PSI California Insurance Test (2024) || Questions & Answers (Graded A+)

PSI California Insurance Test (2024) || Questions & Answers (Graded A+) PSI California Insurance Test (2024) || Questions & Answers (Graded A+) What is the procedure regarding change of address for a licensee? - ANSWER - The commissioner must be notified immediately of any change in the personal, business, or email address. What is the punishment for a person who refuses to deliver books, records, or assets to the commissioner when subject to a seizure order in an insolvency proceeding? - ANSWER - Not more than $1000 fine and/or 1 year imprisonment An agent or representative who issues long term care insurance must NOT do the following - ANSWER - complete a total of 10 hours of continuing education if licensed before January 1st, 2002. According to the Administrative Procedures Act, what is required to make changes to the California Insurance Code? - ANSWER - The Department of Insurance is required to publish proposed changes at least 45 days prior to the hearing or decision to adopt the change. A person who does NOT hold a valid license may NOT do the following - ANSWER - examine contracts of insurance. Which of the following is TRUE regarding nonadmitted insurers? - ANSWER - Acting as an agent for a nonadmitted insurer is considered a misdemeanor. Which of the following is a party to a contract of insurance bound to communicate EXCEPT - ANSWER - those which the other would know by retaining a consultant with specialized knowledge in insurance matters. Which of the following is the method wherein a contract of insurance is finalized as relates to the sales process? - ANSWER - Execution of a contract of insurance Who is eligible to be an insurer? - ANSWER - Any person, company, organization, or corporation that is capable of making a contract. Whether admitted or nonadmitted, how does a "foreign" insurer differ from an "alien" or "domestic" insurer? - ANSWER - A "foreign" insurer is organized under the laws of another state within the United States. All of the following are examples of representation EXCEPT - ANSWER - it may be altered after the insurance is effected. 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? - ANSWER - The commissioner may take possession of offices, books and property immediately without court order.