Psi Life Insurance Test (Solved) Questions And Answers 2024.

Which is a common approach to addressing the problems inherent in naming a minor as a beneficiary to a life insurance policy? {Ans: establishing a trust to administer proceeds}Which of the following is TRUE of the limited pay whole life policy? {Ans: Coverage continues after the policy is paid-up}For an individual long-term care policy there is an annual dollar limit for tax-deductions that is base on which of the following? {Ans: age}The group conversion option is allowed for all of the following EXCEPT {Ans: during the annual benefits enrollment period}All of the following are tax qualified retirement plans EXCEPT {Ans: Section 529 plan}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? {Ans: benefits are adjusted to an amount that the premium would have purchased at the correct age or gender}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? {Ans: insuring clause}What is the purpose of Stranger-originated life insurance (STOLI)? {Ans: the policy is