity 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: - Correct answer-the time frame in which the insurer must release the eligibility decision to the agent 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: - Correct answer-Misrepresentation Dividends are NOT subject to taxation because - Correct answer-Paying dividends is equivalent to returning a premium