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PSI Practice Exam Questions with 100% Actual correct answers | verified | latest update | Graded A+ | Already Passed | Complete Solution

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PSI Practice Exam Questions with 100% Actual correct answers | verified | latest update | Graded A+ | Already Passed | Complete Solution

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  • June 23, 2024
  • 9
  • 2023/2024
  • Exam (elaborations)
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  • psi practice exam questions with 100 actual corre

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PSI Practice Exam
"Person" means all of the following EXCEPT - CORRECT ANSWER-an
organizational trust

What is a solicitor employed to do for a policy other than life? - CORRECT
ANSWER-To aid a property and casualty agent or broker in transacting
insurance.

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? -
CORRECT ANSWER-The commissioner may take possession of offices, books
and property immediately without court order.

Which of the following is the method wherein a contract of insurance is finalized
as relates to the sales process? - CORRECT ANSWER-Execution of a contract
of insurance

According to CIC Section 1711, an organization ceases to exist as an entity
eligible to hold a license EXCEPT - CORRECT ANSWER-upon the termination of
all contracts.

All the following are requirements for an agent who advertises and transacts
business on the Internet EXCEPT - CORRECT ANSWER-his or her most recent
license and appointment date

An "insurance agent" means a person authorized, by and on behalf of an insurer,
to transact which of the following class of insurance? - CORRECT
ANSWER-Annuities

Concealment, whether intentional or unintentional, entitles the injured party to? -
CORRECT ANSWER-Rescind insurance.

While both work with an insurer, how does an "Insurance broker" differ from an
"insurance agent"? - CORRECT ANSWER-The broker does not transact on
behalf of an insurer, while the agent does.

, An insurance agent is a person who transacts all of the following types of
insurance EXCEPT - CORRECT ANSWER-life insurance

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

What is the maximum fine for a person who transacts insurance without a valid
license? - CORRECT ANSWER-$50,000 and/or imprisonment for a period not
exceeding one year

All of the following are examples of misrepresentations that may not be made by
an insurer, officer or agent thereof or an insurance broker or solicitor EXCEPT -
CORRECT ANSWER-the specific contract language

According to the Administrative Procedures Act, what is required to make
changes to the California Insurance Code? - CORRECT ANSWER-The
Department of Insurance is required to publish proposed changes at least 45
days prior to the hearing or decision to adopt the change

When should an agent provide an applicant the effective date of coverage, if
known, or the circumstances under which coverage will be effective? -
CORRECT ANSWER-at the time of application or receipt of premium

Which statement describes the intent of the California Financial Information
Privacy Act? - CORRECT ANSWER-It provides greater privacy protections than
those provided in the federal Gramm-Leach-Bliley Act.

When may a surplus line broker solicit and place insurance for a home state
insured with a nonadmitted insurer? - CORRECT ANSWER-If the same
insurance coverage cannot be procured from an admitted insurer.

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