Exam (elaborations)
PSI CA Property and Casualty Practice Examination
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PSI CA Property and Casualty Practice Examination
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PSI CA Property and Casualty PracticeExamination
1 Can a lender, as a condition of making a loan, require that any insurance be
placed through a particular insurance agent or broker? - CORRECT
ANSWER-The loan recipient may always select a particular agent or broker of
their choosing
2 A claimant can be any of the following EXCEPT - CORRECT
ANSWER-EXCEPT a person who is conducting an investigation of a claim on
behalf of an insurer
3 All of the following are to be specified in an insurance policy EXCEPT -
CORRECT ANSWER-EXCEPT the financial rating of the insured
4 Which of the following provisions of free insurance offered as an incentive to
purchase or rent property is TRUE? - CORRECT ANSWER-It requires a
separate charge or fee
5 What is the method used for placing business with the California Automobile
Assigned Risk Program? - CORRECT ANSWER-The percentage of CAARP
policies required is equal to the percentage of regular insurance policies the
insurer has issued within the State
6 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
7 All of the following are reasons employers liability insurance is needed in
addition to workers' compensation insurance EXCEPT - CORRECT
ANSWER-EXCEPT to pay medical bills
8 What is the purpose of the experience modification system in the California
workers' compensation experience rating system? - CORRECT ANSWER-It
, expresses a particular company's loss or claims history as a percentage to all
other companies in the industry
9 Which form of negotiation is covered under the definition of "transact" as
applied to insurance? - CORRECT ANSWER-Negotiations preliminary to
execution
10 Which type of coverage protects against loss caused by earth movement? -
CORRECT ANSWER-A stand-alone Earthquake Insurance policy specifically
insuring against loss caused by land subsidence
11 Which circumstances in a pretext interview determine if the questions are
permissible? - CORRECT ANSWER-When an insured is consulted by a person
who hides his true identity on purpose when fraud for a claim is suspected
12 Which is TRUE regarding expectant or contingent interest? - CORRECT
ANSWER-Expectant or contingent interest does NOT constitute insurable
interest
13 "Person" means all of the following EXCEPT - CORRECT ANSWER-EXCEPT
an organizational trust
14 Which 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.
15 Except in a case where the property is being held as a carrier or depository,
what is the insurable interest is measured by? - CORRECT ANSWER-EXCEPT
The extent to which the insured would be damnified by loss or injury to the
property
16 All of the following are included as definitions of "transact" as applied to
insurance EXCEPT - CORRECT ANSWER-EXCEPT underwriting
17 At which point is a person licensed as a broker-agent deemed to be acting as
an insurance agent? - CORRECT ANSWER-when a notice of appointment is
filed with the insurance commissioner
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