Exam (elaborations)
PSI Property and Casualty Practice Test - California EXAM
- Module
- PSI Practice
- Institution
- PSI Practice
PSI Property and Casualty Practice Test - California EXAM
[Show more]
Content preview
PSI Property and Casualty Practice Test -California EXAM
1. How does an "admitted" person differ from a "non-admitted" person, as it
pertains to insurance? - CORRECT ANSWER-o An "admitted" person has the
right to transact insurance business within the state, while a "non-admitted"
person is not entitled to this action.
2. A claimant can be any of the following EXCEPT? - CORRECT ANSWER-o a
person who is conducting an investigation of a claim on behalf of an insurer.
3. When should an insurer provide for the continuous operation of a unit or
division to investigate possible fraudulent claims? - CORRECT ANSWER-o If
admitted to do business in this state, except those otherwise exempted.
According to CIC Section 1711, an organization ceases to exist as an entity
eligible to hold a license EXCEPT? - CORRECT ANSWER-o Upon the
termination of all contracts
5. All of the following define insolvency EXCEPT? - CORRECT ANSWER-o
revocation of certificate of authority by the commissioner.
6. As used in the insurance code, the word "shall" is mandatory and the word
"may" is permissive EXCEPT? - CORRECT ANSWER-o unless otherwise
apparent from the context.
7. Which of the following terms refers to any evidence or documentation in the
possession of the insurer that provides any evidence of a claim and that
reasonably supports the magnitude or the amount of the claimant loss? -
CORRECT ANSWER-o Poof of claim
8. 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-o The commissioner may take possession of offices,
books and property immediately without court order.
, 9. An insurance agent is a person who transacts all of the following types of
insurance EXCEPT - CORRECT ANSWER-o Life insurance
10. Which of the following is TRUE regarding continuing education requirements
of an agent or broker? - CORRECT ANSWER-o Any licensee shall satisfactorily
complete 24 hours of instruction prior to license renewal.
11. All of the following are included as definitions of "transact" as applied to
insurance EXCEPT? - CORRECT ANSWER-o Underwriting
12. Which group of people is offered additional protection by the Unfair Practices
Act that regulates trade practices in the business of insurance? - CORRECT
ANSWER-o Survivors of the Holocaust
13. Which of the following can the insurer do if the insured intentionally conceals
or misrepresents a material fact concerning any coverage part? - CORRECT
ANSWER-o Rescind the contract
14. While both work with an insurer, how does an "Insurance broker" differ from
an "insurance agent"? - CORRECT ANSWER-o The broker does not transact on
behalf of an insurer, while the agent does.
15. How can a licensee surrender any license for cancellation? - CORRECT
ANSWER-o By submitting written notice or by delivering the license to the
commissioner
16. The following are all penalties for unlawfully acting as an insurer without a
certificate of authority EXCEPT? - CORRECT ANSWER-The individual will be
banned from practicing insurance for a period of 5 years
17. Materiality to be solely determined by which of the following? - CORRECT
ANSWER-o The probable and reasonable influence of the facts upon the party to
whom the communication is due
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller EXAMQA. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £6.46. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
62890 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now