Psi Life Exam Questions And Answers 100% C0rrect.

Which term describes naming a contingent beneficiary as "all of my children"? {Ans: Class designation}Generally, if a life application is NOT prepaid, the effective date of coverage begins on the date the {Ans: policy is delivered and accepted}An accelerated death benefit {Ans: Pays a portion of the face amount when a policyowner is determined to be terminally ill}An intermediary should determine whether replacement is involved in a transaction no later than when the {Ans: Insurance company issues the policy}What is an insurer's liability when it is discovered after an insured dies that the insured's age on the policy was misstated? {Ans: the insurer must pay a prorated amount of the policy based on the amount of insurance the insured's premiums would have been if purchased at the correct age}If an annuitant is making premium payments on a periodic basis, which type of annuity have they purchased? {Ans: Deferred}