Pennsylvania Laws and Rules Pertinent to Insurance

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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?


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