Pennsylvania Life Insurance - PA Laws/Rules Test Questions and Correct Answers

Which event must a producer report to the Commissioner? Conducting business under an assumed name Earning new insurance designations Sharing commissions with another licensed producer Involvement in an automobile accident Conducting business under an assumed name If a producer misleads or fails to adequately disclose the title and true nature of a policy offered to a potential insured, it may be considered Defamation Unfair discrimination Misrepresentation Rebating Misrepresentation Under the Fair Credit Reporting Act, which statement is true? The consumer who was investigated must be advised that credit, insurance, or employment was denied because of an unfavorable report. Disclosure of the name of the reporting agency is prohibited. The consumer must initiate legal action to remove unfavorable information from the report. A reporting agency must furnish an investigative report to any person who requests the information. The consumer who was investigated must be advised that credit, insurance, or employment was denied because of an unfavorable report. Who reports a producer's termination of appointment to the Commisioner? The producer The insurer The Insurance Department The State The insurer An insurer operating in the U.S. but headquartered outside the U.S. is a foreign insurer an alien insurer unauthorized authorized an alien insurer An insurance company writing business in a state other than the one in which it is domiciled is called A foreign A domestic An Alien A Illegal Foreign In which situation could the producer of an insurer be personally liable? When the producer acts with an insurer's oral but unwritten authority When the producer performs an act which is prohibited in the agency contract When the producer uses misleading sales material provided by the insurer Never, under any circumstances When the producer performs an act which is prohibited in the agency contract