Pennsylvania Laws and Rules Pertinent to Insurance
A prospective Producer who is currently enrolled in a pre-licensing insurance class
A Temporary license may be issued without state examination to all of the following EXCEPT
Producer needs to be appointed by that insurer
A licensee can have his/her license denied or revoked by the Commissioner if
Blind trust data that does not include names and addresses
According to Pennsylvania law, which of the following is NOT considered to be personally identifiable financial information?
an insurer's A.M. Best rating
All of these are considered a form of advertising EXCEPT
representations
All statements in an insurance application, in the absence of fraud, are considered
25%
An Accelerated Death Benefit in Pennsylvania must be at least what percentage of the total death benefit?
licensed and appointed Producers
Commissions may be shared by
Home state
For licensing purposes, if an applicant has a home or office location in the state of Pennsylvania, this would be consistent with which of the following?
Signing a prospect's name without their knowledge or presence
In Pennsylvania, a Producer may have his/her license revoked for which of the following acts?
A guardian must be appointed
In Pennsylvania, what's the requirement for a minor to receive proceeds from a death benefit?
Confirm previous exam scores
In Pennsylvania, which of the following is NOT something a licensee must do to renew their insurance license?
Given written consent by the state insurance regulatory agency
John has a criminal record in which he was convicted of a felony that involved dishonesty. Under Federal law, how would John be able to engage in insurance transactions?
Twisting
Misrepresenting a policy for the purpose of inducing a policyholder to change or replace an existing policy is known as
24
Producers must complete a total of ___ Continuing Education credits for each two-year licensing period.
Recommending insurers
The Commissioner is responsible for all of the following EXCEPT
Incarceration
The Pennsylvania Department of Insurance may take each of the following actions EXCEPT
Shareholders
The Pennsylvania Insurance Department is responsible for each of the following EXCEPT
Rebating
The promise of a discount in premium as an inducement to purchase insurance is an Unfair Trade Practice known as
Fine and/or imprisonment
Violations of US Code Title 18 section 1033, may result in
Provide policyowner protection if an insurer becomes insolvent
What is the purpose of the Pennsylvania Life and Health Insurance Guaranty Association?
Notify Commissioner
What is the required action to be taken by a Pennsylvania licensee before operating under an assumed business name?
Inducement
When a producer offers something of value in return for the purchase of an insurance policy, which prohibited sales practice has been committed?
unfair claim settlement
When an insurance company consistently fails to provide reasonable explanations for the denial of a claim, this is called a(n)
forward premiums to the insurer on a timely basis
When collecting insurance premiums from a client, a producer MUST
30 days
A licensed Producer must report any administrative action taken against the licensee in another jurisdiction or by another agency department in Pennsylvania within how many days of the final disposition?
the licensee has committed insurance-related fraud or dishonesty
A licensee can have his/her license denied or revoked by the Commissioner if
$5,000 per violation
A producer that willfully violates any provision of Pennsylvania Insurance law may be imposed to a maximum penalty set by the Commissioner at
nonresident producer
A producer who sells insurance in Pennsylvania but resides in another state is called a(n)
Incontestability provision
Which of following provisions protects a Pennsylvania policyowner from an innocent mistake made on the application over 2 years ago?
Producer
Which of the following is a person who negotiates an insurance contract on behalf of an insurer?
Field underwriter, who solicits insurance and earns a commission
Which of the following is required to maintain a Producer's license in Pennsylvania?
Shareholders
Which of the following is the Pennsylvania Insurance Department NOT responsible for?
Embezzlement
Which prohibited act involves a producer spending a client's insurance premiums for his/her own personal use?
Producer
Who can receive an insurance commission?
30
Within how many days must a producer report to the Commissioner any charges made against him/her?
