laws and rules

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The policyowner may need to resume premium payments depending on actual results

A life insurance illustration showing future premiums being paid out of nonguaranteed values must disclose that

Solicit, receive and forward applications to the insurer

A life insurance producer licensed in the Commonwealth of Pennsylvania is authorized to

inducement

A producer who offers 10% of his commission to a potential client as an inducement to purchase an insurance policy is committing the act of

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

Replacement

A transaction in which a new life insurance policy is purchased and an existing life insurance policy is surrendered is called

Viatical settlements

Agreements made by terminally ill persons to sell their life insurance policies at a discount in order to pay medical expenses are called

25%

An Accelerated Death Benefit in Pennsylvania must be at least what percentage of the total death benefit?

a rebate

Charging a client less premium than what is stated in their insurance policy is called

10

Every Pennsylvania insurer, upon receiving notification of a claim, must acknowledge receipt of the notice within

acting in a fiduciary capacity

Holding premium funds for timely submission to the insurer is an example of

an executor of a deceased producer's estate

If the Insurance Department determines that the issuance of a temporary producer license serves in the public's best interest, the license may be issued to

Property tax

In Pennsylvania, an insurance producer license can be denied for failure to pay each of the following EXCEPT?

Licensed individuals qualified in major lines of insurance

In Pennsylvania, completion of continuing education is required upon license renewal for which of the following?

Commissioner

In Pennsylvania, who is responsible for Continuing Education (CE) course content approval?

Viatical

Life insurance may make an immediate benefit payment before the insured dies in which transaction?

within 30 days of termination

Pennsylvania law requires that an insurer must notify the Commissioner of a producer appointment termination

24

Producers must complete a total of ___ Continuing Education credits for each two-year licensing period.

illegal inducement

Sharing 50% of a producer's commission with the insured is an example of

audit insurer financial reports and conduct market studies

The Commissioner has the right and duty to

Make the first transaction up to 30 days before approved for a license

Viatical settlement brokers are permitted to do all of the following EXCEPT

Issuance of a cease and desist order after a hearing

Violating Pennsylvania insurance law may result in which of the following Insurance Department actions?

Fine and/or imprisonment

Violations of US Code Title 18 section 1033, may result in

Producer needs to be appointed by that insurer

What is required before an insurance producer can act as a representative of an insurer?

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?

emphasize Guaranty Association benefits

When soliciting insurance, a producer CANNOT

Producer

Which of the following is a person who negotiates an insurance contract on behalf of an insurer?

The policy can be contested by the insurer only during the first two years of the contract

Which of the following statements about the contestability of a life insurance policy is true?

Producer

Who can receive an insurance commission?


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