PA State Insurance Regulations
At least ___ days advance notice must be given to the insured of an increase in commercial renewal premium
30 days
Binders for temporary fire insurance may be good up to a period of ___ days
30 days
Cancellation and Non-renewal of Commercial policies
60 days in advance of non renewal 15 days in advance of non payment 15 days in advance due to material misrepresenation
Cancellation or Non renewal of Auto Policies
60 days notice of cancellation or non renewal 15 days nonpayment of premium 15 day material misrepresentation
Total disability benefits ____ % of the employees average weekly earnings
66 2/3rds %
Disability benefit payments begin after a ____ day waiting period
7 days
a lapsed producers license mat be reinstated within _____ year(s) of the license renewal date
1 year
The commissioner must conduct an examination of every licensed insurer at least once every _____ years
5 years
The commissioner must examine rating organizations at least once every _____ years
5 years
Employers myst provide workmen's comp coverage for their employees if they pay ____ or more to one or more employers during the calendar year or employ one employee for ___ days or more.
$1,200 30 days
PA property and casualty guaranty association maximum payment for return of premium is up
$10,000
Burial expenses up to ____
$3,000
PA property and casualty association max pay out for a claim is
$300,000
Maximum producer fine per violation of insurance code
$5,000
A person found guilty of insurance fraud is subject to
$5,000 for the first violation $10,000 for the second violation $15,000 for every subsequent violation
Commissioner must give _____ days notice of a hearing
10 days
Insurers must acknowledge a claim and provide claim forms within _____ working days
10 days
If the disability persists ____ days or more the employee is untied to retroactive disability benefits dating back to the first day of disability
14 days
First party claims must be settled within ____ working days
15 days
Insurers must respond to a commissioner inquiry within ____ working days
15 days
PA auto insurance liability coverage limits
15/30/5 $15,000 per person $30,000 per accident $5,000 per property damage $5,000 medical payments coverage limit
minimum age to obtain license
18 years old
Length of temporary producer license
180 days
Producer licenses are issued for a term of
2 years
FAIR plan cancellation noticed must be given to any policy holder at least ____ days prior to the cancellation
20 days
Notice of injury must be made by the injured employee to the employer within ____ days
21 days
The first compensation payment must not be paid later than ___ days after the employer has knowledge or notice of the employees disability
21 days
pre licensing education requirement
24 hours
Insurer must provide an explanation to the insured if a claim investigation can not be completed within _____ working days
30 days
Life, accident, or health insurance policy forms must be filed and approved by the commissioner. Once forms have been filed they are considered approved after ____ days unless the commissioner rejects them
30 days
Producers time to notify the commissioner of change of address, admin actions or criminal charges
30 days
rates must be filed for ____ days before use
30 days
Cancellation and non renewal for residential policies
30 days notice of cancellation basic property insurance will continue for 180 days after the named insureds death or until the sale of the property which ever occurs first
Default tort option
full tort
