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PSI INSURANCE PRACTICE EXAM GUIDE QUESTIONS WITH COMPLETE ANSWERS
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PSI INSURANCE PRACTICE EXAM GUIDE QUESTIONS WITH COMPLETE ANSWERS
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PSI INSURANCE PRACTICE EXAMGUIDE QUESTIONS WITH COMPLETE
ANSWERS
What possible consequences are face when the insurance commissioner by an agent or
broker does not within 60 days comply an order to establish and complete records? -
Answer-A Suspension or revocation of license
Which is an inaccurate Statement regarding the non-standard coverage provided by
surplus line brokers? - Answer-They must provide notice to the commissioner within 14
days of providing non-standard coverage for a home state insured.
What is the purpose of the experience modification system in the California Worker's
Compensation experience rating system? - Answer-It expresses a particular company's
loss or claims history as percentage to other companies in the industry.
I which point is a person license as a broker agent deem to be actin ass an insurance
agent. - Answer-When I notice of appointment is filed with the insurance commissioner.
All of the following our cars for cancellation of an automobile policy except - Answer-
Discovery of a criminal record for a felony
When is it possible for a commercial vehicle to be eligible for coverage under the
California automobile assigned risk program? - Answer-If it's a privately owned
lightweight commercial vehicle use for local service or retail deliveries within a specific
geographic area.
What is the required great discount under a good driver discount policy? - Answer-20%
below the rate the insured would have been otherwise charge for the same coverage.
Which is NOT a duty of workers compensation bureau? - Answer-Determine which
claims are approved in which are denied.
All of the following include the way the agency name must be worded and show the
relationship between the corporation and agent Except? - Answer-" Owned and
operated by" ( Name of Company) .
All of the following are authorized activities for the limited lines automobile insurance
agent except if the agent? - Answer-Charges and collects a brokers fee for service.
All of the following conditions or cars for non-renewal or cancellation I have an
automobile policy Except? - Answer-Uninsured see declaring bankruptcy.
, All of the following are true in reference to an insurance binder except? - Answer-Gary
means valid until the policy has been delivered.
When may a property broker-agent, casualty broker-agent or surplus lines agent offset
funds due an insured for return premiums? - Answer-When it is from the same insured
for unpaid premiums on the same or any other policy
An application for a rate change is regarded as being approved 60 days after public
notice under the following conditions except? - Answer-When the departments
consumer ombudsman men find the rate increase to be unreasonable.
How long after the expiration date May a licensee who has met all the requirements to
renew her license be allowed to operate under the existing license ? - Answer-60 days
Which condition is NOT required to be met for a surplus lines broker to advise any
home state insured or applicant that coverage has been or will be obtained from a non-
admitted insurer. - Answer-An annual payment has been received by the insurer.
All of the following are taken into consideration For California Automobile Assigned Risk
Program eligibility for applicants except? - Answer-the education of the applicant.
What is the maximum coverage allow through the California automobile assigned risk
program for bodily injury and death? - Answer-The maximum coverage per accident is
limited to 30, 000 of All persons as a result of any one accident
What is the primary function of the California Automotive Assigend Risk Plan ( CAARP)
- Answer-To put people who have trouble obtaining insurance in touch with insurers
who may be required by law to ensure them.
Who is authorized to adjust or pay claims in excess of an amount determined by the
commissioner? - Answer-Managing General Agent
All of the following are permissible reasons for a consumer reporting agency to furnish
motor vehicle, pass claims, or credit report except? - Answer-A request of national news
organization friend investigative story.
The managing general agent negotiates and binds ceding insurance on behalf of
whom ? - Answer-The Insurer
In order for an insurance to contract with the state Compensation and Insurance fund a
must meet all the following criteria except? - Answer-The insurer has made all the ratio
requirements for risk based capital( RBC)
What is the method used for placing business with the California automobile a sandwich
program? - Answer-The percentage of CAARP policies required is Equal to the
percentage of regular insurance policies the insured has issued within the state
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