PSI Practice Exam Updated Questions with 100% Correct Answers | Latest & Verified

charges and collects a broker's fee for service. - CORRECT ANSWER-All of the following are authorized activities for the Limited Lines Automobile Insurance Agent EXCEPT if the agent The Managing General Agent - CORRECT ANSWER-Who is authorized to adjust or pay claims in excess of an amount determined by the commissioner? delivering policies to the insured - CORRECT ANSWER-All of the following are duties of a Managing General Agent EXCEPT The percentage of CAARP policies required is equal to the percentage of regular insurance policies the insurer has issued within the State. - CORRECT ANSWER-What is the method used for placing business with the California Automobile Assigned Risk Program? it remains valid until a policy has been delivered. - CORRECT ANSWER-All of the following are TRUE In reference to an insurance binder EXCEPT An annual payment has been received by the insurer. - CORRECT ANSWER-Which condition is NOT required to be met for a surplus line broker to advise any home state insured or applicant that coverage has been, or will be obtained from a nonadmitted insurer? 30 days - CORRECT ANSWER-How many days prior to policy expiration is an insurer required to mail a nonrenewal notice to the named insured? $5,000 for medic