LAH - Insurance Regulation ( Ch. 15)
Maximum penalty
$2,500
Insurers are required to keep records. When may the Department examine these records?
At any time
What describes the unfair trade practice of defamation
Making derogatory oral statements about another insurer's financial condition
What was created to keep telemarketers from calling consumers who do not wish to be contracted?
National Do Not Call Registry
Does a producer have the authority to issue policies?
No
Giving a client an inducement to a sale not stated in the policy is an unlawful practice known as...
Rebating
The Federal Fair Credit Reporting act...
Regulates consumer reports
If a licensee wants to transact insurance under a different name than that listed on his or her producer's license, what must occur?
The change must be reported to the Commissioner.
When is the earliest a telemarker can make unsolicited calls?
8am
Any licensed person whose activities affect interstate commerce and who knowingly makes false material statements related to the business of insurance may be imprisoned for up to...
10 years
A producer licensed in PA must notify the Insurance Dept. of any change of address in his/her residence or business address within how many days?
30 days
Licensees must make a report of any action taken against them in another jurisdiction or by another governmental agency in PA within how many days of the final disposition of the matter?
30 days
Within how many days must a producer respond to an inquire from the Commissioner?
30 days
Insurers must keep a record of all financial files for at least...
5 years
If a licensed person is moving to PA, he/she may become licensed as a resident if they submit a completed application within how many days of est. PA residency with proof of licensing from their prior home state?
90 days
What must be required to be licensed as an insurance producer?
A salaried employee who advertises and solicits insurance
Who must approve all continuing education courses in the state?
The commissioner
What is a unique characteristic of investigative consumer reports?
The customer's associates, friends and neighbors provide the report's data
