Insurance Practice Test question n answers graded A+ 2023
0 view 0 purchase
Course
PCIP
Institution
PCIP
Insurance Practice Test question n answers graded A+ 2023
Which is TRUE regarding a life and health agent who has not been specifically appointed by the insurer?
If a policy is issued, the insurer is considered to have authorized the agent to act on its behalf.
What are the requirements for no...
Insurance Practice Test question n answers graded A+
2023
Which is TRUE regarding a life and health agent who has not been specifically
appointed by the insurer?
If a policy is issued, the insurer is considered to have authorized the agent to act on its
behalf.
What are the requirements for notices required by any provision of the insurance
code to a person unless expressly provided otherwise?
They should be sent to a mailing notice at their residence or place of business.
Which of the following can the insurer do if the insured intentionally conceals or
misrepresents a material fact concerning any coverage part?
Rescind the contract.
Which is an INACCURATE statement regarding a life settlement contract?
The loan proceeds are used to solely pay premiums for the policy and any expenses
incurred.
All of the following are TRUE regarding regulation and use of an agency name
EXCEPT
a name would not be denied on the basis of being too similar to other company names.
Which of the following is TRUE regarding nonadmitted insurers?
Acting as an agent for a nonadmitted insurer is considered a misdemeanor.
When working on behalf of an insurer for which they are not specifically
appointed, what may a licensed agent do?
present a proposal for insurance and transmit an application to the insurer
When examination of an insurer shows the insurer to be insolvent and a danger
to the public, which authority is granted to the Commissioner by the CIC?
The commissioner may take possession of offices, books and property immediately
without court order.
When can a person act as an agent of the insurer?
when the insurer has filed with the commissioner a notice of appointment
The following are all penalties for unlawfully acting as an insurer without a
certificate of authority EXCEPT
the individual will be banned from practicing insurance for a period of 5 years.
Whether admitted or nonadmitted, how does a "foreign" insurer differ from an
"alien" or "domestic" insurer?
A "foreign" insurer is organized under the laws of another state within the United States.
All of the following are examples of representation EXCEPT
it may be altered after the insurance is effected.
A policy shall specify all of the following EXCEPT
the method in which the coverage amount was calculated.
Which of the following actions is considered part of the insurance sales process?
Transaction of matters subsequent to execution of the contract and arising out of it.
According to the Administrative Procedures Act, what is required to make
changes to the California Insurance Code?
, The Department of Insurance is required to publish proposed changes at least 45 days
prior to the hearing or decision to adopt the change.
Which of the following is TRUE regarding the use of fictitious names for
business?
The actual and fictitious business names must be registered with the commissioner.
"Person" means all of the following EXCEPT
an organizational trust.
Which of the following is a party to a contract of insurance bound to
communicate EXCEPT
those which the other would know by retaining a consultant with specialized knowledge
in insurance matters.
Which are assets that are in excess of an insurer's liability for reported losses,
expenses, taxes, and reinsurance of outstanding risks?
paid-in capital
Which circumstances in a pretext interview determine if the questions are
permissible?
When an insured is consulted by a person who hides his true identity on purpose when
fraud for a claim is suspected.
An agent or representative who issues long term care insurance must do all of
the following EXCEPT
complete a total of 10 hours of continuing education if licensed before January 1st,
2002.
Which of the following provisions of free insurance offered as an incentive to
purchase or rent property is TRUE?
It requires a separate charge or fee
If fiduciary funds are received by any licensee, the funds shall be maintained in
any of the following EXCEPT
bonds issued in all 50 states of the United States.
What is the punishment for a person who refuses to deliver books, records, or
assets to the commissioner when subject to a seizure order in an insolvency
proceeding?
Not more than $1000 fine and/or 1 year imprisonment
Which form of negotiation is covered under the definition of "transact" as applied
to insurance?
Negotiations preliminary to execution
How can a licensee surrender any license for cancellation?
By submitting written notice or by delivering the license to the commissioner.
Where shall an express warranty be made?
in the policy itself
Which of the following terms refers to any evidence or documentation in the
possession of the insurer that provides any evidence of a claim and that
reasonably supports the magnitude or the amount of the claimant loss?
proof of claim
What is the maximum fine for a person who transacts insurance without a valid
license?
$50,000 and/or imprisonment for a period not exceeding one year.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller magdamwikash23. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
