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PSI Personal Lines Exam Questions And Answers With Verified Solutions (GRADED A+)
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PSI Personal Lines Exam Questions And Answers With Verified Solutions (GRADED A+)
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PSI Personal Lines Exam Questions AndAnswers With Verified Solutions
(GRADED A+)
which of the following is the type of insurance the government may step in to
provide that is NOT ordinarily available for private insuerers -
ANSWER✔✔residential market
which of the following describes an insurer that meets the insurance department's
standards and is authorized to do business in the state - ANSWER✔✔admitted
in which of the following types of insurance organizations are profits returned to
the insureds in the form of divendends - ANSWER✔✔mutuals
which of the following is not authorized to transact insurance in the state -
ANSWER✔✔non admitted insurer
all of the following sell insurance in the residential market EXCEPT -
ANSWER✔✔disability insurance
what type of insurer is owned by its policy holders - ANSWER✔✔mutual
companies
what is another way of describing the structure of a mutual insurance company -
ANSWER✔✔participating
,a participating comapny headquartered in guam authorized to do business in your
state would be described as which company - ANSWER✔✔an admitted, foreign
mutal company
purchasing insurance that is unavailable in your state from a non admitted
comapny would be what kind of transaction - ANSWER✔✔surplus lines
what part of legal contract refers to an exchhange of value -
ANSWER✔✔consideration
all of the following are considered to be incompentent to enter into a contract
EXCEPT - ANSWER✔✔someone who is incarcerated
what is the term for a proposal made by one of the potential parties to contract -
ANSWER✔✔offer
when one party of a contract has greater power over the other party in a drafting
the contract, what type of contract is it - ANSWER✔✔contract of adhension
some insureds pay insurance premiums and never have a covered loss, while others
may have a catastrophic event that pays much more than a lifetime of premiums.
As a result, insurance contracts are considered to be - ANSWER✔✔aleatory
which of the following best defines a personal insurance contract -
ANSWER✔✔the insurance contract is designed to transfer risk from the insured to
the insurer
, if a covered loss occurs, the insured must provide proof of loss, and the insurer
must respond within a specified time period following the loss. this is because
insurance contracts are wich type of contract - ANSWER✔✔conditional
when the court resolves any ambiguity in policy wording in favor of the insured, is
is because of the - ANSWER✔✔doctrine of resonable expectations
with regard to property insurance, consideration is the - ANSWER✔✔payment of
premium by the insured in return for the promise to pay covered claims
all of the following are elements of a valid contract EXCEPT -
ANSWER✔✔provisions
what is Not necessary to form a legal contract - ANSWER✔✔counter-offer
which statement concerning Propert and Casualty contracts is TRUE -
ANSWER✔✔property is a two-party contract, and casualty is a third party contract
what type of authority is in writing and allows a producer to act on behalf of the
insurer - ANSWER✔✔express
what authority is NOT written and allows a producer to conduct the business of the
insurer - ANSWER✔✔implied
the public assumes a prodcing agent has what kind of authority -
ANSWER✔✔appaerent authority
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