CALIFORNIA PSI - LIFE INSURANCE EXAM COMPLETE ANSWERS|2025
"Notice of legal action" can mean all of the following EXCEPT - ✔✔notice of action
against the agent.
"Person" means all of the following EXCEPT - ✔✔an organizational trust.
A claimant can be any of the following EXCEPT - ✔✔a person who is conducting an
investigation of a claim on behalf of an insurer.
A person who does NOT hold a valid license may do which of the following -
✔✔examine contracts of insurance
A policy shall specify all of the following EXCEPT - ✔✔The method in which the
coverage amount was calculated
According to CIC Section 1711, an organization ceases to exist as an entity eligible to
hold a license EXCEPT - ✔✔upon the termination of all contracts
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
After what time period is the policy considered to have been delivered in an acceptable
way if premiums have been paid? - ✔✔After 6 months if the premiums have been paid
All of the following are duty of an insurer in regards to claims on file and record
documentation EXCPT - ✔✔maintaining any sales material, which had a material
impact on the claims process.
All of the following are examples of misrepresentations that may not be made by an
insurer, officer or agent thereof or an insurance broker or solicitor EXCEPT - ✔✔the
specific contract language
All of the following are examples of representation except - ✔✔It may be altered after
the insurance is effected
All of the following are included as definitions of "transact" as applied to insurance
EXCEPT - ✔✔underwriting
, All of the following are requirements for an agent who advertises and transacts business
on the internet EXCEPT - ✔✔his or her most recent license and appointment date.
All of the following are to be specified in an insurance policy EXCEPT - ✔✔The financial
rating of the insured.
All of the following are TRUE about the rules regarding the sale of life insurance and
annuities to seniors age 65 or older EXCEPT - ✔✔The agent, broker, or insurer is
required to show a copy of their insurance license with name, address, and phone
number when conducting business in the senior home
All of the following are TRUE regarding regulation and use of an agency name EXCEPT
- ✔✔a name would not be denied on the basis of being too similar to other company
names.
ALL of the following are TRUE regarding the process to change the California Code of
Regulations EXCEPT - ✔✔the Office of Administrative Law (OAL) may substitute its
own judgement for that of the rulemaking agency
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.
All of the following define insolvency EXCEPT - ✔✔revocation of certificate of authority
by the commissioner.
An "insurance agent" means a person authorized, by and on behalf of an insurer, to
transact which of the following class of insurance? - ✔✔Annuities
An agent or representative who issues long term care insurance must do all of the
following EXCEPT - ✔✔complete a total of 10 hours of continuing education if licensed
before January 1st 2002.
An insurance agent is a person who transacts all of the following types of insurance
EXCEPT - ✔✔life insurance.
As long as employment continues, which is the ONLY reason the validity of a group life
insurance policy can be contested? - ✔✔Non-payment of premiums after the policy has
bee in force for two years.
As used in the insurance code, the word "shall" is mandatory and the word "may" is
permissive EXCEPT - ✔✔unless otherwise apparent from the context.
Concealment, whether intentional or unintentional, entitles the injured party to? -
✔✔Rescind insurance
"Notice of legal action" can mean all of the following EXCEPT - ✔✔notice of action
against the agent.
"Person" means all of the following EXCEPT - ✔✔an organizational trust.
A claimant can be any of the following EXCEPT - ✔✔a person who is conducting an
investigation of a claim on behalf of an insurer.
A person who does NOT hold a valid license may do which of the following -
✔✔examine contracts of insurance
A policy shall specify all of the following EXCEPT - ✔✔The method in which the
coverage amount was calculated
According to CIC Section 1711, an organization ceases to exist as an entity eligible to
hold a license EXCEPT - ✔✔upon the termination of all contracts
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
After what time period is the policy considered to have been delivered in an acceptable
way if premiums have been paid? - ✔✔After 6 months if the premiums have been paid
All of the following are duty of an insurer in regards to claims on file and record
documentation EXCPT - ✔✔maintaining any sales material, which had a material
impact on the claims process.
All of the following are examples of misrepresentations that may not be made by an
insurer, officer or agent thereof or an insurance broker or solicitor EXCEPT - ✔✔the
specific contract language
All of the following are examples of representation except - ✔✔It may be altered after
the insurance is effected
All of the following are included as definitions of "transact" as applied to insurance
EXCEPT - ✔✔underwriting
, All of the following are requirements for an agent who advertises and transacts business
on the internet EXCEPT - ✔✔his or her most recent license and appointment date.
All of the following are to be specified in an insurance policy EXCEPT - ✔✔The financial
rating of the insured.
All of the following are TRUE about the rules regarding the sale of life insurance and
annuities to seniors age 65 or older EXCEPT - ✔✔The agent, broker, or insurer is
required to show a copy of their insurance license with name, address, and phone
number when conducting business in the senior home
All of the following are TRUE regarding regulation and use of an agency name EXCEPT
- ✔✔a name would not be denied on the basis of being too similar to other company
names.
ALL of the following are TRUE regarding the process to change the California Code of
Regulations EXCEPT - ✔✔the Office of Administrative Law (OAL) may substitute its
own judgement for that of the rulemaking agency
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.
All of the following define insolvency EXCEPT - ✔✔revocation of certificate of authority
by the commissioner.
An "insurance agent" means a person authorized, by and on behalf of an insurer, to
transact which of the following class of insurance? - ✔✔Annuities
An agent or representative who issues long term care insurance must do all of the
following EXCEPT - ✔✔complete a total of 10 hours of continuing education if licensed
before January 1st 2002.
An insurance agent is a person who transacts all of the following types of insurance
EXCEPT - ✔✔life insurance.
As long as employment continues, which is the ONLY reason the validity of a group life
insurance policy can be contested? - ✔✔Non-payment of premiums after the policy has
bee in force for two years.
As used in the insurance code, the word "shall" is mandatory and the word "may" is
permissive EXCEPT - ✔✔unless otherwise apparent from the context.
Concealment, whether intentional or unintentional, entitles the injured party to? -
✔✔Rescind insurance
