PSI - LIFE, ACCIDENT, AND HEALTH -
LONG Exam Q & As (Verified Answers)
2026 graded A+
Which of the following is TRUE regarding nonadmitted insurers?
1.
A felony is committed by the agent in the state of a nonadmitted insurer.
2.
Acting as an agent for a nonadmitted insurer is considered a misdemeanor.
3.
The agent shall pay $1,000 in addition to any fees involving the commission of a felony.
4.
Specific penalties shall be determined by the Insurance Commissioner on a case by case basis. -
CORRECT ANSWERS Acting as an agent for a nonadmitted insurer is
considered a misdemeanor.
Which of the following is TRUE regarding the use of fictitious names for business?
1.
Fictitious names do not need to be reported like actual personal or business names.
2.
The actual and fictitious business names must be registered with the commissioner.
3.
The licensee may register 3 or more fictitious names in addition to their real name the first year.
4.
A licensee may continue to use for 10 days a fictitious name prohibited by the commissioner until
notification. - CORRECT ANSWERS The actual and fictitious business
names must be registered with the commissioner
,Which is TRUE regarding a life and health agent who has not been specifically appointed by the insurer?
1.
The insurer is obliged to accept the application for underwriting from the life agent.
2.
If a policy is issued, the agent is required to forfeit any commission unless appointed.
3.
The insurer is required to report the agent appointment within 21 days of the policy issue.
4.
If a policy is issued, the insurer is considered to have authorized the agent to act on its behalf. -
CORRECT ANSWERS If a policy is issued, the insurer is considered to
have authorized the agent to act on its behalf
A claimant can be any of the following EXCEPT
1.
any person who asserts a right of recovery under a surety bond.
2.
a person who is conducting an investigation of a claim on behalf of an insurer.
3.
any person authorized by operation of law to represent the claimant.
4.
an attorney. - CORRECT ANSWERS a person who is conducting an
investigation of a claim on behalf of an insurer
Which is an INACCURATE statement regarding coverage for domestic partnerships?
1.
A group health policy shall provide equal coverage for registered domestic partners.
2.
, A policyholder may not require that a domestic partnership be registered to qualify for coverage.
3.
A policy shall not cover a domestic partner if it is unequal to the coverage provided to the spouse of an
employee, insured, or policyholder.
4.
Equal coverage shall be offered to the registered domestic partner of an employee, insured, or
policyholder in terms as those provided to a spouse. - CORRECT ANSWERS
A policyholder may not require that a domestic partnership be registered to qualify for coverage.
Which is an INACCURATE statement on the purpose and intent of the Insurance Information and Privacy
Protection Act?
1.
The Act enables applicants and policyholders to obtain reasons for adverse underwriting decisions.
2.
The Act permits disclosure of insurance underwriting information and claim history records.
3.
The Act grants persons access to information collected in order to verify or dispute its accuracy.
4.
The Act establishes standards for the collection, use and disclosure of information related to insurance. -
CORRECT ANSWERS The Act permits disclosure of insurance
underwriting information and claim history records.
A policy with a life insurance benefit for a disabled employee includes an extension of benefits upon its
discontinuance when all of the following are met EXCEPT
1.
during a 30 day period in which to accept the terms of the new policy.
2.
when such discontinuance does not affect the disability benefit within the first 10 days.
LONG Exam Q & As (Verified Answers)
2026 graded A+
Which of the following is TRUE regarding nonadmitted insurers?
1.
A felony is committed by the agent in the state of a nonadmitted insurer.
2.
Acting as an agent for a nonadmitted insurer is considered a misdemeanor.
3.
The agent shall pay $1,000 in addition to any fees involving the commission of a felony.
4.
Specific penalties shall be determined by the Insurance Commissioner on a case by case basis. -
CORRECT ANSWERS Acting as an agent for a nonadmitted insurer is
considered a misdemeanor.
Which of the following is TRUE regarding the use of fictitious names for business?
1.
Fictitious names do not need to be reported like actual personal or business names.
2.
The actual and fictitious business names must be registered with the commissioner.
3.
The licensee may register 3 or more fictitious names in addition to their real name the first year.
4.
A licensee may continue to use for 10 days a fictitious name prohibited by the commissioner until
notification. - CORRECT ANSWERS The actual and fictitious business
names must be registered with the commissioner
,Which is TRUE regarding a life and health agent who has not been specifically appointed by the insurer?
1.
The insurer is obliged to accept the application for underwriting from the life agent.
2.
If a policy is issued, the agent is required to forfeit any commission unless appointed.
3.
The insurer is required to report the agent appointment within 21 days of the policy issue.
4.
If a policy is issued, the insurer is considered to have authorized the agent to act on its behalf. -
CORRECT ANSWERS If a policy is issued, the insurer is considered to
have authorized the agent to act on its behalf
A claimant can be any of the following EXCEPT
1.
any person who asserts a right of recovery under a surety bond.
2.
a person who is conducting an investigation of a claim on behalf of an insurer.
3.
any person authorized by operation of law to represent the claimant.
4.
an attorney. - CORRECT ANSWERS a person who is conducting an
investigation of a claim on behalf of an insurer
Which is an INACCURATE statement regarding coverage for domestic partnerships?
1.
A group health policy shall provide equal coverage for registered domestic partners.
2.
, A policyholder may not require that a domestic partnership be registered to qualify for coverage.
3.
A policy shall not cover a domestic partner if it is unequal to the coverage provided to the spouse of an
employee, insured, or policyholder.
4.
Equal coverage shall be offered to the registered domestic partner of an employee, insured, or
policyholder in terms as those provided to a spouse. - CORRECT ANSWERS
A policyholder may not require that a domestic partnership be registered to qualify for coverage.
Which is an INACCURATE statement on the purpose and intent of the Insurance Information and Privacy
Protection Act?
1.
The Act enables applicants and policyholders to obtain reasons for adverse underwriting decisions.
2.
The Act permits disclosure of insurance underwriting information and claim history records.
3.
The Act grants persons access to information collected in order to verify or dispute its accuracy.
4.
The Act establishes standards for the collection, use and disclosure of information related to insurance. -
CORRECT ANSWERS The Act permits disclosure of insurance
underwriting information and claim history records.
A policy with a life insurance benefit for a disabled employee includes an extension of benefits upon its
discontinuance when all of the following are met EXCEPT
1.
during a 30 day period in which to accept the terms of the new policy.
2.
when such discontinuance does not affect the disability benefit within the first 10 days.
