laws and rules
The policyowner may need to resume premium payments depending on actual results
A life insurance illustration showing future premiums being paid out of nonguaranteed values must disclose that
Solicit, receive and forward applications to the insurer
A life insurance producer licensed in the Commonwealth of Pennsylvania is authorized to
inducement
A producer who offers 10% of his commission to a potential client as an inducement to purchase an insurance policy is committing the act of
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
Replacement
A transaction in which a new life insurance policy is purchased and an existing life insurance policy is surrendered is called
Viatical settlements
Agreements made by terminally ill persons to sell their life insurance policies at a discount in order to pay medical expenses are called
25%
An Accelerated Death Benefit in Pennsylvania must be at least what percentage of the total death benefit?
a rebate
Charging a client less premium than what is stated in their insurance policy is called
10
Every Pennsylvania insurer, upon receiving notification of a claim, must acknowledge receipt of the notice within
acting in a fiduciary capacity
Holding premium funds for timely submission to the insurer is an example of
an executor of a deceased producer's estate
If the Insurance Department determines that the issuance of a temporary producer license serves in the public's best interest, the license may be issued to
Property tax
In Pennsylvania, an insurance producer license can be denied for failure to pay each of the following EXCEPT?
Licensed individuals qualified in major lines of insurance
In Pennsylvania, completion of continuing education is required upon license renewal for which of the following?
Commissioner
In Pennsylvania, who is responsible for Continuing Education (CE) course content approval?
Viatical
Life insurance may make an immediate benefit payment before the insured dies in which transaction?
within 30 days of termination
Pennsylvania law requires that an insurer must notify the Commissioner of a producer appointment termination
24
Producers must complete a total of ___ Continuing Education credits for each two-year licensing period.
illegal inducement
Sharing 50% of a producer's commission with the insured is an example of
audit insurer financial reports and conduct market studies
The Commissioner has the right and duty to
Make the first transaction up to 30 days before approved for a license
Viatical settlement brokers are permitted to do all of the following EXCEPT
Issuance of a cease and desist order after a hearing
Violating Pennsylvania insurance law may result in which of the following Insurance Department actions?
Fine and/or imprisonment
Violations of US Code Title 18 section 1033, may result in
Producer needs to be appointed by that insurer
What is required before an insurance producer can act as a representative of an insurer?
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?
emphasize Guaranty Association benefits
When soliciting insurance, a producer CANNOT
Producer
Which of the following is a person who negotiates an insurance contract on behalf of an insurer?
The policy can be contested by the insurer only during the first two years of the contract
Which of the following statements about the contestability of a life insurance policy is true?
Producer
Who can receive an insurance commission?