PSI Life Exam /PSI Life Exam2023-2024 Questions and
Answers GRADED A
What kind of retirement plan can a 75-employee for profit corporation establish?
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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
The XYZ Insurance Company cancels an intermediary's contract. XYZ could be bound
by the intermediary's later acts if it: - Correct answer-Continues to pay the intermediary
deferred commissions
Which of the following products is designed to pay benefits that can provide a stream of
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