PSI CA Property & Casualty Practice
Test Exam Questions and Answers
(Solved Papers)
Which would permit an insurer to escape insolvency? -
Correct Answers ✅possession of assets equal to the total
paid-in capital after all liabilities and reinsurance
When should an insurer provide for the continuous operation
of a unit or division to investigate possible fraudulent claims?
- Correct Answers ✅if admitted to do business in this tate,
except those otherwise exempted
What is the maximum fine for a person who transacts
insurance without a valid license? - Correct Answers
✅$50,000 and/or imprisonment for a period not exceeding
one year.
Which of the following is TRUE regarding non admitted
insurers? - Correct Answers ✅acting as an agent for a non
admitted insurer is considered a misdemeanor
Which circumstances in a pretext interview determine if the
questions are permissible? - Correct Answers ✅when an
insured is consulted by a person who hides his true identity
on purpose when fraud for a claim is suspected
A policy shall specify all of the following EXCEPT - Correct
Answers ✅the method in which the coverage amount was
calculated
, PSI CA Property & Casualty Practice
Test Exam Questions and Answers
(Solved Papers)
A claimant can be any of the following EXCEPT - Correct
Answers ✅a person who is conducting an investigation of a
claim on behalf of an insurer.
Which of the following is TRUE regarding continuing
education requirements of an agent or broker? - Correct
Answers ✅any licensee shall satisfactorily complete 24
hours of instruction prior to license renewal
According to CIC Section 1711, an organization ceases to
exist as an entity eligible to hold a license EXCEPT - Correct
Answers ✅upon the termination of all contracts
Which of the following provisions of free insurance offered as
an incentive to purchase or rent property is TRUE? - Correct
Answers ✅it requires a separate charge or fee
When may a representation be altered or withdrawn? -
Correct Answers ✅before the insurance is effected
Which of the following is a party to a contract of insurance
bound to communicate EXCEPT - Correct Answers ✅those
which the other would know by retaining a consultant with
specialized knowledge in insurance matters
Test Exam Questions and Answers
(Solved Papers)
Which would permit an insurer to escape insolvency? -
Correct Answers ✅possession of assets equal to the total
paid-in capital after all liabilities and reinsurance
When should an insurer provide for the continuous operation
of a unit or division to investigate possible fraudulent claims?
- Correct Answers ✅if admitted to do business in this tate,
except those otherwise exempted
What is the maximum fine for a person who transacts
insurance without a valid license? - Correct Answers
✅$50,000 and/or imprisonment for a period not exceeding
one year.
Which of the following is TRUE regarding non admitted
insurers? - Correct Answers ✅acting as an agent for a non
admitted insurer is considered a misdemeanor
Which circumstances in a pretext interview determine if the
questions are permissible? - Correct Answers ✅when an
insured is consulted by a person who hides his true identity
on purpose when fraud for a claim is suspected
A policy shall specify all of the following EXCEPT - Correct
Answers ✅the method in which the coverage amount was
calculated
, PSI CA Property & Casualty Practice
Test Exam Questions and Answers
(Solved Papers)
A claimant can be any of the following EXCEPT - Correct
Answers ✅a person who is conducting an investigation of a
claim on behalf of an insurer.
Which of the following is TRUE regarding continuing
education requirements of an agent or broker? - Correct
Answers ✅any licensee shall satisfactorily complete 24
hours of instruction prior to license renewal
According to CIC Section 1711, an organization ceases to
exist as an entity eligible to hold a license EXCEPT - Correct
Answers ✅upon the termination of all contracts
Which of the following provisions of free insurance offered as
an incentive to purchase or rent property is TRUE? - Correct
Answers ✅it requires a separate charge or fee
When may a representation be altered or withdrawn? -
Correct Answers ✅before the insurance is effected
Which of the following is a party to a contract of insurance
bound to communicate EXCEPT - Correct Answers ✅those
which the other would know by retaining a consultant with
specialized knowledge in insurance matters
