PA Laws

What is an authorized insurer?

A company that is authorized by the Commissioner to trasact insurance in Pennsylvania

Who is responsible for the content of insurance advertising?

Any insurance company whose contracts are advertised

Surrender Comparison Index Disclosure must be given to all

Applicants for life insurance

A written agreement in which an insurer authorizes a producer to sell insurance policies for it is called a(n):

Appointment

A producer who converts premiums for his own use most accurately describe which of the following?

Breach of fiduciary

Dissuade a policyowner from replacing an existing insurance policy is known as:

Conservation

Statements made by a producer which are false and derogatory with regard to the financial condition of another producer would be considered which of the following?

Defamation

A complaint record must be kept for at least:

Four years

In Pennsylvania, insurers must maintain all of thier insurance advertisements for:

Four years

To protect insureds, policyowners, and beneficiaries against insurer insolvency, the Pennsylvania Insurance Department has established

Guaranty funds

Executing insurance laws of PA is whose repsonsibility?

Insurance department

An insurance producer must be appointed by the:

Insurer

Which of the following comparison methods is to be used in a life insurance Surrender Comparison Index Disclosure?

Interest-applied method

Which of the following is NOT correct regarding varaivle life insurance policies in Pennsylvania?

Investment risk is the responsibility of the insurer

An applicant for a resident producer license:

May either reside in Pennsylvania or have their principal place of business in this state

All of the following are unfair trade practices EXCEPT:

Paying commissions to licensed agents

Medicare supplement policies are designed primarily for:

People eligible for medicare

Which of the following is NOT part of solicitating insurance?

Performing clerical work for an insurance agency

All individuals with a temporary license may do all of the following EXCEPT:

Procure new insurance

All of the following are powers and duties of the Insurance Commissioner EXCEPT:

Prosecuting producers who validate state insurance laws

Producer promises a gift equal to 1/2 of the commission

Rebating

All of the following are considered unfair trade practices EXCEPT: - defamation - replacement - misrepresentation - rebating

Replacement

Which of the followiung insurance transactions is subject to replacement regulations?

Sale of a new policy that causes an existing life insurance policy to be surrendered

When an insurer terminates a producers appointment, the insurer must notify:

The commissioner and the producer

All individual accident/health insurance policies delivered in PA must state the following EXCEPT:

The policy's conformity with federal guidelines