PSI EXAM QUESTIONS AND CORRECT DETAILED ANSWERS |ALREADY GRADED A

Which of the following is TRUE regarding continuing education requirements of an agent or broker? - CORRECT ANSWER-Any licensee shall satisfactorily complete 24 hours of instruction prior to license renewal. How is an insurance policy defined? - CORRECT ANSWER-The written instrument, in which a contract of insurance is set forth. How does an "admitted" person differ from an "nonadmitted" person, as it pertains to insurance? - CORRECT ANSWER-An "admitted" person has the right to transact insurance business within the state, while a "nonadmitted" person is not entitled to this action Whether admitted or nonadmitted, how does a "foreign" insurer differ from an "alien" or "domestic" insurer? - CORRECT ANSWER-A "foreign" insurer is organized under the laws of another state within the United States. What is a solicitor employed to do for a policy other than life? - CORRECT ANSWER-aid an agent or broker in transacting insurance. Which is considered nonpublic personal information as defined by the California Financial Code? - CORRECT ANSWER-tax return In the event of receiving notice of a claim or other claim communication, all of the following timelines are accurate EXCEPT - CORRECT ANSWER-every licensee or claims agent shall transmit notice of the claim to the insurer in no more than 5 calendar days. It is unlawful to do any of the following EXCEPT - CORRECT ANSWER-make or cause to made a knowingly false or fraudulent or material representation for the purpose of enco