PSI Life, Accident, Health Exam Questions Latest 2023/2024

is the initial step of the total process of insuring a health risk. - field underwriting is the process of selection, classification and rating, and determining if someone is insurable. - home office underwriting "Person" means all of the following EXCEPT 1 an association. 2 a corporation. 3 a business trust. 4 an organizational trust. - 4 an organizational trust. A places insurance with a non-admitted insurer when insurance cannot be placed with an admitted insurer - surplus lines producer A Insurance Company is directed by officers and directors and has a stated amount of capital stock owned by stockholders - Stock A beneficiary receives ample income each month from the interest earned while the insurance company retains the principal. This is referred to as: - capital conservation A licensed life agent may on behalf of a life insurer for which the life agent is not specifically appointed. - Present a proposal for insurance to a prospective policyholder A Life and Disability Analyst cannot be employed or paid by the insurer and must meet all of the following requirements, except: 1 Be a resident of the state of California 2 Be at least age 18 3 Pass a written examination prepared by the Commissioner 4 Have worked as a life licensee or employee of a licensee for 5 years - 2 Be at least age 18 A loss exposure is best defined as: - the possibility of a loss A person licensed to write insurance coverage with non-admitted insurers when such coverage cannot be placed with an admitted insurer is a(n): - Surplus lines broker A policy shall specify all of the following EXCEPT 1 the property or life insured. 2 the parties between whom the contract is made. 3 the period during which the insurance is to continue. 4 the method in which the coverage amount was calculated. - 4 the method in which the coverage amount was calculated. A producer gathers information about the applicant for the insurer in order to avoid adverse selection. This is considered to be: - field underwriting A Property & Casualty Broker-Agent who is also licensed as a Life-Only agent may not charge a fee to a consumer for: - Analyzing a person's universal life insurance policy A small business owner used her life insurance policy as collateral for a bank loan. The face amount of the whole life policy was $100,000 and the original amount of the loan was $20,000. If the outstanding loan balance at the time the small business owner died was $10,000, how much will the policy's named beneficiary receive? - $90,000 the life of the insured - level guaranteed A(n) designed to produce leads must prominently disclose that 'an insurance agent will contact you', if that is the case. - advertisement According to CIC Section 1711, an organization ceases to exist as an entity eligible to hold a license EXCEPT 1 upon dissolution of a corporation. 2 upon the termination of all contracts. 3 upon dissolution of a copartnership. 4 upon the termination of an association. - 2 upon the termination of all contracts. After receiving a claim, the insurer must correspond with the claimant at intervals of not less than how many days until the claim is resolved? - 30 After what time period is the policy considered to have been delivered in an acceptable way if premiums have been paid? 1 after 6 months if the premiums have been paid 2 after 1 year if the premiums have been paid by the insured 3 30 days after the first premium has been received by the insurer 4 only if a written receipt is obtained at the time of delivery, regardless of paid premiums - 1 after 6 months if the premiums have been paid Albert owns a printing business in which he, at times, prints counterfeit money. One day while processing counterfeit bills, his arm is severely damaged. His insurance will: - Not cover the claim since he was involved in an illegal act at the time of injury All health plans, group and individual, offered through a Health Insurance Exchange must provide, at a minimum, essential health benefits in categories of care and services. - 10 All of the following are a duty of an insurer in regards to claims on file and record documentation EXCEPT 1 maintaining claim data so that an insurer shall be able to provide the claim number, line of coverage, and other pertinent data. 2 recording the date the licensee received, date(s) the licensee processed and date the licensee transmitted or mailed every material and relevant document in the file. 3 maintaining any sales material, which had a material impact on the claims process. 4 maintaining claim files that are accessible, legible, and claim of duplication. - 3 maintaining any sales material, which had a material impact on the claims process. All of the following are considered duties of the California Insurance Commissioner, except: 1 Enforce Insurance Code regulations 2 Revoke a license as a disciplinary measure 3 Set insurance rates - 3 Set insurance rates All of the following are correct regarding renewable term insurance, except: 1 No permanent cash or loan value 2 Can be written separately or with other types of insurance 3 Will expire after a specified period or attained age 4 Evidence of insurability is required to renew the policy - 4 Evidence of insurability is required to renew the policy 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. - 2 it may be altered after the insurance is effected. All of the following are factors that are taken into consideration when using the Human Life Value approach in determining the proper amount of life insurance coverage, except: 1 Income 2 Loans/debts 3 Educational Background - Educational Background