PSI Life Practice Exam Questions and Answers –
Rated 100% Correct A+ Guaranteed
1. Who is eligible to be an insurer?: The direct writing distribution model utilizes:Any person,
company,organization,or corporationthat is capableof maкing a contract.
2. Which is an INACCURATE statement on the purpose and intent of the -surance
In
Information and Privacy Protection Act?: The
Act permitsdisclosureof insuranceunderwriting
information and claim history records.
3. Which of the following provisions of free insurance offered as an incentiveto
purchase or rent property is TRUE?: It
requiresa separatechargeor fee.
4. Which group of people is offered additional protection by the Unfair Prac -tices Act
that regulatestrade practicesin the businessof insurance?:survivors of
the Holocaust
5. An "insurance agent" means a person authorized, by and on behalf of an insurer,
to transact which of the following class of insurance?: Annuities
6. Which circumstancesin a pretext interview determineif the questions are
permissible?: Whenan insuredis consultedby a personwhohideshis true identityon purposewhenfraud
for a claim is suspected.
7. Which of the following terms refers to any evidence or documentation in the
possession of the insurer that provides any evidence of a claim and that reasonably
supports the magnitude or the amount of the claimant loss?: Proof of claim
8. If fiduciary funds are receivedby any licensee,the funds shall be maintainedin any of
the following EXCEPT: bondsissued in all 50 statesof the UnitedStates.
9. Which of the following is TRUE regarding change of address for a licensee?-
: The commissionermust be notified immediatelyof any change in the personal, business, or email address.
10. All of the following define insolvency EXCEPT: revocationof certificateof authorityby the
commissioner.
11. When should an insurer provide for the continuous operation of a unit
division
or to
1/9
, investigate possible fraudulent claims?:admitted
If to do businessin this state,except those
otherwise exempted.
12. Accordingto CIC Section1711,an organizationceasesto exist as an entity eligible to
hold a license EXCEPT: upon the termination of all contracts.
13. Concealment, whether intentional or unintentional, entitles the injured party
to?: Rescind insurance.
2/9
Rated 100% Correct A+ Guaranteed
1. Who is eligible to be an insurer?: The direct writing distribution model utilizes:Any person,
company,organization,or corporationthat is capableof maкing a contract.
2. Which is an INACCURATE statement on the purpose and intent of the -surance
In
Information and Privacy Protection Act?: The
Act permitsdisclosureof insuranceunderwriting
information and claim history records.
3. Which of the following provisions of free insurance offered as an incentiveto
purchase or rent property is TRUE?: It
requiresa separatechargeor fee.
4. Which group of people is offered additional protection by the Unfair Prac -tices Act
that regulatestrade practicesin the businessof insurance?:survivors of
the Holocaust
5. An "insurance agent" means a person authorized, by and on behalf of an insurer,
to transact which of the following class of insurance?: Annuities
6. Which circumstancesin a pretext interview determineif the questions are
permissible?: Whenan insuredis consultedby a personwhohideshis true identityon purposewhenfraud
for a claim is suspected.
7. Which of the following terms refers to any evidence or documentation in the
possession of the insurer that provides any evidence of a claim and that reasonably
supports the magnitude or the amount of the claimant loss?: Proof of claim
8. If fiduciary funds are receivedby any licensee,the funds shall be maintainedin any of
the following EXCEPT: bondsissued in all 50 statesof the UnitedStates.
9. Which of the following is TRUE regarding change of address for a licensee?-
: The commissionermust be notified immediatelyof any change in the personal, business, or email address.
10. All of the following define insolvency EXCEPT: revocationof certificateof authorityby the
commissioner.
11. When should an insurer provide for the continuous operation of a unit
division
or to
1/9
, investigate possible fraudulent claims?:admitted
If to do businessin this state,except those
otherwise exempted.
12. Accordingto CIC Section1711,an organizationceasesto exist as an entity eligible to
hold a license EXCEPT: upon the termination of all contracts.
13. Concealment, whether intentional or unintentional, entitles the injured party
to?: Rescind insurance.
2/9
