PSI Practice Exam Questions and
Answers (Solved Papers)
"Person" means all of the following EXCEPT - Correct
Answers ✅an organizational trust
What is a solicitor employed to do for a policy other than life?
- Correct Answers ✅To aid a property and casualty agent
or broker in transacting insurance.
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 Answers
✅The commissioner may take possession of offices, books
and property immediately without court order.
Which of the following is the method wherein a contract of
insurance is finalized as relates to the sales process? -
Correct Answers ✅Execution of a contract of insurance
According to CIC Section 1711, an organization ceases to
exist as an entity eligible to hold a license EXCEPT - Correct
Answers ✅upon the termination of all contracts.
All the following are requirements for an agent who
advertises and transacts business on the Internet EXCEPT -
Correct Answers ✅his or her most recent license and
appointment date
, PSI Practice Exam Questions and
Answers (Solved Papers)
An "insurance agent" means a person authorized, by and on
behalf of an insurer, to transact which of the following class
of insurance? - Correct Answers ✅Annuities
Concealment, whether intentional or unintentional, entitles
the injured party to? - Correct Answers ✅Rescind
insurance.
While both work with an insurer, how does an "Insurance
broker" differ from an "insurance agent"? - Correct Answers
✅The broker does not transact on behalf of an insurer, while
the agent does.
An insurance agent is a person who transacts all of the
following types of insurance EXCEPT - Correct Answers
✅life insurance
The Insurance Commissioner may deny an application for any
license issued for any of the following EXCEPT - Correct
Answers ✅the applicant is lacking in good judgment
Which of the following is an insurer allowed to do in the event
of a claim? - Correct Answers ✅request a medical
examination for the purpose of determining liability under a
policy provision
Answers (Solved Papers)
"Person" means all of the following EXCEPT - Correct
Answers ✅an organizational trust
What is a solicitor employed to do for a policy other than life?
- Correct Answers ✅To aid a property and casualty agent
or broker in transacting insurance.
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 Answers
✅The commissioner may take possession of offices, books
and property immediately without court order.
Which of the following is the method wherein a contract of
insurance is finalized as relates to the sales process? -
Correct Answers ✅Execution of a contract of insurance
According to CIC Section 1711, an organization ceases to
exist as an entity eligible to hold a license EXCEPT - Correct
Answers ✅upon the termination of all contracts.
All the following are requirements for an agent who
advertises and transacts business on the Internet EXCEPT -
Correct Answers ✅his or her most recent license and
appointment date
, PSI Practice Exam Questions and
Answers (Solved Papers)
An "insurance agent" means a person authorized, by and on
behalf of an insurer, to transact which of the following class
of insurance? - Correct Answers ✅Annuities
Concealment, whether intentional or unintentional, entitles
the injured party to? - Correct Answers ✅Rescind
insurance.
While both work with an insurer, how does an "Insurance
broker" differ from an "insurance agent"? - Correct Answers
✅The broker does not transact on behalf of an insurer, while
the agent does.
An insurance agent is a person who transacts all of the
following types of insurance EXCEPT - Correct Answers
✅life insurance
The Insurance Commissioner may deny an application for any
license issued for any of the following EXCEPT - Correct
Answers ✅the applicant is lacking in good judgment
Which of the following is an insurer allowed to do in the event
of a claim? - Correct Answers ✅request a medical
examination for the purpose of determining liability under a
policy provision
