PSI LIFE, ACCIDENT, HELTH EXAM WITH
QUESTIONS AND ANSWERS|| GUARANTEED
PASS|| ALREADY GRADED A+|| LATEST
UPDATE 2026
What are the requirements for notices required by any provision of the
insurance code to a person unless expressly provided otherwise?
1 They should be made by telephone on a recorded line.
2 They should be received by email to their registered email address.
3 They should be sent to a mailing notice at their residence or place of business.
4 They should be prioritized with overnight express at their residence or place
of business. - ANSWER-3 They should be sent to a mailing notice at their
residence or place of business.
Which statement accurately describes de-mutualization?
1 a mutual insurance company that decides to convert to a stock company
2 a reinsurer which no longer feels the business relationship is mutually
beneficial
3 two companies which reach a mutual decision that they will no longer transact
business
4 an individual who decides its relationship with an insurer is no longer a
mutually beneficial one - ANSWER-1 a mutual insurance company that decides
to convert to a stock company
,Life and Disability Insurance Analysts must provide an agreement with a
statement that includes all of the following EXCEPT
1 that information and services that can be obtained directly from the insurance
company without cost.
2 that the services to be performed for which a fee is to be charged, and that fee.
3 that fees can be received for servicing a policy on which they were the selling
agent.
4 that if they are also licensed as an agent, that they receive commissions from
the sale of products. - ANSWER-3 that fees can be received for servicing a
policy on which they were the selling agent.
All of the following are requirements for an applicant to be licensed as a life &
disability insurance analyst EXCEPT
1 having a thorough knowledge of life or disability insurance products.
2 having been employed by an insurance company.
3 being a fit and proper person to hold the license applied for.
4 being of good business reputation and of good general reputation. -
ANSWER-2 having been employed by an insurance company.
Who is the California Life and Health & Guarantee Association is regulated by?
1 The California Legislature.
2 The California Department of the Treasurer.
3 The California Insurance Commissioner
4 The Governor of California. - ANSWER-3
The California Insurance Commissioner
,How long does an employee in a group insurance policy have to exercise the
conversion privilege after employment is terminated?
1 0 days with no eligible coverage once the employment is terminated
2 31 days to use the conversion privilege and begin an individual life insurance
policy.
3. 90 days to convert to an individual policy equal to the coverage under the
group policy
4. 6 months to exercise the conversion privilege after termination if the
employee was ill-treated - ANSWER-2. 31 days to use the conversion privilege
and begin an individual life insurance policy.
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-2
The owner shall receive the market value at the time of the cancellation.
All of the following are TRUE for commissions paid to an agent for the sale of
a Medicare supplement policy EXCEPT
1 gifts, bonuses, prizes, awards or finder's fees given for sales or renewals are
not considered compensation.
2 commissions paid for replacing policies shall not exceed the commission paid
for renewing policies.
, 3 first year commissions must not exceed 200 percent of commissions paid for
renewing policies.
4 renewal year commissions must be the same as second year and must be for a
time period of no fewer than five years. - ANSWER-1
gifts, bonuses, prizes, awards or finder's fees given for sales or renewals are not
considered compensation.
The following are all penalties for unlawfully acting as an insurer without a
certificate of authority EXCEPT
1 the individual will be fined with a charge for a misdemeanor.
2 the individual may be charged a fine not to exceed $50,000.
3 the individual will be banned from practicing insurance for a period of 5
years.
4 the individual may be sentenced to county jail for a period not to exceed one
year. - ANSWER-3 the individual will be banned from practicing insurance for
a period of 5 years.
All of the following are examples of representation EXCEPT
1
it may be oral or written.
2
it may be altered after the insurance is effected.
3
it cannot qualify as an express provision in a contract.
4
it is to be interpreted by the same as contracts in general. - ANSWER-2
it may be altered after the insurance is effected.
QUESTIONS AND ANSWERS|| GUARANTEED
PASS|| ALREADY GRADED A+|| LATEST
UPDATE 2026
What are the requirements for notices required by any provision of the
insurance code to a person unless expressly provided otherwise?
1 They should be made by telephone on a recorded line.
2 They should be received by email to their registered email address.
3 They should be sent to a mailing notice at their residence or place of business.
4 They should be prioritized with overnight express at their residence or place
of business. - ANSWER-3 They should be sent to a mailing notice at their
residence or place of business.
Which statement accurately describes de-mutualization?
1 a mutual insurance company that decides to convert to a stock company
2 a reinsurer which no longer feels the business relationship is mutually
beneficial
3 two companies which reach a mutual decision that they will no longer transact
business
4 an individual who decides its relationship with an insurer is no longer a
mutually beneficial one - ANSWER-1 a mutual insurance company that decides
to convert to a stock company
,Life and Disability Insurance Analysts must provide an agreement with a
statement that includes all of the following EXCEPT
1 that information and services that can be obtained directly from the insurance
company without cost.
2 that the services to be performed for which a fee is to be charged, and that fee.
3 that fees can be received for servicing a policy on which they were the selling
agent.
4 that if they are also licensed as an agent, that they receive commissions from
the sale of products. - ANSWER-3 that fees can be received for servicing a
policy on which they were the selling agent.
All of the following are requirements for an applicant to be licensed as a life &
disability insurance analyst EXCEPT
1 having a thorough knowledge of life or disability insurance products.
2 having been employed by an insurance company.
3 being a fit and proper person to hold the license applied for.
4 being of good business reputation and of good general reputation. -
ANSWER-2 having been employed by an insurance company.
Who is the California Life and Health & Guarantee Association is regulated by?
1 The California Legislature.
2 The California Department of the Treasurer.
3 The California Insurance Commissioner
4 The Governor of California. - ANSWER-3
The California Insurance Commissioner
,How long does an employee in a group insurance policy have to exercise the
conversion privilege after employment is terminated?
1 0 days with no eligible coverage once the employment is terminated
2 31 days to use the conversion privilege and begin an individual life insurance
policy.
3. 90 days to convert to an individual policy equal to the coverage under the
group policy
4. 6 months to exercise the conversion privilege after termination if the
employee was ill-treated - ANSWER-2. 31 days to use the conversion privilege
and begin an individual life insurance policy.
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-2
The owner shall receive the market value at the time of the cancellation.
All of the following are TRUE for commissions paid to an agent for the sale of
a Medicare supplement policy EXCEPT
1 gifts, bonuses, prizes, awards or finder's fees given for sales or renewals are
not considered compensation.
2 commissions paid for replacing policies shall not exceed the commission paid
for renewing policies.
, 3 first year commissions must not exceed 200 percent of commissions paid for
renewing policies.
4 renewal year commissions must be the same as second year and must be for a
time period of no fewer than five years. - ANSWER-1
gifts, bonuses, prizes, awards or finder's fees given for sales or renewals are not
considered compensation.
The following are all penalties for unlawfully acting as an insurer without a
certificate of authority EXCEPT
1 the individual will be fined with a charge for a misdemeanor.
2 the individual may be charged a fine not to exceed $50,000.
3 the individual will be banned from practicing insurance for a period of 5
years.
4 the individual may be sentenced to county jail for a period not to exceed one
year. - ANSWER-3 the individual will be banned from practicing insurance for
a period of 5 years.
All of the following are examples of representation EXCEPT
1
it may be oral or written.
2
it may be altered after the insurance is effected.
3
it cannot qualify as an express provision in a contract.
4
it is to be interpreted by the same as contracts in general. - ANSWER-2
it may be altered after the insurance is effected.
