PSI CA Insurance Test Questions and Answers Passed with 100%

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PSI CA Insurance Test Questions and Answers Passed with 100% What is the procedure regarding change of address for a licensee? ✔✔The commissioner must be notified immediately of any change in t... he personal, business, or email address. 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? ✔✔Not more than $1000 fine and/or 1 year imprisonment An agent or representative who issues long term care insurance must NOT do the following ✔✔complete a total of 10 hours of continuing education if licensed before January 1st, 2002. According to the Administrative Procedures Act, what is required to make changes to the California Insurance Code? ✔✔The Department of Insurance is required to publish proposed changes at least 45 days prior to the hearing or decision to adopt the change. A person who does NOT hold a valid license may NOT do the following ✔✔examine contracts of insurance. Which of the following is TRUE regarding nonadmitted insurers? ✔✔Acting as an agent for a nonadmitted insurer is considered a misdemeanor. Which of the following is a party to a contract of insurance bound to communicate EXCEPT ✔✔those which the other would know by retaining a consultant with specialized knowledge in insurance matters. Which of the following is the method wherein a contract of insurance is finalized as relates to the sales process? ✔✔Execution of a contract of insurance Who is eligible to be an insurer? ✔✔Any person, company, organization, or corporation that is capable of making a contract. Whether admitted or nonadmitted, how does a "foreign" insurer differ from an "alien" or "domestic" insurer? ✔✔A "foreign" insurer is organized under the laws of another state within the United States. All of the following are examples of representation EXCEPT ✔✔it may be altered after the insurance is effected. When examination of an insurer shows the insurer to be insolvent and a danger to the public, which authority is granted to the Commissioner by the CIC? ✔✔The commissioner may take possession of offices, books and property immediately without court order. When does a disability policy become incontestable as to the statements contained in the application? ✔✔After the policy has been in force for a period of two years during the lifetime of the insured. All of the following are types of licenses EXCEPT ✔✔accident and health solicitor. What do all long-term care insurers, agents, and brokers owe to the policyholder or prospective policyholder? ✔✔a duty of honesty, good faith, and fair dealing When shall an individual certificate be deemed to be "individualized" within the meaning of the CIC? ✔✔if it contains either the name of the person covered or some other means of identifying to the individual covered that it is his individual certificate Life and Disability Insurance Analysts must provide an agreement with a statement that includes all of the following EXCEPT ✔✔that fees can be received for servicing a policy on which they were the selling agent. The California Life and Health Insurance Guarantee Act provides coverage for all of the following EXCEPT ✔✔a stop-loss insurance plan. When does the guaranteed issue period for Medicare supplement end? ✔✔Sixty three days after the disenrollment of the previous coverage. All of the following conditions provide a basis for group life insurance coverage EXCEPT ✔✔amounts of insurance may be selected as needed per individuals personal need. What is a blanket life insurance policy? ✔✔The policy is for the benefit of the policyholder. Which is an INACCURATE statement regarding inflation protection for long-term care insurance? ✔✔A. Insurers shall offer to each policyholder or certificate holder the option to add an inflation protection feature with their policy at the time of purchase. B. The protection covers a specified percentage of actual or reasonable charges, and includes a maximum specified indemnity amount. Which is NOT a requirement of a Medicare Supplement provider? ✔✔Displaying prominently on the first page of the policy the disclosure that the policy "will cover all of the medical expenses." Life and Disability Insurance Analysts must provide an agreement with a statement that includes all of the following EXCEPT ✔✔A. that if they are also licensed as an agent, that they receive commissions from the sale of products. B. that fees can be received for servicing a policy on which they were the selling agent. All of the following conditions provide a basis for group life insurance coverage EXCEPT ✔✔A. for a group plan the coverage must be provided for not less than two employees. B. amounts of insurance may be selected as needed per individuals personal need. [Show More]

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