PSI PA Property and Casualty Exam Review 2024 with verified solutions
According to the insurance law, who is the principal? - Ans: Broker An application as a resident agent must be made in how many days if an individual establishes a principal place of residence within Pa from another state? - Ans: 90 days Issued for 180 days for surviving spouse, surviving inactive officer or partner, legal representative. Can be used upon death or incompetency of producer, or when individuals are serving in the military. - Ans: a temporary license Commissioner can do all of the following except? - Ans: Endorse Insurers Insurance department can deny an application if the applicant.... - Ans: provides incorrect or misleading info, been denied in another state or violated commonwealth insurance laws. The insurance department may issue this which requires the insurer or person to stop activity in question - Ans: Cease & Desist order Insurance commissioner is appointed by... - Ans: the Governor Administered by a U.S. state to protect policyholders in the event that an insurance company defaults on benefit payments or becomes insolvent. Producers are prohibited to advertise it's existence to secure business. - Ans: Guaranty Fund Performed by commissioner to prohibit rates that are excessive, inadequate or unfairly;y discriminatory. - Ans: Rate Regulation Insurance company should acknowledge receipt of claim within... - Ans: 10 working days Any out of state auto will automatically have... - Ans: that states statutory required limits of liability Physical damage coverage for transportation expenses as a result of theft pays... - Ans: $20/day, max of $600, after 48 hour after the theft Sound reproductions equip perminately installed in stolen vehicle is covered up to... - Ans: $1000 QOT: Who is most likely to purchase Garage Coverage form? - Ans: franchise auto dealer applies to vehicles in excess of 10,000 lbs that haul cargo over state lines and/or transport hazardous material - Ans: Motor Carrier Act of 1980 QOT: What is the minimum amount of financial responsibility requirements for a 45,000 lb transportation trucker? - Ans: $750,000 for transporting non-hazardous property, $5 million for hazardous material or explosives, and $1 million for oil transportation used when vehicle is under a long term lease - Ans: Commercial Auto Endorsement--Additional Insured- includes coverage for liability, medical payments, uninsured motorist and physical damage - Ans: Mobile Equipment endorsement
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- Property and Casualty Insurance
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- 24 oktober 2024
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property and casualty
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psi pa property and casualty exam review
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property and casualty insurance
