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PSI Life Insurance Test with answers, Exams of Public Health

Villanova UniversityPublic Health

PSI Life Insurance Test with answers

Typology: Exams

2024/2025

Available from 03/25/2025

victor-kiragu
victor-kiragu 🇺🇸

211 documents

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PSI Life Insurance Test with answers
All life insurance and health insurance contracts contain all of the
following EXCEPT ✓representation
All of the following are classifications of risk EXCEPT ✓non-nicotine
All of the following are common exclusions from loss found in disability
income policies EXCEPT for that incurred while ✓committing a
misdemeanor
All of the following are features of the spendthrift clause EXCEPT ✓the
beneficiary may encumber the proceeds
All of the following are ownership rights EXCEPT ✓switching the policy
from one insured to another
All of the following are ownership rights EXCEPT ✓switching the policy
from one insured to another
All of the following are required signatures on a life insurance application
EXCEPT ✓the minor in a juvenile policy
All of the following are tax qualified retirement plans EXCEPT ✓Section 529
plan
All of the following are tax qualified retirement plans EXCEPT ✓Section 529
plan
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PSI Life Insurance Test with answers

All life insurance and health insurance contracts contain all of the following EXCEPT ✓representation All of the following are classifications of risk EXCEPT ✓non-nicotine All of the following are common exclusions from loss found in disability income policies EXCEPT for that incurred while ✓committing a misdemeanor All of the following are features of the spendthrift clause EXCEPT ✓the beneficiary may encumber the proceeds All of the following are ownership rights EXCEPT ✓switching the policy from one insured to another All of the following are ownership rights EXCEPT ✓switching the policy from one insured to another All of the following are required signatures on a life insurance application EXCEPT ✓the minor in a juvenile policy All of the following are tax qualified retirement plans EXCEPT ✓Section 529 plan All of the following are tax qualified retirement plans EXCEPT ✓Section 529 plan

All of the following are TRUE regarding incomplete applications EXCEPT ✓the incomplete application can be accepted with the missing information added later. An insured and the beneficiary are both killed in a fatal accident. Which provision presumes the insured survived the beneficiary? ✓common disaster clause Current assumption whole life policies are sensitive to which of the following? ✓interest rates 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 For an individual long-term care policy there is an annual dollar limit for tax-deductions that is base on which of the following? ✓age Group AD&D policies may be deducted by whom and under which deduction category? ✓the employer under business expenses How do warranties differ from representations? ✓a warranty is guaranteed to be true, a representation is believed to be true to the best of one's knowledge. How does the per capita rule apply to proceeds from a life insurance policy? ✓The proceeds are divided equally among living primary beneficiaries. How might someone cover the extra expenses of child care and home- related costs? ✓purchasing family term insurance

Under the misstatement of age or gender provision, what happens if it is determined at death that the insured's age or gender was misstated on a life insurance policy application? ✓benefits are adjusted to an amount that the premium would have purchased at the correct age or gender What is the order in which beneficiaries receive proceeds from a life insurance policy? ✓succession of beneficiaries What is the primary advantage for obtaining a reinstatement of a policy rather than obtaining a new one? ✓insured original age is used What is the primary advantage for obtaining a reinstatement of a policy rather than obtaining a new one? ✓insured original issue age is used What is the purpose of Stranger-originated life insurance (STOLI)? ✓the policy is originated primarily or solely for the purpose of resale What procedure is used by an insurer to protect itself in the event a dispute arises and the applicant and the agent do not recall the changes that were made in a completed application? ✓The applicant and possibly the agent initial any changes made. What type of insurance should a company purchase if it wants to insure the life of its CEO? ✓key person insurance When the courts look at a contract to determine the intent of the parties which of the following is considered? ✓the entire contract Which annuity settlement option provides a stated monthly amount to the annuitant and upon the annuitant?s death the same or a lesser amount paid for the lifetime of the survivor? ✓Joint and survivorship option

Which is a common approach to addressing the problems inherent in naming a minor as a beneficiary to a life insurance policy? ✓establishing a trust to administer proceeds Which is a common approach to addressing the problems inherent in naming a minor as a beneficiary to a life insurance policy? ✓establishing a trust to administer proceeds Which of the following is an example of a premium payment mode? ✓annual premium payment Which of the following is characteristic of a nonqualified plan? ✓plan does not meet federal guidelines for tax benefits Which of the following is common in an increasing term life policy? ✓It begins with little or no insurance protection Which of the following is exempted from the incontestability provision in insurance policies? ✓fraudulent misstatements Which of the following is the time limit on certain defenses after which the policy becomes incontestable? ✓2 years Which of the following is TRUE for a flexible premium annuity? ✓The purchaser has the option to vary the amount of each premium payment falling between a minimum and maximum amount. Which of the following is TRUE of an equity-indexed annuity? ✓It has a guaranteed minimum interest rate. Which of the following is TRUE of the limited pay whole life policy? ✓Coverage continues after the policy is paid-up

Which part of an insurance contract contains the promise to pay losses covered by the policy in exchange for the insured's premium and compliance with policy terms? ✓insuring clause Which policy provision permits the policyowner to take a specified number of days to examine the contract, and allows for cancellation and a full refund if the policyowner rejects the terms or costs? ✓Free look Which policy type is backed by equity investments and allows the policyholder to adjust the death benefit? ✓variable universal life Which type of annuity attempts to offset inflation by providing a benefit linked to an underlying investment account? ✓variable Which whole life policy premium type is the most common? ✓continuous premium why is relying solely on employer group life insurance generally considered inadequate for most individual's needs? ✓It is financially insufficient to cover end of life expenses. Why is the accidental death benefit referred to as double indemnity? ✓It provides twice the face value in the policy for death due to accident.