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Terms in this set (115)
which of the following situations knowing that his family is depending on him,
presents a situation of pure risk? Frank wants to insure his own life
-knowing that his family is only pure risk is insurable. Pure risk may only
depending on him, Frank wants to result in a loss, unlike speculative risk which may
insure his life result in a gain.
-wanting to increase his retirement
savings, Saul invests his life savings
in the stock market
-Ralph takes a second mortgage on
his house and uses the proceeds to
gamble
-wanting better job security, Ron
cashes in his life insurance to start
his own business
,Agent Jill received a letter from the a fine up to $100 per day per violation
Department of insurance asking her
to submit verification of having A producer has 30 days to respond to a written
completed the continued inquiry from the Department
education requirements for the
previous licensing period. Three
weeks later, the department sent
another letter. Which penalty may
the Department impose if Jill has
still not responded to their request
a month later?
Jim's policy expired due to estoppel
nonpayment of premium. His agent
sends him a statement the following
month without notice of the lapse.
If Jim pays the premium and later
suffers a loss for which he files a
claim, what will prevent the insurer
from denying the claim?
-estoppel
-utmost good faith
-reasonable expectations
-waiver
BBC insurers filed premium rates for 30 days
its new line of variable products on
January 15. Within how many days all rate filings are subject to a 30-day waiting
must the commissioner approve or period before they become effective.
disapprove the rates?
,The commissioner of insurance can 5 years
examine the business accounts,
transactions, and records of
insurers and producers as often as
necessary, but must do so at least
once in how many years?
Acme Insurance and Apogee they are engaging in unfair and prohibited
insurance agree to offer different business practices
premium rates for persons of equal
risk within a particular class. They they are agreeing to unreasonable restraint of
also agree to limit benefits paid to trade in insurance business, and they are
insureds within this class if the engaging in unfair discrimination
insureds live within certain counties
of PA. What are Acme and Apogee
engaging in?
-acceptable marketing and
underwriting practices
-unfair and prohibited business
practices
-insurance fraud
-false advertising
which of the following is NOT a imprisonment is not a punishment for committing
remedy available to the PA an unfair method of competition
commissioner of insurance for
committing an unfair method of you cannot be arrested for committing an unfair
competition? method of competition
-imprisonment
-cease and desist order
-suspension of license
-revocation of license
, which of the following is NOT an ailing to promptly settle a claim for which liability
unfair claims settlement practice if is uncertain is NOT an unfair claims settlement
committed by an insurance practice
company in PA?
-failing to promptly acknowledge
communications about claims
-failing to promptly settle a claim
for which liability is uncertain
-appealing from an arbitration
award in favor of an insured to
compel the insured to accept a
lower settlement
-failing to affirm or deny coverage
within a reasonable time after
completing a claim investigation
Jeff is a licensed insurance Jeff has 30 days to notify the PA commissioner of
producer in both PA and NY. he is insurance of the disciplinary action being taken
charged with embezzlement in NY, against him
and his first pretrial hearing is set
for March 1. He must notify the PA
commissioner of insurance within
how many days of this hearing?
which of the following is NOT an failing to promptly settle a claim for which liability
unfair claims settlement practice if is uncertain is not an unfair claims settlement
committed by an insurance practice
company in PA?
-failing to promptly acknowledge
communications about claims
-failing to promptly settle a claim
for which liability is uncertain
-offering to settle claims for less
than due to encourage litigation
-raising policy defenses to reduce a
claim
Answers | Verified | Latest Update 2026
Save
Terms in this set (115)
which of the following situations knowing that his family is depending on him,
presents a situation of pure risk? Frank wants to insure his own life
-knowing that his family is only pure risk is insurable. Pure risk may only
depending on him, Frank wants to result in a loss, unlike speculative risk which may
insure his life result in a gain.
-wanting to increase his retirement
savings, Saul invests his life savings
in the stock market
-Ralph takes a second mortgage on
his house and uses the proceeds to
gamble
-wanting better job security, Ron
cashes in his life insurance to start
his own business
,Agent Jill received a letter from the a fine up to $100 per day per violation
Department of insurance asking her
to submit verification of having A producer has 30 days to respond to a written
completed the continued inquiry from the Department
education requirements for the
previous licensing period. Three
weeks later, the department sent
another letter. Which penalty may
the Department impose if Jill has
still not responded to their request
a month later?
Jim's policy expired due to estoppel
nonpayment of premium. His agent
sends him a statement the following
month without notice of the lapse.
If Jim pays the premium and later
suffers a loss for which he files a
claim, what will prevent the insurer
from denying the claim?
-estoppel
-utmost good faith
-reasonable expectations
-waiver
BBC insurers filed premium rates for 30 days
its new line of variable products on
January 15. Within how many days all rate filings are subject to a 30-day waiting
must the commissioner approve or period before they become effective.
disapprove the rates?
,The commissioner of insurance can 5 years
examine the business accounts,
transactions, and records of
insurers and producers as often as
necessary, but must do so at least
once in how many years?
Acme Insurance and Apogee they are engaging in unfair and prohibited
insurance agree to offer different business practices
premium rates for persons of equal
risk within a particular class. They they are agreeing to unreasonable restraint of
also agree to limit benefits paid to trade in insurance business, and they are
insureds within this class if the engaging in unfair discrimination
insureds live within certain counties
of PA. What are Acme and Apogee
engaging in?
-acceptable marketing and
underwriting practices
-unfair and prohibited business
practices
-insurance fraud
-false advertising
which of the following is NOT a imprisonment is not a punishment for committing
remedy available to the PA an unfair method of competition
commissioner of insurance for
committing an unfair method of you cannot be arrested for committing an unfair
competition? method of competition
-imprisonment
-cease and desist order
-suspension of license
-revocation of license
, which of the following is NOT an ailing to promptly settle a claim for which liability
unfair claims settlement practice if is uncertain is NOT an unfair claims settlement
committed by an insurance practice
company in PA?
-failing to promptly acknowledge
communications about claims
-failing to promptly settle a claim
for which liability is uncertain
-appealing from an arbitration
award in favor of an insured to
compel the insured to accept a
lower settlement
-failing to affirm or deny coverage
within a reasonable time after
completing a claim investigation
Jeff is a licensed insurance Jeff has 30 days to notify the PA commissioner of
producer in both PA and NY. he is insurance of the disciplinary action being taken
charged with embezzlement in NY, against him
and his first pretrial hearing is set
for March 1. He must notify the PA
commissioner of insurance within
how many days of this hearing?
which of the following is NOT an failing to promptly settle a claim for which liability
unfair claims settlement practice if is uncertain is not an unfair claims settlement
committed by an insurance practice
company in PA?
-failing to promptly acknowledge
communications about claims
-failing to promptly settle a claim
for which liability is uncertain
-offering to settle claims for less
than due to encourage litigation
-raising policy defenses to reduce a
claim
