Exam (elaborations)
PSI Exam Property and Casualty
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- PSI Practice
- Institution
- PSI Practice
PSI Exam Property and Casualty
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PSI Exam Property and CasualtyAll of the following are authorized activities for the limited lines automobile
insurance agents EXCEPT if the agent - CORRECT ANSWER-Charges and
collects a brokers fee for service
Which of the following descries a contract of reinsurance? - CORRECT
ANSWER-A first insurer issues insurance to compensate another insurer for
losses on contracts issued by that second insurer
A personal lines licensee is an agent-broker who is able to transact coverage for
all the following EXCEPT - CORRECT ANSWER-Personal Aircraft
All of the following are requirements for determining an area that qualifies for Low
Cost Automobile Insurance EXCEPT - CORRECT ANSWER-The number of
automobile accidents that occur within the county
What criteria must a person meet in order to be qualified to purchase a good
driver discount policy? - CORRECT ANSWER-Being licensed to drive a motor
vehicle for the previous 3 years and has not had more than 1 violation point as
determined by the CIC
Which of the following must be prominently displayed so that it can be readily
inspected on the licensee? - CORRECT ANSWER-Currency and capacity
What is the primary function of the California Automotive Assigned Risk Plan?
CARRP - CORRECT ANSWER-To put people who have trouble obtaining
insurance in touch with insurers who may be required by law to insure them.
Which is NOT a duty of the Workers Compensation Bureau? - CORRECT
ANSWER-Determine which claims are approved and which are denied.
When can a person who sells real property require the use of a specific
insurance agent, broker or solicitor? - CORRECT ANSWER-A buyer is always
ale to choose their insurance representative
, 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
Who must be able to inspect records of insurance transactions made available by
agent-brokers at any time? - CORRECT ANSWER-The Insurance commissioner
Where must the address be printed for the principal office that is required for
every broker agent and resident insurance casualty broker-agent? - CORRECT
ANSWER-Applications for license and renewals
How many classes of insurance are defined under California insurance law
including "miscellaneous" and "reserved"? - CORRECT ANSWER-There are a
total of 20 classes of insurance under CA insurance law with sub classes
When can a rate be denied by the Department? - CORRECT ANSWER-when it
is inadequate and excessive
A "personal lines" agent or broker is allowed to transact what type of insurance
coverage? - CORRECT ANSWER-Noncommercial automobile and residential
property
What is the required rate discount under a good driver discount policy? -
CORRECT ANSWER-20% below the rate the insured would have been charged
otherwise for the same coverage
Which condition is NOT required to be met for a surplus line broker to advise any
home state insured or applicate that coverage has been, or will be obtained from
a nonadmitted insurer? - CORRECT ANSWER-An annual payment as been
received by the insurer?
Who is authorized to adjust or pay claims in excess of an amount determined by
the comissioner? - CORRECT ANSWER-The managing general agent
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