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PSI INSURANCE EXAM QUESTIONS AND ANSWERS
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PSI INSURANCE EXAM QUESTIONS AND ANSWERS
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PSI INSURANCE EXAM QUESTIONSAND ANSWERS
Which of the following describes an insurance company that meets the insurance
department's standards and is authorized to do business in the state? - Answer-
admitted
The Terrorism Risk Insurance Act and the National Flood Insurance Program are similar
by providing which of the following? - Answer-subsidies, loss sharing or excess
coverage
Which of the following is TRUE when the insured's limits of insurance apply per
occurrence? - Answer-Coverage is triggered for smoke damage to siding caused by
repeated acts by insured's neighbor.
With which of the following methods are losses settled on an actual cash value (ACV)
basis? - Answer-less depreciation
A woman slips on icy steps and breaks her leg. Which of the following is the peril in this
situation? - Answer-the fall
All of the following are TRUE regarding burglary EXCEPt - Answer-to escape notice
A personal injury liability policy indemnifies for all of the following EXCEPt - Answer-bi
What does the abandonment condition state? - Answer-Correct answer: It prevents the
insured from abandoning property before being reimbursed.
Which of the following is an example of risk avoidance? - Answer-not driving a car to not
risk an accident
Which policy condition encourages policyholder to insure to at least 80% of replacement
value to avoid a penalty with partial losses? - Answer-coinsurance
The description of the insured will be found in which part of an insurance policy? -
Answer-definitions
All of the following are TRUE about the appraisal condition EXCEPT - Answer-a referee
makes the final decision
What does a misrepresentation involve that could void a policy? - Answer-information
that may change the insurer's interest in issuing the policy if known at the time of the
application
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