Exam (elaborations)
PSI - LIFE, ACCIDENT, AND HEALTH - FULL 100% VERIFIED
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PSI - LIFE, ACCIDENT, AND HEALTH - FULL 100% VERIFIED
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PSI - LIFE, ACCIDENT, AND HEALTH -FULL 100% VERIFIED.
What happens under a misstatement of age clause on a disability policy?
1.
The policy would be terminated and all premiums would be returned to the policy
owner.
2.
The policy would be terminated and all premiums would be retained by the
insurance company.
3.
All amounts payable under this policy shall be what the premium originally would
have purchased and been paid at the correct age.
4.
Prior to any benefits being payable, the insured shall rate and pay the difference
in premiums based upon his correct age - CORRECT ANSWER-All amounts
payable under this policy shall be what the premium originally would have
purchased and been paid at the correct age.
Whether admitted or nonadmitted, how does a "foreign" insurer differ from an
"alien" or "domestic" insurer?
1.
A "foreign" insurer is organized under the laws of another country.
2.
A "foreign" insurer is prohibited from transacting insurance with the State of
California.
3.
A "foreign" insurer is organized under the laws of another state within the United
States.
4.
A "foreign" insurer transacts business in multiple languages not spoken in the
United States. - CORRECT ANSWER-A "foreign" insurer is organized under the
laws of another state within the United States.
Which of the following is TRUE regarding nonadmitted insurers?
,1.
A felony is committed by the agent in the state of a nonadmitted insurer.
2.
Acting as an agent for a nonadmitted insurer is considered a misdemeanor.
3.
The agent shall pay $1,000 in addition to any fees involving the commission of a
felony.
4.
Specific penalties shall be determined by the Insurance Commissioner on a case
by case basis. - CORRECT ANSWER-Acting as an agent for a nonadmitted
insurer is considered a misdemeanor.
What happens if an owner requests an immediate investment of monies in a
variable annuity policy be returned during the 30 day cancellation period?
1.
The owner shall forfeit any money invested.
2.
The owner shall receive the market value at the time of the cancellation.
3.
The owner shall receive a refund of premium but nothing earned during
cancellation period.
4.
The owner shall receive a full refund of premium, plus the market value, minus
any commission fees. - CORRECT ANSWER-The owner shall receive the market
value at the time of the cancellation.
Can any life insurer issue group life insurance with premium rates less than the
usual rates for such insurance?
1.
Yes, when the Department of Insurance has requested they do so.
2.
Yes, if the insurer has filed an exemption form to do so.
3.
Yes, they may do so on any group plan, with or without annuities.
4.
No, there are no circumstances when this is allowed. - CORRECT
ANSWER-Yes, they may do so on any group plan, with or without annuities
, Which of the following is TRUE regarding the use of fictitious names for
business?
1.
Fictitious names do not need to be reported like actual personal or business
names.
2.
The actual and fictitious business names must be registered with the
commissioner.
3.
The licensee may register 3 or more fictitious names in addition to their real
name the first year.
4.
A licensee may continue to use for 10 days a fictitious name prohibited by the
commissioner until notification. - CORRECT ANSWER-The actual and fictitious
business names must be registered with the commissioner
Which is TRUE regarding a life and health agent who has not been specifically
appointed by the insurer?
1.
The insurer is obliged to accept the application for underwriting from the life
agent.
2.
If a policy is issued, the agent is required to forfeit any commission unless
appointed.
3.
The insurer is required to report the agent appointment within 21 days of the
policy issue.
4.
If a policy is issued, the insurer is considered to have authorized the agent to act
on its behalf. - CORRECT ANSWER-If a policy is issued, the insurer is
considered to have authorized the agent to act on its behalf
Except as provided by sections 10203.5 and 10203.8 in the CIC, the insurer shall
provide which document to be delivered by the employer to the employee?
1.
A copy of the insurance policy.
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