Psi practi - Study guides, Class notes & Summaries

PSI Practice Test 2024 When does a license become inactive for a broker? 1. upon the termination of his or her employment 2. upon the termination of all appointments, or all endorsements 3. upon the 365th calendar day that a policy has not been written 4. upon the termination of all existing policies for which he or she is the writing broker - Answer ️️ -upon the termination of all appointments, or all endorsements How is the insurance commissioner chosen? 1. Elected by the peop...

The doctrine of prior appropriation - Most likely used in states where water is scarce. Water rights are determined by priority of beneficial use. This means that the first person to use water or divert water for a beneficial use or purpose can acquire individual rights to the water. Indeterminable Duration - Major difference between freehold and nonfreehold estates is that freehold estates are Tenancy at will - Tenant rented an apartment signing a 15 month lease, after the lease expired the t...

PSI Practice Test 2024 When does a license become inactive for a broker? 1. upon the termination of his or her employment 2. upon the termination of all appointments, or all endorsements 3. upon the 365th calendar day that a policy has not been written 4. upon the termination of all existing policies for which he or she is the writing broker - Answer ️️ -upon the termination of all appointments, or all endorsements How is the insurance commissioner chosen? 1. Elected by the peop...

The economic characteristics of land are - scarcity, location, and durability A major difference between freehold and nonfreehold estates is that all freehold estates - are of indeterminable duration An easement can be terminated by - merger of titles The land description T3N, R4W Principal Meridian refers to what method of property description? - Rectangular survey Tenants are still in their rental property even though their lease has expired. The landlord has given them written not...

The economic characteristics of land are - Answer- scarcity, location, and durability A major difference between freehold and nonfreehold estates is that all freehold estates - Answer- are of indeterminable duration An easement can be terminated by - Answer- merger of titles The land description T3N, R4W Principal Meridian refers to what method of property description? - Answer- Rectangular survey Tenants are still in their rental property even though their lease has expired. The lan...

Which is included in the declaration page of a commercial general liability policy? 1. Policy effective date 2. Claim reporting 3. Warranties & limitations 4. Common policy correct answers Policy effective date Leah provides transportation to her client for their business lunch. The client closes that car door on her own hand. What type of coverage applied? 1. Physical damage 2. Liability 3. Medical payment 4. Health ins correct answers liability The Federal law that requires insur...

a. correct answersWhen a property owner uses his home as collateral for a loan and creates a lien in favor of the lender, title is held by the: a. mortgagor b. lender c. mortgagee d. beneficiary b. correct answersA buyer is getting a fully amortized loan for $220,000. The bank will give the buyer the loan for 15 years at 5 1/2% or for 30 years at 6 1/2%. To the nearest cent, what is the difference between the monthly payments for these two loans? (BE SURE TO USE THE AMORTIZATION TABLE....

When does a license become inactive for a broker? 1. upon the termination of his or her employment 2. upon the termination of all appointments, or all endorsements 3. upon the 365th calendar day that a policy has not been written 4. upon the termination of all existing policies for which he or she is the writing broker - CORRECT ANSWER-upon the termination of all appointments, or all endorsements How is the insurance commissioner chosen? 1. Elected by the people. 2. Appointed by t...