PSI PA Property and Casualty Exam Guide
Questions with correct answers
According |to |the |insurance |law, |who |is |the |principal? |- |VERIFIED |ANSWER✔✔-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? |- |VERIFIED |ANSWER✔✔-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. |- |VERIFIED |ANSWER✔✔-a |temporary |license
Commissioner |can |do |all |of |the |following |except? |- |VERIFIED |ANSWER✔✔-Endorse |Insurers
Insurance |department |can |deny |an |application |if |the |applicant.... |- |VERIFIED |ANSWER✔✔-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 |- |VERIFIED |ANSWER✔✔-Cease |& |Desist |order
Insurance |commissioner |is |appointed |by... |- |VERIFIED |ANSWER✔✔-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. |- |VERIFIED |ANSWER✔✔-Guaranty |Fund
Performed |by |commissioner |to |prohibit |rates |that |are |excessive, |inadequate |or |unfairly;y |
discriminatory. |- |VERIFIED |ANSWER✔✔-Rate |Regulation
Insurance |company |should |acknowledge |receipt |of |claim |within... |- |VERIFIED |ANSWER✔✔-10 |working
|days
,Insurance |should |respond |to |insurance |department |inquiry |within... |- |VERIFIED |ANSWER✔✔-15 |days
Bribery, |returning |a |portion |of |the |premium |or |the |agent's/broker's |commission |on |the |premium |to |
the |insured |or |other |INDUCEMENTS |to |place |business |with |a |specific |insurer. |- |VERIFIED |ANSWER✔✔-
Rebating
When |producer |makes |false |statements |- |VERIFIED |ANSWER✔✔-Misrepresentation
When |insurance |agent |makes |incomplete |comparisons |as |an |inducement |to |terminate, |surrender |
one's |policy |for |another |of |similar |risks |- |VERIFIED |ANSWER✔✔-Twisting
using |media |with |deliberate |deceit |to |defraud |- |VERIFIED |ANSWER✔✔-False |Advertising
persuading |someone |to |buy |insurance |through |the |use |of |threats |- |VERIFIED |ANSWER✔✔-Coercion
improper |holding, |breaking |fiduciary |obligations |- |VERIFIED |ANSWER✔✔-Misappropriation |of |funds
making |false |or |derogatory |statements |as |to |insurance |company's |financial |position |- |VERIFIED |
ANSWER✔✔-Defamation
unfair |discrimination |based |on |location |of |insured's |home |or |business |- |VERIFIED |ANSWER✔✔-
Redlining
when |a |producer |is |collecting |premiums |from |applicants |and |adding |it |to |their |personal |funds, |
holding |out |premium |- |VERIFIED |ANSWER✔✔-Commingling |funds
is |a |producer's |obligation |to |handle |funds |of |the |insured |in |a |responsible |and |ethical |manner |- |
VERIFIED |ANSWER✔✔-Fiduciary |responsibility
Who |can |terminate |a |producers |appointment |- |VERIFIED |ANSWER✔✔-The |Insurer
, means |any |person/entity |who |or |which |is |licensed |to |solicit, |negotiate, |or |sell |insurance. |- |VERIFIED |
ANSWER✔✔-Insurance |Producer
Who |is |allowed |to |conduct |as |many |examinations |of |insurance |agencies/agents |as |they |want |- |
VERIFIED |ANSWER✔✔-the |department |of |insurance
can |be |shared |when |2 |producers |are |in |the |same |authority |- |VERIFIED |ANSWER✔✔-Commissions
allowed, |must |include |a |written |advance |notice |of |the |fee |disclosed |to |the |person |and |must |be |
reasonable |in |relationship |to |service |provided |- |VERIFIED |ANSWER✔✔-Consulting |Fees
purpose |is |to |protect |the |privacy |of |consumer |financial |info |(customers |can |opt |out |and |prohibit |
insurance |agency |from |disseminating |nonpublic |personal |info |to |non-affiliated |third |party) |- |VERIFIED |
ANSWER✔✔-Gramm-Leach-Bailey |Act
Insurance |Fraud |Regulation, |criminal |prosecution |and |civil |penalty |up |to? |(amounts) |- |VERIFIED |
ANSWER✔✔-$5000/$10000/$15000
established |to |protect |consumers |from |unfair |and |inaccurate |info, |max |penalty |of |$2500 |and/or |2 |
years |in |prison |- |VERIFIED |ANSWER✔✔-Fair |Credit |Reporting |Act
QOT: |Primary |purpose |of |the |FCRA |(fair |credit |report. |act) |is |to...? |- |VERIFIED |ANSWER✔✔-protect |
against |the |circulation |of |inaccurate |or |obsolete |personal |or |financial |info.
