PSI PA Property and Casualty Exam Guide NEWEST 2025/2026 ACTUAL EXAM COMPLETE
QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY
GRADED A+||BRAND NEW!!
Broker - (answer)According to the insurance law, who is the principal?
90 days - (answer)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?
a temporary license - (answer)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.
Endorse Insurers - (answer)Commissioner can do all of the following except?
provides incorrect or misleading info, been denied in another state or violated commonwealth insurance
laws. - (answer)Insurance department can deny an application if the applicant....
Cease & Desist order - (answer)the insurance department may issue this which requires the insurer or
person to stop activity in question
the Governor - (answer)Insurance commissioner is appointed by...
Guaranty Fund - (answer)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.
Rate Regulation - (answer)Performed by commissioner to prohibit rates that are excessive, inadequate
or unfairly;y discriminatory.
10 working days - (answer)Insurance company should acknowledge receipt of claim within...
15 days - (answer)Insurance should respond to insurance department inquiry within...
,PSI PA Property and Casualty Exam Guide NEWEST 2025/2026 ACTUAL EXAM COMPLETE
QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY
GRADED A+||BRAND NEW!!
Rebating - (answer)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.
Misrepresentation - (answer)When producer makes false statements
Twisting - (answer)When insurance agent makes incomplete comparisons as an inducement to
terminate, surrender one's policy for another of similar risks
False Advertising - (answer)using media with deliberate deceit to defraud
Coercion - (answer)persuading someone to buy insurance through the use of threats
Misappropriation of funds - (answer)improper holding, breaking fiduciary obligations
Defamation - (answer)making false or derogatory statements as to insurance company's financial
position
Redlining - (answer)unfair discrimination based on location of insured's home or business
Commingling funds - (answer)when a producer is collecting premiums from applicants and adding it to
their personal funds, holding out premium
Fiduciary responsibility - (answer)is a producer's obligation to handle funds of the insured in a
responsible and ethical manner
The Insurer - (answer)Who can terminate a producers appointment
, PSI PA Property and Casualty Exam Guide NEWEST 2025/2026 ACTUAL EXAM COMPLETE
QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY
GRADED A+||BRAND NEW!!
Insurance Producer - (answer)means any person/entity who or which is licensed to solicit, negotiate, or
sell insurance.
the department of insurance - (answer)Who is allowed to conduct as many examinations of insurance
agencies/agents as they want
Commissions - (answer)can be shared when 2 producers are in the same authority
Consulting Fees - (answer)allowed, must include a written advance notice of the fee disclosed to the
person and must be reasonable in relationship to service provided
Gramm-Leach-Bailey Act - (answer)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)
$5000/$10000/$15000 - (answer)Insurance Fraud Regulation, criminal prosecution and civil penalty up
to? (amounts)
Fair Credit Reporting Act - (answer)established to protect consumers from unfair and inaccurate info,
max penalty of $2500 and/or 2 years in prison
protect against the circulation of inaccurate or obsolete personal or financial info. - (answer)QOT:
Primary purpose of the FCRA (fair credit report. act) is to...?
$50,000 and/or 10-15 years in prison - (answer)Fraud & False statements---fraud that affects interstate
commerce suffers max penalty of...
Risk - (answer)exposure to or uncertainty of loss
QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY
GRADED A+||BRAND NEW!!
Broker - (answer)According to the insurance law, who is the principal?
90 days - (answer)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?
a temporary license - (answer)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.
Endorse Insurers - (answer)Commissioner can do all of the following except?
provides incorrect or misleading info, been denied in another state or violated commonwealth insurance
laws. - (answer)Insurance department can deny an application if the applicant....
Cease & Desist order - (answer)the insurance department may issue this which requires the insurer or
person to stop activity in question
the Governor - (answer)Insurance commissioner is appointed by...
Guaranty Fund - (answer)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.
Rate Regulation - (answer)Performed by commissioner to prohibit rates that are excessive, inadequate
or unfairly;y discriminatory.
10 working days - (answer)Insurance company should acknowledge receipt of claim within...
15 days - (answer)Insurance should respond to insurance department inquiry within...
,PSI PA Property and Casualty Exam Guide NEWEST 2025/2026 ACTUAL EXAM COMPLETE
QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY
GRADED A+||BRAND NEW!!
Rebating - (answer)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.
Misrepresentation - (answer)When producer makes false statements
Twisting - (answer)When insurance agent makes incomplete comparisons as an inducement to
terminate, surrender one's policy for another of similar risks
False Advertising - (answer)using media with deliberate deceit to defraud
Coercion - (answer)persuading someone to buy insurance through the use of threats
Misappropriation of funds - (answer)improper holding, breaking fiduciary obligations
Defamation - (answer)making false or derogatory statements as to insurance company's financial
position
Redlining - (answer)unfair discrimination based on location of insured's home or business
Commingling funds - (answer)when a producer is collecting premiums from applicants and adding it to
their personal funds, holding out premium
Fiduciary responsibility - (answer)is a producer's obligation to handle funds of the insured in a
responsible and ethical manner
The Insurer - (answer)Who can terminate a producers appointment
, PSI PA Property and Casualty Exam Guide NEWEST 2025/2026 ACTUAL EXAM COMPLETE
QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY
GRADED A+||BRAND NEW!!
Insurance Producer - (answer)means any person/entity who or which is licensed to solicit, negotiate, or
sell insurance.
the department of insurance - (answer)Who is allowed to conduct as many examinations of insurance
agencies/agents as they want
Commissions - (answer)can be shared when 2 producers are in the same authority
Consulting Fees - (answer)allowed, must include a written advance notice of the fee disclosed to the
person and must be reasonable in relationship to service provided
Gramm-Leach-Bailey Act - (answer)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)
$5000/$10000/$15000 - (answer)Insurance Fraud Regulation, criminal prosecution and civil penalty up
to? (amounts)
Fair Credit Reporting Act - (answer)established to protect consumers from unfair and inaccurate info,
max penalty of $2500 and/or 2 years in prison
protect against the circulation of inaccurate or obsolete personal or financial info. - (answer)QOT:
Primary purpose of the FCRA (fair credit report. act) is to...?
$50,000 and/or 10-15 years in prison - (answer)Fraud & False statements---fraud that affects interstate
commerce suffers max penalty of...
Risk - (answer)exposure to or uncertainty of loss
