PSI PA PROPERTY AND CASUALTY NEWEST ACTUAL
2025/2026 EXAM GUIDE WITH COMPLETE QUESTIONS AND
ANSWERS/VERIFIED/GRADED A+/ ||BRAND NEW!!
15 days
Insurance should respond to insurance department inquiry
within...
Rebating
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
When producer makes false statements
Twisting
When insurance agent makes incomplete comparisons as an
inducement to terminate, surrender one's policy for another of
similar risks
,False Advertising
using media with deliberate deceit to defraud
Coercion
persuading someone to buy insurance through the use of
threats
Misappropriation of funds
improper holding, breaking fiduciary obligations
Defamation
making false or derogatory statements as to insurance
company's financial position
Redlining
unfair discrimination based on location of insured's home or
business
Commingling funds
,when a producer is collecting premiums from applicants and
adding it to their personal funds, holding out premium
Fiduciary responsibility
is a producer's obligation to handle funds of the insured in a
responsible and ethical manner
The Insurer
Who can terminate a producers appointment
Insurance Producer
means any person/entity who or which is licensed to solicit,
negotiate, or sell insurance.
the department of insurance
Who is allowed to conduct as many examinations of insurance
agencies/agents as they want
Commissions
can be shared when 2 producers are in the same authority
, Consulting Fees
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
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
Insurance Fraud Regulation, criminal prosecution and civil
penalty up to? (amounts)
Fair Credit Reporting Act
established to protect consumers from unfair and inaccurate
info, max penalty of $2500 and/or 2 years in prison
2025/2026 EXAM GUIDE WITH COMPLETE QUESTIONS AND
ANSWERS/VERIFIED/GRADED A+/ ||BRAND NEW!!
15 days
Insurance should respond to insurance department inquiry
within...
Rebating
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
When producer makes false statements
Twisting
When insurance agent makes incomplete comparisons as an
inducement to terminate, surrender one's policy for another of
similar risks
,False Advertising
using media with deliberate deceit to defraud
Coercion
persuading someone to buy insurance through the use of
threats
Misappropriation of funds
improper holding, breaking fiduciary obligations
Defamation
making false or derogatory statements as to insurance
company's financial position
Redlining
unfair discrimination based on location of insured's home or
business
Commingling funds
,when a producer is collecting premiums from applicants and
adding it to their personal funds, holding out premium
Fiduciary responsibility
is a producer's obligation to handle funds of the insured in a
responsible and ethical manner
The Insurer
Who can terminate a producers appointment
Insurance Producer
means any person/entity who or which is licensed to solicit,
negotiate, or sell insurance.
the department of insurance
Who is allowed to conduct as many examinations of insurance
agencies/agents as they want
Commissions
can be shared when 2 producers are in the same authority
, Consulting Fees
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
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
Insurance Fraud Regulation, criminal prosecution and civil
penalty up to? (amounts)
Fair Credit Reporting Act
established to protect consumers from unfair and inaccurate
info, max penalty of $2500 and/or 2 years in prison
