Chapter 7 Practice Questions With Correct Verified Answers Accurate And Verified For Guaranteed Pass.

which of the following is an example of an agent's fiduciary responsibility? - correct answer forwarding premiums to insurer Which of the following is true regarding continuing education required for those holding a Pennsylvania producer license? - correct answer 24 hours each licensing period which of the following would not be considered an unfair and deceptive practice? - correct answer controlled business should an insurance company deny a claim submitted by an insured without providing to the insured a prompt and reasonable explanation of the claim denial, the insurer would be in violation of - correct answer unfair claims methods & practices regulations which of the following would be considered false advertising - correct answer implying that the agent is the insurer an applicant is denied insurance because of information found on a consumer report. Which of the following requires that the insurance company supply the applicant with the name and address of the consumer reporting company? - correct answer Fair Credit Reporting Act which of the following would be required to be licensed as an insurance producer? - correct answer A salaried employee who advertises and solicits insurance How soon after the due date should the insurer pay the agent appointment fees? - correct answer within 30 days and individual was just caught acting as an exclusive general agent - even though he is not properly licensed. Assuming that this occurred in a single day, what is the maximum penalty he faces? - correct answer third degree misdemeanor & $1k fine all of the following could be considered a rebate if offered to an insured in the sale of insurance except - correct answer dividends from mutual insurer in which of the following situations is it legal to limit coverage based on marital status? - correct answer It is never legal to limit coverage based on marital status A licensee serving in the military is unable to fulfill her continuing education requirement. What would the licensee have to do to renew the license? - correct answer The licensee may submit a request to the department to have requirements and fees waived. The department will then determine if the request is permissible according to the privacy of consumer financial information regulation, if a consumer decides to opt out, this means - correct answer The consumer directs the licensee not to disclose the consumer's non-public personal financial information to a third-party licensees must make a report of any action taken against them in another jurisdiction or by another governmental agency in Pennsylvania within how many days of the final disposition of the matter? - correct answer 30 Paul is a producer in Ohio and wants to become a producer in Pennsylvania. The commissioner will waive certain examination requirements, provided that Ohio would waive the same requirements if a Pennsylvania producer sought licensure in Ohio. What term is used to describe this phenomenon? - correct answer reciprocity after a hearing, if the commissioner finds is that a licensee is in violation of the state insurance laws, the commissioner can do any of the following except - correct answer imprison a licensee if a telemarketer wants to make an unsolicited sales call to a potential customer, what is the earliest time the telemarketer can call the prospect's residence? - correct answer 8am which of the following does a producer not have the authority to do? - correct answer issues policies when a producer holding a certificate or a brokers license has a change in their residence or a business address, they must notify the department of insurance and any company for which the producer holds an appointment within - correct answer 30 days with regards to premium rates which of the following statements is not true? - correct answer The commissioner sets all insurance premium rates used in Pennsylvania what is the civil penalty for the first violation of the Pennsylvania insurance Fraud Prevention Act? - correct answer $5k All of the following actions can be described as twisting except - correct answer explaining to client the advantages of permanent insurance over term and suggesting changing policies A producer license in Pennsylvania must notified insurance department of any change of address in his or her residence or business address within how many days? - correct answer 30 days forcing a client to buy insurance for my particular lender as a condition of granting a loan is defined as - correct answer coercion which of the following criminal activities would be sufficient violation to warrant rejection, revocation, or suspension of an insurance producer's license? - correct answer forgery for the purpose of examination by the department, insurers must keep a record of all financial files for at least - correct answer 5 years which of the following will not be considered unfair discrimination by insurers? - correct answer discriminating in benefits and coverage is based on the insured's habits and lifestyle Which of the following entities must approve all continuing education courses in this state? - correct answer the commissioner