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 1 / 2
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
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