Exam (elaborations)
PSI Practice Exam
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Exam of 9 pages for the course PSI Practice at PSI Practice (PSI Practice Exam)
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PSI Practice Examcharges and collects a broker's fee for service. - CORRECT ANSWER-All of the
following are authorized activities for the Limited Lines Automobile Insurance
Agent EXCEPT if the agent
The Managing General Agent - CORRECT ANSWER-Who is authorized to
adjust or pay claims in excess of an amount determined by the commissioner?
delivering policies to the insured - CORRECT ANSWER-All of the following are
duties of a Managing General Agent EXCEPT
The percentage of CAARP policies required is equal to the percentage of regular
insurance policies the insurer has issued within the State. - CORRECT
ANSWER-What is the method used for placing business with the California
Automobile Assigned Risk Program?
it remains valid until a policy has been delivered. - CORRECT ANSWER-All of
the following are TRUE In reference to an insurance binder EXCEPT
An annual payment has been received by the insurer. - CORRECT
ANSWER-Which condition is NOT required to be met for a surplus line broker to
advise any home state insured or applicant that coverage has been, or will be
obtained from a nonadmitted insurer?
30 days - CORRECT ANSWER-How many days prior to policy expiration is an
insurer required to mail a nonrenewal notice to the named insured?
$5,000 for medical services. - CORRECT ANSWER-All of the following are part
of the Minimum Liability Insurance Requirements for Private Passenger Vehicles
EXCEPT
Determine which claims are approved and which are denied. - CORRECT
ANSWER-Which is NOT a duty of the Workers Compensation Bureau?
, the broker-agent's financial status - CORRECT ANSWER-Which of the following
shall every property broker-agent and casualty broker-agent disclose prior to
arranging premium financing for the purchase of a policy?
personal aircraft. - CORRECT ANSWER-A personal lines licensee is an
agent-broker who is able to transact coverage for all of the following EXCEPT
that the rate for the placed insurance must be the lowest option. - CORRECT
ANSWER-All of the following conditions must be met before a surplus lines
broker may place insurance with a nonadmitted insurer EXCEPT
at the time of application or receipt of premium moneys - CORRECT
ANSWER-When shall a life agent, a property broker-agent or a casualty
broker-agent provide to all insureds or applicants the effective date of coverage?
when it is inadequate and excessive - CORRECT ANSWER-When can a rate be
denied by the Department?
sell life insurance covering compensation benefits. - CORRECT ANSWER-In
conducting the business and affairs of the State Compensation Insurance Fund,
the president of the fund may do any of the following EXCEPT
to pay medical bills. - CORRECT ANSWER-All of the following are reasons
employers liability insurance is needed in addition to workers' compensation
insurance EXCEPT
sixty days - CORRECT ANSWER-How long after the expiration date may a
licensee who has met all the requirements to renew a license be allowed to
operate under the existing license?
when it is from the same insured for unpaid premiums on the same or any other
policy - CORRECT ANSWER-When may a property broker-agent, casualty
broker-agent or surplus lines agent offset funds due an insured for return
premiums?
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