PSI EXAM Questions and Answers (Solved Papers) 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.How is an insurance policy defined? - Correct Answers ✅The written instrument, in which a contract of insurance is set forth.How does an "admitted" person differ from an "nonadmitted" person, as it pertains to insurance? - Correct Answers ✅An "admitted" person has the right to transact insurance business within the state, while a "nonadmitted" person is not entitled to this action Whether admitted or nonadmitted, how does a "foreign" insurer differ from an "alien" or "domestic" insurer? - Correct Answers ✅A "foreign" insurer is organized under the laws of another state within the United States.What is a solicitor employed to do for a policy other than life?
- Correct Answers ✅aid an agent or broker in transacting
insurance.Which is considered nonpublic personal information as defined by the California Financial Code? - Correct Answers ✅tax return 1 / 2
PSI EXAM Questions and Answers (Solved Papers) In the event of receiving notice of a claim or other claim communication, all of the following timelines are accurate EXCEPT - Correct Answers ✅every licensee or claims agent shall transmit notice of the claim to the insurer in no more than 5 calendar days.It is unlawful to do any of the following EXCEPT - Correct Answers ✅make or cause to made a knowingly false or fraudulent or material representation for the purpose of encouraging an injured worker to claim benefits.ALL of the following are TRUE regarding the process to change the California Code of Regulations EXCEPT - Correct Answers ✅the Office of Administrative Law (OAL) may substitute its own judgment for that of the rulemaking agency.If fiduciary funds are received by any licensee, the funds shall be maintained in any of the following EXCEPT - Correct Answers ✅bonds issued in all 50 states of the United States.An insurance agent is a person who transacts all of the following types of insurance EXCEPT - Correct Answers ✅life insurance.
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