Risk Management and Insurance > EXAM > PSI Practice Test 150 Questions with Complete Solutions (All)
PSI Practice Test 150 Questions with Complete Solutions
Document Content and Description Below
PSI Practice Test 150 Questions with Complete Solutions Which of the following is the method wherein a contract of insurance is finalized as relates to the sales process? 1. Rescission of the contra... ct. 2. Transaction of unrelated matters that are made by the same parties. 3. Transaction of matters subsequent to the execution of the contract and arising out of it. 4. Termination of future sales of the contract. - Correct Answer Execution of a contract of insurance Concealment, whether intentional or unintentional, entitles the injured party to? - Correct Answer Rescind insurance. A policy shall specify all of the following EXCEPT - Correct Answer the method in which the coverage amount was calculated. When can a person act as an agent of the insurer? - Correct Answer when the insurer has filed with the commissioner a notice of appointment How is an insurance policy defined? - Correct Answer The written instrument, in which a contract of insurance is set forth. 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? - Correct Answer The commissioner may take possession of offices, books and property immediately without court order. When may a representation be altered or withdrawn? - Correct Answer Before the insurance is effected. What is the maximum fine for a person who transacts insurance without a valid license? - Correct Answer $50,000 and/or imprisonment for a period not exceeding one year. The following are all penalties for unlawfully acting as an insurer without a certificate of authority EXCEPT - Correct Answer the individual will be banned from practicing insurance for a period of 5 years. Which of the following terms refers to any evidence or documentation in the possession of the insurer that provides any evidence of a claim and that reasonably supports the magnitude or the amount of the claimant loss? - Correct Answer proof of claim [Show More]
Last updated: 2 years ago
Preview 1 out of 15 pages
Buy this document to get the full access instantly
Instant Download Access after purchase
Buy NowInstant download
We Accept:
Reviews( 0 )
$11.50
Can't find what you want? Try our AI powered Search
Document information
Connected school, study & course
About the document
Uploaded On
May 22, 2023
Number of pages
15
Written in
Additional information
This document has been written for:
Uploaded
May 22, 2023
Downloads
0
Views
62
.png)
