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PSI EXAM QUESTIONS WITH COMPLETE ANSWERS
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PSI EXAM QUESTIONS WITH COMPLETE ANSWERS
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PSI EXAM QUESTIONS WITHCOMPLETE ANSWERS
When shall an individual certificate be deemed to be "individualized" within the meaning
of the CIC?
only if it contains the full legal name of the person covered
if it contains either the name of the person covered or some other means of identifying
to the individual covered that it is his individual certificate
if there is an attached statement from the insurance company stating that the certificate
provides coverage to that individual
if it contains the name of the person covered along with at least two other types of
identifying information - Answer-if it contains either the name of the person covered or
some other means of identifying to the individual covered that it is his individual
certificate
ALL of the following are TRUE regarding the process to change the California Code of
Regulations EXCEPT
1.
the Office of Administrative Law (OAL) may substitute its own judgment for that of the
rulemaking agency.
2.
the Administrative Procedure Act requires a minimum of 45 days for comments
regarding the proposed changes.
3.
the Agency may decide to change its initial proposal in response to public comments or
on its own initiative after the initial public comment period.
4.
the Emergency Rulemaking Process and the Regular Rulemaking Process are separate
requiring different standards and procedures for proposed changes. - Answer-the Office
of Administrative Law (OAL) may substitute its own judgment for that of the rulemaking
agency.
The California Life and Health Insurance Guarantee Act provides coverage for all of the
following EXCEPT
a stop-loss insurance plan.
a major medical insurance plan.
a surgical insurance plan.
a long term care insurance plan. - Answer-a stop-loss insurance plan
How long does an employee in a group insurance policy have to exercise the
conversion privilege after employment is terminated?
0 days with no eligible coverage once the employment is terminated
,31 days to use the conversion privilege and begin an individual life insurance policy.
90 days to convert to an individual policy equal to the coverage under the group policy
6 months to exercise the conversion privilege after termination if the employee was ill-
treated - Answer-31 days to use the conversion privilege and begin an individual life
insurance policy.
When may a licensee surrender for cancellation any license under which they are
permitted to act?
upon renewal of the license
within 60 days of renewal of their license
at any time
when they no longer have any clients with policies in force - Answer-at any time
Which statement describes the intent of the California Financial Information Privacy
Act?
1.
It enables and authorizes the Gramm-Leach-Bliley Act into California legal system.
2.
It permits civil lawsuits against financial institutions who violate the Gramm-Leach-Bliley
Act.
3.
It provides greater privacy protections than those provided in the federal Gramm-Leach-
Bliley Act.
4.
It permits greater flexibility to financial institutions than privacy protections enacted in
Gramm-Leach-Bliley Act. - Answer-It provides greater privacy protections than those
provided in the federal Gramm-Leach-Bliley Act.
Which is NOT a requirement of a Medicare Supplement provider?
1.
Establishing auditable procedures for maintaining compliance.
2.
Establishing marketing procedures to make sure excessive insurance is not sold or
issued.
3.
Displaying prominently on the first page of the policy the disclosure that the policy "will
cover all of the medical expenses."
4.
Inquiring and making every reasonable effort to discover if the prospective applicant
already has health insurance, and the types and amounts of that insurance. - Answer-
If fiduciary funds are received by any licensee, the funds shall be maintained in any of
the following EXCEPT
bonds issued in all 50 states of the United States.
, United States government bonds and treasury certificates.
certificates of deposit of banks or savings and loan associations licensed by any state.
repurchase agreements collateralized by securities issued by the United States
government. - Answer-bonds issued in all 50 states of the United States
When can a person act as an agent of the insurer?
1.
when the agent participates in an insurer workshop
2.
when the agent receives a compliance illustration from the insurer
3.
when the insurer has accepted contracting paperwork from the agent
when the insurer has filed with the commissioner a notice of appointment - Answer-
when the insurer has filed with the commissioner a notice of appointment
Which is an INACCURATE statement regarding underwriting based on genetic testing?
The proposed insured must pay for the cost of the testing.
The proposed insured must provide informed consent prior to the testing.
3.
The test results can be provided to the proposed insured, or to their physician to whom
the individual should consult.
4.
The purpose is to create standards classified by risks to avoid discrimination among
proposed insureds with similar genetic markers. - Answer-The proposed insured must
pay for the cost of the testing.
When working on behalf of an insurer for which they are not specifically appointed, what
may a licensed agent do?
expect an insurer to approve a proposal for a life insurance policy
accept payments for a policy in the form of cash, check, or money order
present a proposal for insurance and transmit an application to the insurer
transmit an application for an insurer who requested its agents to be exclusive. -
Answer-present a proposal for insurance and transmit an application to the insurer
What is the purpose of creating minimum underwriting standards for those testing
positive for Acquired Immune Deficiency Syndrome, Human Immunodeficiency Virus or
Aids Related Complex?
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