PSI Practice Exam questions and answers

"Person" means all of the following EXCEPT - CORRECT ANSWER-an organizational trust What is a solicitor employed to do for a policy other than life? - CORRECT ANSWER-To aid a property and casualty agent or broker in transacting insurance. When examination of an insurer shows the insurer to be insolvent and a danger to the public, which authority is granted to the Commissioner by the CIC? - CORRECT ANSWER-The commissioner may take possession of offices, books and property immediately without court order. Which of the following is the method wherein a contract of insurance is finalized as relates to the sales process? - CORRECT ANSWER-Execution of a contract of insurance According to CIC Section 1711, an organization ceases to exist as an entity eligible to hold a license EXCEPT - CORRECT ANSWER-upon the termination of all contracts. All the following are requirements for an agent who advertises and transacts business on the Internet EXCEPT - CORRECT ANSWER-his or her most recent license and appointment date An "insurance agent" means a person authorized, by and on behalf of an insurer, to transact which of the following class of insurance? - CORRECT ANSWER-Annuities Concealment, whether intentional or unintentional, entitles the injured party to? - CORRECT ANSWER-Rescind insurance. While both work with an insurer, how does an "Insurance broker" differ from an "insurance agent"? - CORRECT ANSWER-The broker does not transact on behalf of an insur