PSI Practice test questions and answers 100% Pass

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PSI Practice test questions and answers 100% Pass When delivering a policy to the insured, an agent should carefully explain the? a. sections that the insured is unclear about b. riders or endorse... ments that have been added to the policy c. entire policy summary, including any riders, exclusions, and costs d. exclusions and preexisting conditions ✔✔entire policy summary, including any riders, exclusions, and costs The policy and the application constitute the complete agreement between the policyowner and the insurance company. This is known as the? a. Right to Examine b. Entire Contract Provision c. Utmost Good Faith Agreement d. Ownership Provision ✔✔Entire Contract Provision Which of the following types of Dental Policies typically pays a portion of usual and customary charges for covered procedures? a. Integrated Deductible b. Pre-Paid Dental c. Scheduled d. Comprehensive (non-scheduled) ✔✔Comprehensive (non-scheduled) Which of the following policies is considered a limited policy? a. Basic Hospital b. Accident Only c. Major Medical d. Basic Surgical ✔✔Accident Only A few small employers in the same industry join together to become eligible for group insurance. The type of health insurance they have created for each other is known as? a. Blanket Health b. Franchise Health c. Group Creditor-Debtor d. Multiple Employer Trust (MET) ✔✔Multiple Employer Trust (MET) A prospective insured wants to purchase a policy that will provide the HIGHEST amount of protection for a temporary period during which the insured will have limited financial resources. The agent should advise the prospective insured to purchase which of the following types of policies? a. Whole Life b. Limited-Pay Life c. Variable Life d. Term Life ✔✔Term Life Under an individual policy, an insured who CAN'T perform the duties of his/her own occupation for a specific period of time is? a. residually disabled b. totally disabled c. occupationally disabled d. permanently disabled ✔✔totally disabled What is the tax advantage of a non-qualified annuity? a. Premiums are tax deductible b. Premiums are not tax deductible c. Growth is tax free d. Growth is tax deferred ✔✔Growth is tax deferred HSAs cover current and future qualified healthcare costs. Account beneficiaries can make taxfree withdrawals to cover all of the following EXCEPT? a. prescription and nonprescription medicines b. retiree health insurance premiums c. Medigap expenses d. doctor's fees ✔✔Medigap expenses A fraternal benefit society is one that? a. has underwriting guidelines that differ from ordinary insurance companies b. has been formed for the sole purpose of obtaining insurance c. provides life insurance benefits to its members d. distributes the cost of premiums equally among its members ✔✔provides life insurance benefits to its members A misstatement of age on a Whole Life Insurance application will result in? a. cancellation of the policy b. non-renewal of the policy on the policy's anniversary date c. rescinding of the contract due to fraud d. change in benefits to reflect premium purchase for the correct age ✔✔change in benefits to reflect premium purchase for the correct age At what age MUST an owner of a Traditional IRA start taking distributions? [Show More]

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