California PSI - Life Insurance Exam with accurate detailed || || || || || || || || ||
solutions
When is a representation false? - ✔✔when the facts fail to correspond with its assertions or
|| || || || || || || || || || || || || || || ||
stipulations
Which of the following is TRUE regarding the use of fictitious names for business? -
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✔✔The actual and fictitious business names must be registered with the commissioner
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Which is an ACCURATE statement regarding dependent coverage under a group insurance
|| || || || || || || || || || || ||
policy? - ✔✔The coverage must not exceed more than 100 percent of the coverage for the
|| || || || || || || || || || || || || || || ||
insured employee ||
According to CIC Section 1711, an organization ceases to exist as an entity eligible to hold a
|| || || || || || || || || || || || || || || || ||
license EXCEPT - ✔✔upon the termination of all contracts
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As long as employment continues, which is the ONLY reason the validity of a group life
|| || || || || || || || || || || || || || || ||
insurance policy can be contested? - ✔✔Non-payment of premiums after the policy has bee
|| || || || || || || || || || || || || ||
in force for two years.
|| || || ||
All of the following are TRUE about the rules regarding the sale of life insurance and
|| || || || || || || || || || || || || || || ||
annuities to seniors age 65 or older EXCEPT - ✔✔The agent, broker, or insurer is required
|| || || || || || || || || || || || || || || ||
to show a copy of their insurance license with name, address, and phone number when
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conducting business in the senior home || || || || ||
What is a solicitor employed to do for a policy other than life? - ✔✔To aid a property and
|| || || || || || || || || || || || || || || || || || ||
casualty agent or broker in transacting insurance
|| || || || || ||
, All of the following are examples of representation except - ✔✔It may be altered after the
|| || || || || || || || || || || || || || || ||
insurance is effected || ||
Except as provided by sections 10203.5 and 10203.8 in the CIC, the insurer shall provide
|| || || || || || || || || || || || || || ||
which document to be delivered by the employer to the employee? - ✔✔An individual
|| || || || || || || || || || || || || ||
certification of insurance || ||
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? - ✔✔To avoid discrimination between individuals in the same rating
|| || || || || || || || || || || ||
class who have been diagnosed with the conditions of AIDS, ARC or HIV
|| || || || || || || || || || || ||
Which of the following is TRUE regarding continuing eduction requirements of an agent or
|| || || || || || || || || || || || || ||
broker? - ✔✔Any licensee shall satisfactorily complete 24 hours of instruction prior to
|| || || || || || || || || || || || ||
license renewal. ||
Which of the following provisions of free insurance offered as incentive to purchase or rent
|| || || || || || || || || || || || || || ||
property is TRUE? - ✔✔It requires a separate charge or fee.
|| || || || || || || || || ||
Which is the maximum fine for a person who transacts insurance without a valid license? -
|| || || || || || || || || || || || || || || ||
✔✔$50,000 and/or imprisonment for a period not exceeding one year.|| || || || || || || || ||
Which of the following is TRUE regarding non-admitted insurers? - ✔✔Acting as an agent
|| || || || || || || || || || || || || ||
for a nonadmitted insurer is considered a misdemeanor.
|| || || || || || ||
A policy shall specify all of the following EXCEPT - ✔✔The method in which the coverage
|| || || || || || || || || || || || || || || ||
amount was calculated || ||
solutions
When is a representation false? - ✔✔when the facts fail to correspond with its assertions or
|| || || || || || || || || || || || || || || ||
stipulations
Which of the following is TRUE regarding the use of fictitious names for business? -
|| || || || || || || || || || || || || || ||
✔✔The actual and fictitious business names must be registered with the commissioner
|| || || || || || || || || || ||
Which is an ACCURATE statement regarding dependent coverage under a group insurance
|| || || || || || || || || || || ||
policy? - ✔✔The coverage must not exceed more than 100 percent of the coverage for the
|| || || || || || || || || || || || || || || ||
insured employee ||
According to CIC Section 1711, an organization ceases to exist as an entity eligible to hold a
|| || || || || || || || || || || || || || || || ||
license EXCEPT - ✔✔upon the termination of all contracts
|| || || || || || || ||
As long as employment continues, which is the ONLY reason the validity of a group life
|| || || || || || || || || || || || || || || ||
insurance policy can be contested? - ✔✔Non-payment of premiums after the policy has bee
|| || || || || || || || || || || || || ||
in force for two years.
|| || || ||
All of the following are TRUE about the rules regarding the sale of life insurance and
|| || || || || || || || || || || || || || || ||
annuities to seniors age 65 or older EXCEPT - ✔✔The agent, broker, or insurer is required
|| || || || || || || || || || || || || || || ||
to show a copy of their insurance license with name, address, and phone number when
|| || || || || || || || || || || || || || ||
conducting business in the senior home || || || || ||
What is a solicitor employed to do for a policy other than life? - ✔✔To aid a property and
|| || || || || || || || || || || || || || || || || || ||
casualty agent or broker in transacting insurance
|| || || || || ||
, All of the following are examples of representation except - ✔✔It may be altered after the
|| || || || || || || || || || || || || || || ||
insurance is effected || ||
Except as provided by sections 10203.5 and 10203.8 in the CIC, the insurer shall provide
|| || || || || || || || || || || || || || ||
which document to be delivered by the employer to the employee? - ✔✔An individual
|| || || || || || || || || || || || || ||
certification of insurance || ||
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? - ✔✔To avoid discrimination between individuals in the same rating
|| || || || || || || || || || || ||
class who have been diagnosed with the conditions of AIDS, ARC or HIV
|| || || || || || || || || || || ||
Which of the following is TRUE regarding continuing eduction requirements of an agent or
|| || || || || || || || || || || || || ||
broker? - ✔✔Any licensee shall satisfactorily complete 24 hours of instruction prior to
|| || || || || || || || || || || || ||
license renewal. ||
Which of the following provisions of free insurance offered as incentive to purchase or rent
|| || || || || || || || || || || || || || ||
property is TRUE? - ✔✔It requires a separate charge or fee.
|| || || || || || || || || ||
Which is the maximum fine for a person who transacts insurance without a valid license? -
|| || || || || || || || || || || || || || || ||
✔✔$50,000 and/or imprisonment for a period not exceeding one year.|| || || || || || || || ||
Which of the following is TRUE regarding non-admitted insurers? - ✔✔Acting as an agent
|| || || || || || || || || || || || || ||
for a nonadmitted insurer is considered a misdemeanor.
|| || || || || || ||
A policy shall specify all of the following EXCEPT - ✔✔The method in which the coverage
|| || || || || || || || || || || || || || || ||
amount was calculated || ||
