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

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}All of the following are features of the spendthrift clause EXCEPT {Ans: the beneficiary may encumber the proceeds}All of the following are classifications of risk EXCEPT {Ans: non-nicotine}Which of the following is the time limit on certain defenses after which the policy becomes incontestable? {Ans: 2 years}Obtaining consumer information reports under false pretenses is prosecutable by which of the following? {Ans: Fair Credit Reporting Act}All of the following are ownership rights EXCEPT {Ans: switching the policy from one insured to another}