PSI LIFE INSURANCE EXAM 2024-2025
NEWEST EXAM REAL EXAM DETAILED
QUESTIONS AND GUARANTEED ANSWERS
TOP GRADED A+ BY EXPERTS.
How does the per capita
... [Show More] rule apply to proceeds from a life insurance policy? -
ANSWER- The proceeds are divided equally among living primary beneficiaries.
In order to AVOID being classified as an MEC, a policy must pass which of the
following? - ANSWER- 7-Pay Test
When is a representation false? - ANSWER- when the facts fail to correspond with its
assertions or stipulations
Which of the following is TRUE regarding the use of fictitious names for business? -
ANSWER- The actual and fictitious business names must be registered with the
commissioner
Which is an ACCURATE statement regarding dependent coverage under a group
insurance policy? - ANSWER- The coverage must not exceed more than 100 percent of
the coverage for the insured employee
According to CIC Section 1711, an organization ceases to exist as an entity eligible to
hold a license EXCEPT - ANSWER- upon the termination of all contracts
As long as employment continues, which is the ONLY reason the validity of a group life
insurance policy can be contested? - ANSWER- Non-payment of premiums after the
policy has bee in force for two years.
All of the following are TRUE about the rules regarding the sale of life insurance and
annuities to seniors age 65 or older EXCEPT - ANSWER- The agent, broker, or insurer
is required to show a copy of their insurance license with name, address, and phone
number when conducting business in the senior home
What is a solicitor employed to do for a policy other than life? - ANSWER- To aid a
property and casualty agent or broker in transacting insurance
During which period of a Disability Income Policy is coverage effective but during which
no benefits will be paid under the policy? - ANSWER- Probationary period
All of the following are common exclusions from loss found in disability income policies
EXCEPT for that incurred while - ANSWER- committing a misdemeanor [Show Less]