PSI Practice Exam Attempt 1 Exam
Questions and Answers (Solved Papers)
All of the following are authorized activities for the Limited
Lines Automobile Insurance Agent EXCEPT if the agent -
Correct Answers ✅charges and collects a broker's fee for
service.
Who is authorized to adjust or pay claims in excess of an
amount determined by the commissioner? - Correct
Answers ✅The Managing General Agent
All of the following are duties of a Managing General Agent
EXCEPT - Correct Answers ✅delivering policies to the
insured
What is the method used for placing business with the
California Automobile Assigned Risk Program? - Correct
Answers ✅The percentage of CAARP policies required is
equal to the percentage of regular insurance policies the
insurer has issued within the State.
All of the following are TRUE In reference to an insurance
binder EXCEPT - Correct Answers ✅it remains valid until a
policy has been delivered.
Which condition is NOT required to be met for a surplus line
broker to advise any home state insured or applicant that
coverage has been, or will be obtained from a nonadmitted
, PSI Practice Exam Attempt 1 Exam
Questions and Answers (Solved Papers)
insurer? - Correct Answers ✅An annual payment has been
received by the insurer.
How many days prior to policy expiration is an insurer
required to mail a nonrenewal notice to the named insured? -
Correct Answers ✅30 days
All of the following are part of the Minimum Liability
Insurance Requirements for Private Passenger Vehicles
EXCEPT - Correct Answers ✅$5,000 for medical services.
Which is NOT a duty of the Workers Compensation Bureau? -
Correct Answers ✅Determine which claims are approved
and which are denied.
Which of the following shall every property broker-agent and
casualty broker-agent disclose prior to arranging premium
financing for the purchase of a policy? - Correct Answers
✅the broker-agent's financial status
A personal lines licensee is an agent-broker who is able to
transact coverage for all of the following EXCEPT - Correct
Answers ✅personal aircraft.
All of the following conditions must be met before a surplus
lines broker may place insurance with a nonadmitted insurer
Questions and Answers (Solved Papers)
All of the following are authorized activities for the Limited
Lines Automobile Insurance Agent EXCEPT if the agent -
Correct Answers ✅charges and collects a broker's fee for
service.
Who is authorized to adjust or pay claims in excess of an
amount determined by the commissioner? - Correct
Answers ✅The Managing General Agent
All of the following are duties of a Managing General Agent
EXCEPT - Correct Answers ✅delivering policies to the
insured
What is the method used for placing business with the
California Automobile Assigned Risk Program? - Correct
Answers ✅The percentage of CAARP policies required is
equal to the percentage of regular insurance policies the
insurer has issued within the State.
All of the following are TRUE In reference to an insurance
binder EXCEPT - Correct Answers ✅it remains valid until a
policy has been delivered.
Which condition is NOT required to be met for a surplus line
broker to advise any home state insured or applicant that
coverage has been, or will be obtained from a nonadmitted
, PSI Practice Exam Attempt 1 Exam
Questions and Answers (Solved Papers)
insurer? - Correct Answers ✅An annual payment has been
received by the insurer.
How many days prior to policy expiration is an insurer
required to mail a nonrenewal notice to the named insured? -
Correct Answers ✅30 days
All of the following are part of the Minimum Liability
Insurance Requirements for Private Passenger Vehicles
EXCEPT - Correct Answers ✅$5,000 for medical services.
Which is NOT a duty of the Workers Compensation Bureau? -
Correct Answers ✅Determine which claims are approved
and which are denied.
Which of the following shall every property broker-agent and
casualty broker-agent disclose prior to arranging premium
financing for the purchase of a policy? - Correct Answers
✅the broker-agent's financial status
A personal lines licensee is an agent-broker who is able to
transact coverage for all of the following EXCEPT - Correct
Answers ✅personal aircraft.
All of the following conditions must be met before a surplus
lines broker may place insurance with a nonadmitted insurer
