Insurance Regulation
Which of the following entities established the Do-Not-Call Registry?
The Federal Trade Commission.
Which of the following authorities is authorized to issue a temporary insurance producers license?
Commissioner.
Which of the following reports will provide the underwriter with the information about an insurance applicant's credit?
Consumer Report.
If an insurer appoints a producer, which authority must be notified?
Department of Insurance.
Circulating deceptive sales material to the public is what type of Unfair Trade Practice?
False Advertising.
The requirement that an agent not commingled insurance monies with their own funds is known as?
Fiduciary responsibility.
For the purpose of examination by the department, insurers must keep a record of all financial files for at least?
Five years.
Concerning insurance, the definition of a fiduciary responsibility is?
Handling insurer funds in a trust capacity.
A licensee serving in the military is unable to fulfill her continuing education requirement. What would the licensee have to do to renew the license?
It's the licensee may submit a request to the department to have requirements and fees waived. The department will then determine if the request is permissible.
The term "fiduciary capacity" refers to a producer's?
Position of financial trust to clients and insurance companies.
Which of the following licenses is classified as a representative of the insurance company and not allowed to represent an insured or claimant?
Producer.
All of the following are true regarding rebates except?
Rebates are allowed if it is in the best interest of the client.
The Federal Fair Credit Reporting Act?
Regulates consumer reports.
All of the following are considered unfair trade practices in the business of insurance EXCEPT?
Sharing Commissions.
What is a civil penalty for violating a cease and desist order of the commissioner?
$10,000.
To avoid violations of unfair claims settlement regulations, insurers are required to acknowledge the receipt of a claim within how many days?
10 days.
Prior to license renewal, all insurance producers must successfully complete how many hours of continuing education?
24 credit hours.
A licensed producer moving to PA may become licensed as a resident if the producer submits a completed application within how many days of establishing residence in PA with proof of licensing from their prior home state?
90 days.
Which of the following persons is required to hold a producer license?
A person who negotiates insurance contracts.
Which of the following would be required to be licensed as an insurance producer?
A salaried employee who advertises and solicits insurance.
According to the privacy of Consumer Financial information regulation, if a consumer decides to opt out, this means?
The consumer directs the licensee not to disclose the consumers nonpublic personal financial information to a third party.
How soon after the deductible should the insurer pay the agent appointment fees?
Within 30 days.
Federal law makes it illegal for any individual convicted of a crime involving dishonesty or breach of trust to work in the business of insurance affecting Interstate commerce?
Without receiving written consent from an insurance regulatory authority.
When the commissioner suspects that a person is violating an insurance law or other regulation what can be issued that would order the person to stop committing the act of violation?
Cease and desist order.
If a licensee wants to transact insurance under a different name than that listed on his or her producers license, which of the following must occur?
The change must be reported to the commissioner.