PSI Life, Accident, and Health Exam
Questions with Correct Answers | Real
Exam Practice | Graded A+
• Which of the following is TRUE regarding nonadmitted insurers?
1.
A felony is committed by the agent in the state of a nonadmitted insurer.
2.
Acting as an agent for a nonadmitted insurer is considered a
misdemeanor.
3.
The agent shall pay $1,000 in addition to any fees involving the
commission of a felony.
4.
Specific penalties shall be determined by the Insurance Commissioner
on a case by case basis. . Answer: Acting as an agent for a nonadmitted
insurer is considered a misdemeanor.
• Which of the following is TRUE regarding the use of fictitious names
for business?
1.
Fictitious names do not need to be reported like actual personal or
business names.
2.
,The actual and fictitious business names must be registered with the
commissioner.
3.
The licensee may register 3 or more fictitious names in addition to their
real name the first year.
4.
A licensee may continue to use for 10 days a fictitious name prohibited
by the commissioner until notification. . Answer: The actual and
fictitious business names must be registered with the commissioner
• Which is TRUE regarding a life and health agent who has not been
specifically appointed by the insurer?
1.
The insurer is obliged to accept the application for underwriting from the
life agent.
2.
If a policy is issued, the agent is required to forfeit any commission
unless appointed.
3.
The insurer is required to report the agent appointment within 21 days of
the policy issue.
4.
If a policy is issued, the insurer is considered to have authorized the
agent to act on its behalf. . Answer: If a policy is issued, the insurer is
considered to have authorized the agent to act on its behalf
, • A claimant can be any of the following EXCEPT
1.
any person who asserts a right of recovery under a surety bond.
2.
a person who is conducting an investigation of a claim on behalf of an
insurer.
3.
any person authorized by operation of law to represent the claimant.
4.
an attorney. . Answer: a person who is conducting an investigation of a
claim on behalf of an insurer
• Which is an INACCURATE statement regarding coverage for
domestic partnerships?
1.
A group health policy shall provide equal coverage for registered
domestic partners.
2.
A policyholder may not require that a domestic partnership be registered
to qualify for coverage.
3.
A policy shall not cover a domestic partner if it is unequal to the
coverage provided to the spouse of an employee, insured, or
policyholder.
4.
Questions with Correct Answers | Real
Exam Practice | Graded A+
• Which of the following is TRUE regarding nonadmitted insurers?
1.
A felony is committed by the agent in the state of a nonadmitted insurer.
2.
Acting as an agent for a nonadmitted insurer is considered a
misdemeanor.
3.
The agent shall pay $1,000 in addition to any fees involving the
commission of a felony.
4.
Specific penalties shall be determined by the Insurance Commissioner
on a case by case basis. . Answer: Acting as an agent for a nonadmitted
insurer is considered a misdemeanor.
• Which of the following is TRUE regarding the use of fictitious names
for business?
1.
Fictitious names do not need to be reported like actual personal or
business names.
2.
,The actual and fictitious business names must be registered with the
commissioner.
3.
The licensee may register 3 or more fictitious names in addition to their
real name the first year.
4.
A licensee may continue to use for 10 days a fictitious name prohibited
by the commissioner until notification. . Answer: The actual and
fictitious business names must be registered with the commissioner
• Which is TRUE regarding a life and health agent who has not been
specifically appointed by the insurer?
1.
The insurer is obliged to accept the application for underwriting from the
life agent.
2.
If a policy is issued, the agent is required to forfeit any commission
unless appointed.
3.
The insurer is required to report the agent appointment within 21 days of
the policy issue.
4.
If a policy is issued, the insurer is considered to have authorized the
agent to act on its behalf. . Answer: If a policy is issued, the insurer is
considered to have authorized the agent to act on its behalf
, • A claimant can be any of the following EXCEPT
1.
any person who asserts a right of recovery under a surety bond.
2.
a person who is conducting an investigation of a claim on behalf of an
insurer.
3.
any person authorized by operation of law to represent the claimant.
4.
an attorney. . Answer: a person who is conducting an investigation of a
claim on behalf of an insurer
• Which is an INACCURATE statement regarding coverage for
domestic partnerships?
1.
A group health policy shall provide equal coverage for registered
domestic partners.
2.
A policyholder may not require that a domestic partnership be registered
to qualify for coverage.
3.
A policy shall not cover a domestic partner if it is unequal to the
coverage provided to the spouse of an employee, insured, or
policyholder.
4.