Fraud |& |False |statements---fraud |that |affects |interstate |commerce |suffers |max |penalty |of... |- |
VERIFIED |ANSWER✔✔-$50,000 |and/or |10-15 |years |in |prison
exposure |to |or |uncertainty |of |loss |- |VERIFIED |ANSWER✔✔-Risk
only |can |be |no |charge |or |loss, |only |type |of |risk |insurance |covers |(no |financial |gain) |- |VERIFIED |
ANSWER✔✔-Pure |Risk
Questions with correct answers
According |to |the |insurance |law, |who |is |the |principal? |- |VERIFIED |ANSWER✔✔-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? |- |VERIFIED |ANSWER✔✔-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. |- |VERIFIED |ANSWER✔✔-a |temporary |license
Commissioner |can |do |all |of |the |following |except? |- |VERIFIED |ANSWER✔✔-Endorse |Insurers
Insurance |department |can |deny |an |application |if |the |applicant.... |- |VERIFIED |ANSWER✔✔-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 |- |VERIFIED |ANSWER✔✔-Cease |& |Desist |order
Insurance |commissioner |is |appointed |by... |- |VERIFIED |ANSWER✔✔-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. |- |VERIFIED |ANSWER✔✔-Guaranty |Fund
Performed |by |commissioner |to |prohibit |rates |that |are |excessive, |inadequate |or |unfairly;y |
discriminatory. |- |VERIFIED |ANSWER✔✔-Rate |Regulation
Insurance |company |should |acknowledge |receipt |of |claim |within... |- |VERIFIED |ANSWER✔✔-10 |working
|days
,Insurance |should |respond |to |insurance |department |inquiry |within... |- |VERIFIED |ANSWER✔✔-15 |days
Bribery, |returning |a |portion |of |the |premium |or |the |agent's/broker's |commission |on |the |premium |to |
the |insured |or |other |INDUCEMENTS |to |place |business |with |a |specific |insurer. |- |VERIFIED |ANSWER✔✔-
Rebating
When |producer |makes |false |statements |- |VERIFIED |ANSWER✔✔-Misrepresentation
When |insurance |agent |makes |incomplete |comparisons |as |an |inducement |to |terminate, |surrender |
one's |policy |for |another |of |similar |risks |- |VERIFIED |ANSWER✔✔-Twisting
using |media |with |deliberate |deceit |to |defraud |- |VERIFIED |ANSWER✔✔-False |Advertising
persuading |someone |to |buy |insurance |through |the |use |of |threats |- |VERIFIED |ANSWER✔✔-Coercion
improper |holding, |breaking |fiduciary |obligations |- |VERIFIED |ANSWER✔✔-Misappropriation |of |funds
making |false |or |derogatory |statements |as |to |insurance |company's |financial |position |- |VERIFIED |
ANSWER✔✔-Defamation
unfair |discrimination |based |on |location |of |insured's |home |or |business |- |VERIFIED |ANSWER✔✔-
Redlining
when |a |producer |is |collecting |premiums |from |applicants |and |adding |it |to |their |personal |funds, |
holding |out |premium |- |VERIFIED |ANSWER✔✔-Commingling |funds
is |a |producer's |obligation |to |handle |funds |of |the |insured |in |a |responsible |and |ethical |manner |- |
VERIFIED |ANSWER✔✔-Fiduciary |responsibility
Who |can |terminate |a |producers |appointment |- |VERIFIED |ANSWER✔✔-The |Insurer
, means |any |person/entity |who |or |which |is |licensed |to |solicit, |negotiate, |or |sell |insurance. |- |VERIFIED |
ANSWER✔✔-Insurance |Producer
Who |is |allowed |to |conduct |as |many |examinations |of |insurance |agencies/agents |as |they |want |- |
VERIFIED |ANSWER✔✔-the |department |of |insurance
can |be |shared |when |2 |producers |are |in |the |same |authority |- |VERIFIED |ANSWER✔✔-Commissions
allowed, |must |include |a |written |advance |notice |of |the |fee |disclosed |to |the |person |and |must |be |
reasonable |in |relationship |to |service |provided |- |VERIFIED |ANSWER✔✔-Consulting |Fees
purpose |is |to |protect |the |privacy |of |consumer |financial |info |(customers |can |opt |out |and |prohibit |
insurance |agency |from |disseminating |nonpublic |personal |info |to |non-affiliated |third |party) |- |VERIFIED |
ANSWER✔✔-Gramm-Leach-Bailey |Act
Insurance |Fraud |Regulation, |criminal |prosecution |and |civil |penalty |up |to? |(amounts) |- |VERIFIED |
ANSWER✔✔-$5000/$10000/$15000
established |to |protect |consumers |from |unfair |and |inaccurate |info, |max |penalty |of |$2500 |and/or |2 |
years |in |prison |- |VERIFIED |ANSWER✔✔-Fair |Credit |Reporting |Act
QOT: |Primary |purpose |of |the |FCRA |(fair |credit |report. |act) |is |to...? |- |VERIFIED |ANSWER✔✔-protect |
against |the |circulation |of |inaccurate |or |obsolete |personal |or |financial |info.
Fraud |& |False |statements---fraud |that |affects |interstate |commerce |suffers |max |penalty |of... |- |
VERIFIED |ANSWER✔✔-$50,000 |and/or |10-15 |years |in |prison
exposure |to |or |uncertainty |of |loss |- |VERIFIED |ANSWER✔✔-Risk
only |can |be |no |charge |or |loss, |only |type |of |risk |insurance |covers |(no |financial |gain) |- |VERIFIED |
ANSWER✔✔-Pure |Risk
