PSI - LIFE, ACCIDENT, AND HEALTH – FULL Exam Questions With Verified Answers
3 views 0 purchase
Course
PSI Life, Accident, Health
Institution
PSI Life, Accident, Health
PSI - LIFE, ACCIDENT, AND HEALTH –
FULL Exam Questions With Verified
Answers
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 ...
PSI - LIFE, ACCIDENT, AND HEALTH –
FULL Exam Questions With Verified
Answers
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 - 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. -
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. -
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. - 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. - 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. - 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. -
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.
2.
An individual certificate of insurance.
3.
A vestment schedule showing what the policy will be worth.
4.
An individual packet including the application and the policy. - answer✔An individual certificate
of insurance.
After what time period is the policy considered to have been delivered in an acceptable way if
premiums have been paid?
1.
after 6 months if the premiums have been paid
2.
after 1 year if the premiums have been paid by the insured
3.
30 days after the first premium has been received by the insurer
4.
only if a written receipt is obtained at the time of delivery, regardless of paid premiums -
answer✔after 6 months if the premiums have been paid
A claimant can be any of the following EXCEPT
1.
any person who asserts a right of recovery under a surety bond.
2.
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 or Stuvia-credit 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 Brainbarter. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.49. You're not tied to anything after your purchase.
