Life Insurance Laws
Nonresident producer
Producer licensed in another state as a resident and solicits ins. in PA (or any other state)
what is considered interstate travel
Puerto Rico
coercion
use of force or intimidation
No producer's license will be revoked until
they have afforded a right to a hearing on the charges
How soon after passing ins. exam must the license app. be submitted to PA Ins. Dept.?
1 year
How long is the free look period?
10 days
Max. prison sentence for unfair and deceptive ins. practice
15 years
In Pa, payment on accelerated DB may not be less than___ of DB?
25%
How soon after an address change must a licensee notify the commissioner
30 days
Insurable interest may exist in each other's lives in absence of a economic interest when individuals are
marriage partners
Twisting
misrepresenting a policy for the purpose of inducing a policyholder to change or replace an existing policy
What is the PA Ins. Dept. not responsible for
shareholders