LAWS AND RULES PERTINENT TO INSURANCE EXAM
QUESTIONS AND ANSWERS WITH COMPLETE
SOLUTIONS
Which of the following is the Pennsylvania Insurance Department NOT responsible for?
Shareholders
Within how many days must a producer report to the Commissioner any charges made against
him/her?
30
A licensee can have his/her license denied or revoked by the Commissioner if
the licensee has committed insurance-related fraud or dishonesty
What is required before an insurance producer can act as a representative of an insurer?
Producer needs to be appointed by that insurer
What is the purpose of the Pennsylvania Life and Health Insurance Guaranty Association?
Provide policyowner protection if an insurer becomes insolvent
When an insurance company consistently fails to provide reasonable explanations for the denial of a
claim, this is called a(n)
an unfair claim settlement
, A producer that willfully violates any provision of Pennsylvania Insurance law may be imposed to a
maximum penalty set by the Commissioner at
$5,000 per violation
What is the required action to be taken by a Pennsylvania licensee before operating under an assumed
business name?
Notify Commissioner
Which of following provisions protects a Pennsylvania policyowner from an innocent mistake made on
the application over 2 years ago?
Incontestability provision
In Pennsylvania, which of the following is NOT something a licensee must do to renew their insurance
license?
Confirm previous exam scores
All of these are considered a form of advertising EXCEPT
an insurer's A.M. Best rating
The Commissioner is responsible for all of the following EXCEPT
Recommending insurers
An Accelerated Death Benefit in Pennsylvania must be at least what percentage of the total death
benefit?
25%
In Pennsylvania, what's the requirement for a minor to receive proceeds from a death benefit?
QUESTIONS AND ANSWERS WITH COMPLETE
SOLUTIONS
Which of the following is the Pennsylvania Insurance Department NOT responsible for?
Shareholders
Within how many days must a producer report to the Commissioner any charges made against
him/her?
30
A licensee can have his/her license denied or revoked by the Commissioner if
the licensee has committed insurance-related fraud or dishonesty
What is required before an insurance producer can act as a representative of an insurer?
Producer needs to be appointed by that insurer
What is the purpose of the Pennsylvania Life and Health Insurance Guaranty Association?
Provide policyowner protection if an insurer becomes insolvent
When an insurance company consistently fails to provide reasonable explanations for the denial of a
claim, this is called a(n)
an unfair claim settlement
, A producer that willfully violates any provision of Pennsylvania Insurance law may be imposed to a
maximum penalty set by the Commissioner at
$5,000 per violation
What is the required action to be taken by a Pennsylvania licensee before operating under an assumed
business name?
Notify Commissioner
Which of following provisions protects a Pennsylvania policyowner from an innocent mistake made on
the application over 2 years ago?
Incontestability provision
In Pennsylvania, which of the following is NOT something a licensee must do to renew their insurance
license?
Confirm previous exam scores
All of these are considered a form of advertising EXCEPT
an insurer's A.M. Best rating
The Commissioner is responsible for all of the following EXCEPT
Recommending insurers
An Accelerated Death Benefit in Pennsylvania must be at least what percentage of the total death
benefit?
25%
In Pennsylvania, what's the requirement for a minor to receive proceeds from a death benefit?
