PSI LIFE ACCIDENT AND HEALTH - LONG Term Exam Actual Q&A

PSI LIFE ACCIDENT AND HEALTH - LONG Term Exam Actual Q&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. - CORRECT 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. - CORRECT 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. - CORRECT 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