PSI Exam Property and Casualty Exam
|Questions with 100% Correct Answers
How can a licensee surrender any license for cancellation? - ✔ ✔ By
submitted written notice or delivering the license to the commissioner
While both work with an insurer, how does an "Insurance broker" differ from
an "insurance agent"? - ✔ ✔ The broker does not transact on behalf of an
insurer, while the agent does
If fiduciary funds are received by any licensee, the funds shall be maintained
in any of the following EXCEPT - ✔ ✔ Bods issued in all 50 states of the US
Which of the following is TRUE regarding continuing education requirements
of an agent or broker? - ✔ ✔ Any licensee shall satisfactorily complete 24
hours of instruction prior to license renewal
Which of the following can the insurer do if the insured intentionally conceals or
misrepresents a material fact concerning any coverage part? - ✔ ✔ Rescind the
contract.
All of the following are authorized activities for the limited lines automobile
insurance agents EXCEPT if the agent - ✔ ✔ Charges and collects a brokers fee
for service
, Which of the following descries a contract of reinsurance? - ✔ ✔ A first insurer
issues insurance to compensate another insurer for losses on contracts issued
by that second insurer
A personal lines licensee is an agent-broker who is able to transact coverage for
all the following EXCEPT - ✔ ✔ Personal Aircraft
All of the following are requirements for determining an area that qualifies
for Low Cost Automobile Insurance EXCEPT - ✔ ✔ The number of automobile
accidents that occur within the county
What criteria must a person meet in order to be qualified to purchase a good
driver discount policy? - ✔ ✔ Being licensed to drive a motor vehicle for the
previous 3 years and has not had more than 1 violation point as determined
by the CIC
Which of the following must be prominently displayed so that it can be readily
inspected on the licensee? - ✔ ✔ Currency and capacity
What is the primary function of the California Automotive Assigned Risk Plan?
CARRP - ✔ ✔ To put people who have trouble obtaining insurance in touch
with insurers who may be required by law to insure them.
Which is NOT a duty of the Workers Compensation Bureau? - ✔ ✔
Determine which claims are approved and which are denied.
|Questions with 100% Correct Answers
How can a licensee surrender any license for cancellation? - ✔ ✔ By
submitted written notice or delivering the license to the commissioner
While both work with an insurer, how does an "Insurance broker" differ from
an "insurance agent"? - ✔ ✔ The broker does not transact on behalf of an
insurer, while the agent does
If fiduciary funds are received by any licensee, the funds shall be maintained
in any of the following EXCEPT - ✔ ✔ Bods issued in all 50 states of the US
Which of the following is TRUE regarding continuing education requirements
of an agent or broker? - ✔ ✔ Any licensee shall satisfactorily complete 24
hours of instruction prior to license renewal
Which of the following can the insurer do if the insured intentionally conceals or
misrepresents a material fact concerning any coverage part? - ✔ ✔ Rescind the
contract.
All of the following are authorized activities for the limited lines automobile
insurance agents EXCEPT if the agent - ✔ ✔ Charges and collects a brokers fee
for service
, Which of the following descries a contract of reinsurance? - ✔ ✔ A first insurer
issues insurance to compensate another insurer for losses on contracts issued
by that second insurer
A personal lines licensee is an agent-broker who is able to transact coverage for
all the following EXCEPT - ✔ ✔ Personal Aircraft
All of the following are requirements for determining an area that qualifies
for Low Cost Automobile Insurance EXCEPT - ✔ ✔ The number of automobile
accidents that occur within the county
What criteria must a person meet in order to be qualified to purchase a good
driver discount policy? - ✔ ✔ Being licensed to drive a motor vehicle for the
previous 3 years and has not had more than 1 violation point as determined
by the CIC
Which of the following must be prominently displayed so that it can be readily
inspected on the licensee? - ✔ ✔ Currency and capacity
What is the primary function of the California Automotive Assigned Risk Plan?
CARRP - ✔ ✔ To put people who have trouble obtaining insurance in touch
with insurers who may be required by law to insure them.
Which is NOT a duty of the Workers Compensation Bureau? - ✔ ✔
Determine which claims are approved and which are denied.
