PSI Practice Test questions and answers graded A+ 2023
Which is an inaccurate statement regarding blanket life insurance?
The policy is for the benfit if rhe policy holder.
True:
Premim is remitted by the policyholder.
The insurance is written under policy issued to a newspaper or magazine or other
periodical.
The policy insured without any requirement of individual enrollment or individual
commitment.
Which of the following regarding the pre-existing condition PCIP is true?
The state of California has transitioned their PCIP to the Federal early run PCIP.
False:
Has expanded as a requirement of the fordable care act.
Is an integral component of the affordable care act.
Allows California residents to enroll in the program regardless of health.
After what time period is the policy considered to have been delivered and in an
acceptable way if premiums have been paid?
After six months if the premiums have been paid.
In which situation is a person or other entity that provides coverage for medical
expenses not subject to the jurisdiction of the insurance department?
When they are subject to the jurisdiction of another agency of this
or another state
or the federal government.
The claimant can be any of the following except...
Any person who is conducting an investigation of a claim on behalf of an insurer
The claimant can be:
Any person who assert a right of recovery and or a surety bond.
Any person authorized by operation of law to represent the claimant.
An attorney.
The California life and health insurance guarantee act provides coverage for all of
the following except.
Hey stop loss insurance plan.
Provides coverage for:
A major medical insurance plan.
, A surgical insert insurance plan.
A long term care insurance plan.
According to the Administrative Procedures Act what is required to make change
it to the California insurance code?
The department of insurance is required to publish proposed changes at least 45 days
prior to the hearing or decision to adopt the change.
Which statement accurately describes De- mutualization.
A mutual insurance company that decides to convert to a stock company.
All of the following may be eligible to qualify for enrollment in the healthy families
program except:
Children who failed to meet citizenship for immigration rules.
Eligible:
Up to the age of 19.
Children whose permanent residence is in CA.
Children who are not eligible for no cost Medi-Cal.
Which of the following is true regarding continuing education requirements of an
agent or broker?
Any licensee shall satisfactorily complete 24 hours of instruction prior to license
renewal.
All of the following are included as definitions of "transact" as applied to
insurance except:
Underwriting
Included in the definition of transact:
Solicitation.
Negotiations preliminary to execution. Execution of a contract have insurance.
When is the practice of post claims underwriting allowable on disability insurance
covering hospital, medical or surgical expenses?
At no time.
Which is an accurate statement regarding a life settlement contract?
Inaccurate: The loan proceeds are used to solely pay premiums for the policy and any
expenses incurred.
Accurate:
The owner receives the guarantee of the future settlement value.
A finance loan made for a policy on or before the issuance of the policy.
The owner agrees to sell the policy or any portion of the death benefit following the
policy issue.
In the event of receiving notice of a claim or other claim communication all of the
following timelines are accurate except:
Inaccurate: every licensee or claims agent shall transmit notice of the claim to ensure
and no more than 5 calendar days.
When a replacement policy is being considered what is required from an insurer?
Which is an inaccurate statement regarding blanket life insurance?
The policy is for the benfit if rhe policy holder.
True:
Premim is remitted by the policyholder.
The insurance is written under policy issued to a newspaper or magazine or other
periodical.
The policy insured without any requirement of individual enrollment or individual
commitment.
Which of the following regarding the pre-existing condition PCIP is true?
The state of California has transitioned their PCIP to the Federal early run PCIP.
False:
Has expanded as a requirement of the fordable care act.
Is an integral component of the affordable care act.
Allows California residents to enroll in the program regardless of health.
After what time period is the policy considered to have been delivered and in an
acceptable way if premiums have been paid?
After six months if the premiums have been paid.
In which situation is a person or other entity that provides coverage for medical
expenses not subject to the jurisdiction of the insurance department?
When they are subject to the jurisdiction of another agency of this
or another state
or the federal government.
The claimant can be any of the following except...
Any person who is conducting an investigation of a claim on behalf of an insurer
The claimant can be:
Any person who assert a right of recovery and or a surety bond.
Any person authorized by operation of law to represent the claimant.
An attorney.
The California life and health insurance guarantee act provides coverage for all of
the following except.
Hey stop loss insurance plan.
Provides coverage for:
A major medical insurance plan.
, A surgical insert insurance plan.
A long term care insurance plan.
According to the Administrative Procedures Act what is required to make change
it to the California insurance code?
The department of insurance is required to publish proposed changes at least 45 days
prior to the hearing or decision to adopt the change.
Which statement accurately describes De- mutualization.
A mutual insurance company that decides to convert to a stock company.
All of the following may be eligible to qualify for enrollment in the healthy families
program except:
Children who failed to meet citizenship for immigration rules.
Eligible:
Up to the age of 19.
Children whose permanent residence is in CA.
Children who are not eligible for no cost Medi-Cal.
Which of the following is true regarding continuing education requirements of an
agent or broker?
Any licensee shall satisfactorily complete 24 hours of instruction prior to license
renewal.
All of the following are included as definitions of "transact" as applied to
insurance except:
Underwriting
Included in the definition of transact:
Solicitation.
Negotiations preliminary to execution. Execution of a contract have insurance.
When is the practice of post claims underwriting allowable on disability insurance
covering hospital, medical or surgical expenses?
At no time.
Which is an accurate statement regarding a life settlement contract?
Inaccurate: The loan proceeds are used to solely pay premiums for the policy and any
expenses incurred.
Accurate:
The owner receives the guarantee of the future settlement value.
A finance loan made for a policy on or before the issuance of the policy.
The owner agrees to sell the policy or any portion of the death benefit following the
policy issue.
In the event of receiving notice of a claim or other claim communication all of the
following timelines are accurate except:
Inaccurate: every licensee or claims agent shall transmit notice of the claim to ensure
and no more than 5 calendar days.
When a replacement policy is being considered what is required from an insurer?
