insurance regulation

An individual was just caught acting as an exclusive general agent - even though he is not properly licensed. Assuming that this occurred in a single day, what is the maximum penalty he faces? A. A second-degree felony and a $10,000 fine B. A third-degree misdemeanor and a $1,000 fine C. A second-degree misdemeanor and a $1,000 fine D. A third-degree felony and a $10,000 fine

B. A third-degree misdemeanor and a $1,000 fine

A person applying for a manager or exclusive general agent license must meet all of the following criteria EXCEPT A. Have paid all applicable fees. B. Be responsible for at least 25% of total commissions collected by the office that he or she manages. C. Have an authority to act on the insurer's behalf. D. Be found sufficiently fit, competent and reliable by the Department of Insurance.

B. Be responsible for at least 25% of total commissions collected by the office that he or she manages.

In which of the following situations is it legal to limit coverage based on marital status? A. Divorce within the last six months of applying for insurance B. It is never legal to limit coverage based on marital status. C. Excessive number of divorces, as defined by the Insurance Code D. Legal separation during the application process

B. It is never legal to limit coverage based on marital status.

According to the telemarketing sales rules, what are the permissible calling hours for telemarketing calls? A. 7am until 7pm B. 7am until 9pm C. 8am until 9pm D. 10am until 10pm

C. 8am until 9pm

A trucking company owns a large fleet of trucks that transport oil across state lines. According to the financial responsibility requirements set by the Motor Carrier Act of 1980, what is the minimum amount of insurance the company must carry on vehicles that transport oil and certain categories of hazardous waste? A. $500,000 B. $750,000 C. $1 million D. $5 million

C. $1 million

A producer has successfully completed 52 hours of continuing education (CE). How many hours can the producer apply to her current reporting period, and how many hours can she carry toward the next reporting period? A. 26 hours will be applied to the current reporting period, and the remaining 26 can be applied to the period immediately following. B. Only 24 hours of the 52 earned may applied to this reporting period. C. 24 hours will be applied to the current reporting period, and 24 can be applied to the period immediately following. D. 24 hours will be applied to the current reporting period, and 28 can be applied to the period immediately following.

C. 24 hours will be applied to the current reporting period, and 24 can be applied to the period immediately following. Excess hours accumulated during the 2-year period may be carried forward only to the next 2-year period. A maximum of 24 hours may be carried forward.

Which of the following includes information regarding a person's credit, character, reputation, and habits? A. Insurability report B. Agent's report C. Consumer report D. Consumer history

C. Consumer report

What was created to keep telemarketers from calling consumers who do not wish contacted? A. Freedom of Information Act B. Call Control Registry C. National Do Not Call Registry D. Confidential No Call Act

C. National Do Not Call Registry

With regards to premium rates, which of the following statements is NOT true? A. After a premium rate is filed, the insurer must wait 30 days or until approval is received from the Commissioner before using the new rate. B. If a premium rate is disapproved, the Commissioner must hold a hearing if requested by the insurer. C. The Commissioner sets all insurance premium rates used in Pennsylvania. D. Pennsylvania is a "prior approval" state in that premiums rates must be filed with the Insurance Department and approved by the Commissioner.

C. The Commissioner sets all insurance premium rates used in Pennsylvania.

If an insurance company wishes to order a consumer report on an applicant to assist in the underwriting process, and if a notice of insurance information practices has been provided, the report may contain all of the following information EXCEPT the applicant's A. Ancestry. B. Credit history. C. Habits. D. Prior insurance.

A. Ancestry.

Which of the following authorities monitors the financial strength of insurers? A. National Association of Insurance Commissioners (NAIC) B. Financial Industry Regulatory Authority (FINRA) C. Insurance companies D. Department of Insurance

D. Department of Insurance