PSI Life, Accident & Health Insurance Exam ✦ Comprehensive Study Guide, Full-Length Practice Questions
Page&1Verified Answers _ NY & US Licensing Prep 2026-04-01
PSI Life, Accident & Health
Insurance Exam ✦
Comprehensive Study
Guide, Full-Length Practice
Questions & Verified
Answers | NY & US
Licensing Prep
1 of 36 Guidehttps://www.stuvia.com/dashboard!@_)#*)(@$)($@*($@)($@*_
PSI Life, Accident & Health Insurance Exam ✦ Comprehensive
1 Study Guide, Full-Length Practice Questions & Verified Answers _ NY & US Licensing Prep.pdf
,PSI - LIFE, ACCIDENT, AND HEALTH - LONG Page 2 2026-04-01
Terms in this set (35)
Which of the following is TRUE regarding Acting as an agent for a nonadmitted insurer is considered a
nonadmitted insurers? misdemeanor.
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 $1,000 in addition to any fees
involving the commission of a felony.
4.
Specific penalties shall be determined by the
Insurance Commissioner on a case by case basis.
2 of 36 2 PSI - LIFE, ACCIDENT, AND HEALTH - LONG.pdf
,PSI - LIFE, ACCIDENT, AND HEALTH - LONG Page 3 2026-04-01
Which of the following is TRUE regarding the use of The actual and fictitious business names must be registered with the
fictitious names for business? commissioner
1.
Fictitious names do not need to be reported like
actual personal or business names.
2.
The actual and fictitious business names must be
registered with the commissioner.
3.
The licensee may register 3 or more fictitious names
in addition to their real name the first year.
4.
A licensee may continue to use for 10 days a
fictitious name prohibited by the commissioner until
notification.
3 of 36 3 PSI - LIFE, ACCIDENT, AND HEALTH - LONG.pdf
, PSI - LIFE, ACCIDENT, AND HEALTH - LONG Page 4 2026-04-01
Which is TRUE regarding a life and health agent who If a policy is issued, the insurer is considered to have authorized the agent
has not been specifically appointed by the insurer? to act on its behalf
1.
The insurer is obliged to accept the application for
underwriting from the life agent.
2.
If a policy is issued, the agent is required to forfeit
any commission unless appointed.
3.
The insurer is required to report the agent
appointment within 21 days of the policy issue.
4.
If a policy is issued, the insurer is considered to have
authorized the agent to act on its behalf.
4 of 36 4 PSI - LIFE, ACCIDENT, AND HEALTH - LONG.pdf
Page&1Verified Answers _ NY & US Licensing Prep 2026-04-01
PSI Life, Accident & Health
Insurance Exam ✦
Comprehensive Study
Guide, Full-Length Practice
Questions & Verified
Answers | NY & US
Licensing Prep
1 of 36 Guidehttps://www.stuvia.com/dashboard!@_)#*)(@$)($@*($@)($@*_
PSI Life, Accident & Health Insurance Exam ✦ Comprehensive
1 Study Guide, Full-Length Practice Questions & Verified Answers _ NY & US Licensing Prep.pdf
,PSI - LIFE, ACCIDENT, AND HEALTH - LONG Page 2 2026-04-01
Terms in this set (35)
Which of the following is TRUE regarding Acting as an agent for a nonadmitted insurer is considered a
nonadmitted insurers? misdemeanor.
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.
2 of 36 2 PSI - LIFE, ACCIDENT, AND HEALTH - LONG.pdf
,PSI - LIFE, ACCIDENT, AND HEALTH - LONG Page 3 2026-04-01
Which of the following is TRUE regarding the use of The actual and fictitious business names must be registered with the
fictitious names for business? commissioner
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.
3 of 36 3 PSI - LIFE, ACCIDENT, AND HEALTH - LONG.pdf
, PSI - LIFE, ACCIDENT, AND HEALTH - LONG Page 4 2026-04-01
Which is TRUE regarding a life and health agent who If a policy is issued, the insurer is considered to have authorized the agent
has not been specifically appointed by the insurer? to act on its behalf
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.
4 of 36 4 PSI - LIFE, ACCIDENT, AND HEALTH - LONG.pdf
