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

An insured has a continuous premium whole life policy. She would like to use the policy dividends to pay off her policy sooner than would have been possible otherwise. What dividend option could she use? {Ans: Paid up option}All other factors being equal, the least expensive first year premium payment is found in {Ans: Annual Renewable Term}Which of the following rider would not cause the death benefit to increase {Ans: Payor Benefit Rider}Taking a defensive driving course or installing deadbolt locks on the doors of a home are examples of which of the following? {Ans: Risk Reduction}An applicant wants to buy a life insurance policy that has a cash value element. Which type should she buy {Ans: Permanent}Which concept is associated with "exclusion ratio"? {Ans: Annuities payments}The ________ option guarantees an income for two or more recipients for as long as they live. {Ans: Life Income Joint and Survivor}If an employee wants to enter the group outside of the open enrollment period, to reduce adverse selection, the insurer may {Ans: Require evidence of insurability}Which of the following individuals could qualify for a temporary insurance license? {Ans: The designee of a producer