PSI - LIFE, ACCIDENT, AND HEALTH – FULL WITH COMPLETE SOLUTION.
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Course
Life, Accident, And Health
Institution
Life, Accident, And Health
PSI - LIFE, ACCIDENT, AND HEALTH – FULL WITH COMPLETE SOLUTION.PSI - LIFE, ACCIDENT, AND HEALTH – FULL WITH COMPLETE SOLUTION.PSI - LIFE, ACCIDENT, AND HEALTH – FULL WITH COMPLETE SOLUTION.vvvv
PSI - LIFE, ACCIDENT, AND HEALTH – FULL WITH
COMPLETE SOLUTION.
What happens under a misstatement of age clause on a disability policy?
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1. iu
The policy would be terminated and all premiums would be returned to the policy owner.
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2. iu
The policy would be terminated and all premiums would be retained by the insurance company.
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3. iu
All amounts payable under this policy shall be what the premium originally would have purchased and been paid at the
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correct age.
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4. iu
Prior to any benefits being payable, the insured shall rate and pay the difference in premiums based upon his correct age -
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(correct answer) -All amounts payable under this policy shall be what the premium originally would have purchased and
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been paid at the correct age.
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Whether admitted or nonadmitted, how does a "foreign" insurer differ from an "alien" or "domestic" insurer?
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1. iu
A "foreign" insurer is organized under the laws of another country.
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2. iu
A "foreign" insurer is prohibited from transacting insurance with the State of California.
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3. iu
A "foreign" insurer is organized under the laws of another state within the United States.
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4. iu
A "foreign" insurer transacts business in multiple languages not spoken in the United States. - (correct answer) -A
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"foreign" insurer is organized under the laws of another state within the United States.
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Which of the following is TRUE regarding nonadmitted insurers?
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1. iu
A felony is committed by the agent in the state of a nonadmitted insurer.
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2. iu
Acting as an agent for a nonadmitted insurer is considered a misdemeanor.
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3. iu
The agent shall pay $1,000 in addition to any fees involving the commission of a felony.
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4. iu
Specific penalties shall be determined by the Insurance Commissioner on a case by case basis. - (correct answer) -Acting
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as an agent for a nonadmitted insurer is considered a misdemeanor.
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What happens if an owner requests an immediate investment of monies in a variable annuity policy be returned during the
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30 day cancellation period?
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1. iu
The owner shall forfeit any money invested.
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2. iu
The owner shall receive the market value at the time of the cancellation.
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3. iu
The owner shall receive a refund of premium but nothing earned during cancellation period.
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4. iu
The owner shall receive a full refund of premium, plus the market value, minus any commission fees. - (correct answer) -
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The owner shall receive the market value at the time of the cancellation.
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Can any life insurer issue group life insurance with premium rates less than the usual rates for such insurance?
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1. iu
Yes, when the Department of Insurance has requested they do so.
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2. iu
Yes, if the insurer has filed an exemption form to do so.
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3. iu
, Yes, they may do so on any group plan, with or without annuities.
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4. iu
No, there are no circumstances when this is allowed. - (correct answer) -Yes, they may do so on any group plan, with or
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without annuities
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Which of the following is TRUE regarding the use of fictitious names for business?
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1. iu
Fictitious names do not need to be reported like actual personal or business names.
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2. iu
The actual and fictitious business names must be registered with the commissioner.
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3. iu
The licensee may register 3 or more fictitious names in addition to their real name the first year.
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4. iu
A licensee may continue to use for 10 days a fictitious name prohibited by the commissioner until notification. - (correct
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answer) -The actual and fictitious business names must be registered with the commissioner
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Which is TRUE regarding a life and health agent who has not been specifically appointed by the insurer?
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1. iu
The insurer is obliged to accept the application for underwriting from the life agent.
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2. iu
If a policy is issued, the agent is required to forfeit any commission unless appointed.
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3. iu
The insurer is required to report the agent appointment within 21 days of the policy issue.
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4. iu
If a policy is issued, the insurer is considered to have authorized the agent to act on its behalf. - (correct answer) -If a
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policy is issued, the insurer is considered to have authorized the agent to act on its behalf
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Except as provided by sections 10203.5 and 10203.8 in the CIC, the insurer shall provide which document to be delivered
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by the employer to the employee?
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1. iu
A copy of the insurance policy.
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2. iu
An individual certificate of insurance.
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3. iu
A vestment schedule showing what the policy will be worth.
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4. iu
An individual packet including the application and the policy. - (correct answer) -An individual certificate of insurance.
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After what time period is the policy considered to have been delivered in an acceptable way if premiums have been paid?
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1. iu
after 6 months if the premiums have been paid
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2. iu
after 1 year if the premiums have been paid by the insured
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3. iu
30 days after the first premium has been received by the insurer
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4. iu
only if a written receipt is obtained at the time of delivery, regardless of paid premiums - (correct answer) -after 6 months
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if the premiums have been paid
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A claimant can be any of the following EXCEPT
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any person who asserts a right of recovery under a surety bond.
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2. iu
a person who is conducting an investigation of a claim on behalf of an insurer.
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3. iu
any person authorized by operation of law to represent the claimant.
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4. iu
an attorney. - (correct answer) -a person who is conducting an investigation of a claim on behalf of an insurer
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Which is an INACCURATE statement regarding coverage for domestic partnerships?
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1. iu
A group health policy shall provide equal coverage for registered domestic partners.
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