PA Property and Casualty Exam
Questions and All Correct Answers
2026 Updated.
According to insurance law, who is the principal? - Answer Broker
Commissioner can do all of the following except? - Answer Endorse Insurers
According to the insurance law, who is the principal? - Answer Broker
What is Commingling funds? - Answer When a producer is collecting premiums from
applicants and adding it to their personal funds, holding out premium
Fiduciary Responsibility - Answer Producers obligation to handle funds of the insured in a
responsible and ethical manner
An insurer can? - Answer Terminate a producers appointment
Department of Insurance can... - Answer Do as many examinations as they want
The primary purpose of the FCRA is to? - Answer Protect against the circulation of in
accurate or obsolete personal or financial info
An application that is made with facts that are believed to be without a doubt true are called? -
Answer Warranties
Who is the representative of the insurance producer? - Answer Insurer
Producers shall not act as insured until... - Answer appointed by an insurer
A person decides not to get physical damage coverage on their snowmobile. What form of risk
, Courts may rely on this doctrine to see if coverage applies... - Answer Reasonable
expectations
What is a component of rate? - Answer Loss reserves, loss adjusting expenses, operating
expenses, profits
An agent has what authority when it is written in text? - Answer Express
An agent has what authority when it is not written in text but discussed? - Answer Implied
An agreement is considered? - Answer Definite Terms
When one person transfers insurance from one insurer to another, they assume the role of -
Answer Primary Insurer
Ambiguous wording on an insurance contract would be more helpful towards whom? - Answer
the insured
What is it called when both parties bring something of value to the contract? - Answer
Consideration
Whenever someone needs to be restored to the same financial status as before the loss? -
Answer Indemnity
The terroristic attack of 2007 did what? - Answer Provided a way to share the risk of loss
from future terroristic attacks with the insurance industry
A person is entitled to a home of her grandmother after she dies but the home is in another
state. Can she purchase homeowner's policy insurance for the home now? - Answer No, bc
she doesn't have insurable interest
An activity that doesn't require a producer license? - Answer Underwriting
Questions and All Correct Answers
2026 Updated.
According to insurance law, who is the principal? - Answer Broker
Commissioner can do all of the following except? - Answer Endorse Insurers
According to the insurance law, who is the principal? - Answer Broker
What is Commingling funds? - Answer When a producer is collecting premiums from
applicants and adding it to their personal funds, holding out premium
Fiduciary Responsibility - Answer Producers obligation to handle funds of the insured in a
responsible and ethical manner
An insurer can? - Answer Terminate a producers appointment
Department of Insurance can... - Answer Do as many examinations as they want
The primary purpose of the FCRA is to? - Answer Protect against the circulation of in
accurate or obsolete personal or financial info
An application that is made with facts that are believed to be without a doubt true are called? -
Answer Warranties
Who is the representative of the insurance producer? - Answer Insurer
Producers shall not act as insured until... - Answer appointed by an insurer
A person decides not to get physical damage coverage on their snowmobile. What form of risk
, Courts may rely on this doctrine to see if coverage applies... - Answer Reasonable
expectations
What is a component of rate? - Answer Loss reserves, loss adjusting expenses, operating
expenses, profits
An agent has what authority when it is written in text? - Answer Express
An agent has what authority when it is not written in text but discussed? - Answer Implied
An agreement is considered? - Answer Definite Terms
When one person transfers insurance from one insurer to another, they assume the role of -
Answer Primary Insurer
Ambiguous wording on an insurance contract would be more helpful towards whom? - Answer
the insured
What is it called when both parties bring something of value to the contract? - Answer
Consideration
Whenever someone needs to be restored to the same financial status as before the loss? -
Answer Indemnity
The terroristic attack of 2007 did what? - Answer Provided a way to share the risk of loss
from future terroristic attacks with the insurance industry
A person is entitled to a home of her grandmother after she dies but the home is in another
state. Can she purchase homeowner's policy insurance for the home now? - Answer No, bc
she doesn't have insurable interest
An activity that doesn't require a producer license? - Answer Underwriting
