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PSI EXAM
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PSI EXAMWhich of the following is TRUE regarding continuing education requirements of
an agent or broker? - CORRECT ANSWER-Any licensee shall satisfactorily
complete 24 hours of instruction prior to license renewal.
How is an insurance policy defined? - CORRECT ANSWER-The written
instrument, in which a contract of insurance is set forth.
How does an "admitted" person differ from an "nonadmitted" person, as it
pertains to insurance? - CORRECT ANSWER-An "admitted" person has the right
to transact insurance business within the state, while a "nonadmitted" person is
not entitled to this action
Whether admitted or nonadmitted, how does a "foreign" insurer differ from an
"alien" or "domestic" insurer? - CORRECT ANSWER-A "foreign" insurer is
organized under the laws of another state within the United States.
What is a solicitor employed to do for a policy other than life? - CORRECT
ANSWER-aid an agent or broker in transacting insurance.
Which is considered nonpublic personal information as defined by the California
Financial Code? - CORRECT ANSWER-tax return
In the event of receiving notice of a claim or other claim communication, all of the
following timelines are accurate EXCEPT - CORRECT ANSWER-every licensee
or claims agent shall transmit notice of the claim to the insurer in no more than 5
calendar days.
It is unlawful to do any of the following EXCEPT - CORRECT ANSWER-make or
cause to made a knowingly false or fraudulent or material representation for the
purpose of encouraging an injured worker to claim benefits.
ALL of the following are TRUE regarding the process to change the California
Code of Regulations EXCEPT - CORRECT ANSWER-the Office of
, Administrative Law (OAL) may substitute its own judgment for that of the
rulemaking agency.
If fiduciary funds are received by any licensee, the funds shall be maintained in
any of the following EXCEPT - CORRECT ANSWER-bonds issued in all 50
states of the United States.
An insurance agent is a person who transacts all of the following types of
insurance EXCEPT - CORRECT ANSWER-life insurance.
A policy shall specify all of the following EXCEPT - CORRECT ANSWER-the
method in which the coverage amount was calculated.
Where shall an express warranty be made? - CORRECT ANSWER-in the policy
itself
How may a license may be surrendered by the insure, or terminated by the
employer? - CORRECT ANSWER-Personally delivering the license to the
insurance commissioner, or by written notice from the employer.
"Person" means all of the following EXCEPT - CORRECT ANSWER-an
organizational trust
The Insurance Commissioner may deny an application for any license issued for
any of the following EXCEPT - CORRECT ANSWER-the applicant is lacking in
good judgment.
Which of the following is an insurer allowed to do in the event of a claim? -
CORRECT ANSWER-request a medical examination for the purpose of
determining liability under a policy provision
All of the following define insolvency EXCEPT - CORRECT ANSWER-revocation
of certificate of authority by the commissioner.
According to the Administrative Procedures Act, what is required to make
changes to the California Insurance Code? - CORRECT ANSWER-The
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