PSI CA Property and Casualty Practice Examination Questions and Answers 100% Correct

PSI CA Property and Casualty Practice Examination Questions and Answers 100% Correct 1 Can a lender, as a condition of making a loan, require that any insurance be placed through a particular insurance agent or broker? - Correct Answer ️️ -The loan recipient may always select a particular agent or broker of their choosing 2 A claimant can be any of the following EXCEPT - Correct Answer ️️ -EXCEPT a person who is conducting an investigation of a claim on behalf of an insurer 3 All of the following are to be specified in an insurance policy EXCEPT - Correct Answer ️️ -EXCEPT the financial rating of the insured 4 Which of the following provisions of free insurance offered as an incentive to purchase or rent property is TRUE? - Correct Answer ️️ -It requires a separate charge or fee 5 What is the method used for placing business with the California Automobile Assigned Risk Program? - Correct Answer ️️ -The percentage of CAARP policies required is equal to the percentage of regular insurance policies the insurer has issued within the State 6 Whether admitted or nonadmitted, how does a "foreign" insurer differ from an "alien" or "domestic" insurer? - Correct Answer ️️ -A "foreign" insurer is organized under the laws of another state within the United States 7 All of the following are reasons employers liability insurance is needed in addition to workers' compensation insurance EXCEPT - Correct Answer ️️ -EXCEPT to pay medical bills 8 What is the purpose of the experience modification system in the California workers' compensation experience rating system? - Correct Answer ️️ -It expresses a particular company's loss or claims history as a percentage to all other companies in the industry 9 Which form of negotiation is covered under the definition of "transact" as applied to insurance? - Correct Answer ️️ -Negotiations preliminary to execution 10 Which type of coverage protects against loss caused by earth movement? - Correct Answer ️️ -A stand-alone Earthquake Insurance policy specifically insuring against loss caused by land subsidence 11 Which circumstances in a pretext interview determine if the questions are permissible? - Correct Answer ️️ -When an insured is consulted by a person who hides his true identity on purpose when fraud for a claim is suspected 12 Which is TRUE regarding expectant or contingent interest? - Correct Answer ️️ - Expectant or contingent interest does NOT constitute insurable interest 13 "Person" means all of the following EXCEPT - Correct Answer ️️ -EXCEPT an organizational trust 14 Which of the following is TRUE regarding continuing education requirements of an agent or broker? - Correct Answer ️️ -Any licensee shall satisfactorily complete 24 hours of instruction prior to license renewal. 15 Except in a case where the property is being held as a carrier or depository, what is the insurable interest is measured by? - Correct Answer ️️ -EXCEPT The extent to which the insured would be damnified by loss or injury to the property 16 All of the following are included as definitions of "transact" as applied to insurance EXCEPT - Correct Answer ️️ -EXCEPT underwriting 17 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 18 How may a license be surrendered by the insuree, or terminated by the employer? - Correct Answer ️️ -Personally delivering the license to the insurance commissioner, or by written notice form the employer. 19 What is the punishment for a person who refuses to deliver books, records, or assets to the commissioner when subject to a seizure order in an insolvency proceeding? - Correct Answer ️️ -Not more than $1000 fine and/or 1 year imprisonment 20 Which is NOT a duty of the Workers Compensation Bureau? - Correct Answer ️️ - Determine which claims are approved and which are denied 21 A standard fire insurance policy contains the following details EXCEPT - Correct Answer ️️ -EXCEPT the address of the insured 22 In the event of receiving notice of a claim or other claim communication, all of the following timelines are accurate EXCEPT - Correct Answer ️️ -EXCEPT every licensee or claim agent shall transmit notice of the claim to the