Pennsylvania Property and Casualty Licensing verified to pass 2024

Pennsylvania Property and Casualty LicensingLaw of Large Numbers - correct answer Recognizes that as the number of exposure units increases, the more likely it is to predict accurately the expected outcome. What must an insurance producer do to apply for a nonresident license in Pennsylvania? - correct answer Prove that their license is in good standing in their home state Which best describes the responsibilities an agent owes when they sell a policy? - correct answer To provide the agreed-upon insurance and to place coverage with a solvent insurer Which of the following is not a prohibited marketing practice? - correct answer Discrimination among risks Which law, act, or regulation governs how insurers and their producers treat personal financial information from individuals? - correct answer Privacy of Consumer Financial Information Regulation Retention - correct answer "do nothing" option; a person becomes personally responsible for the consequences of risk Can an insurer change their assumed name? - correct answer Yes, but they must notify the Commissioner before using the assumed name? Contract of Adhesion - correct answer "take-it-or-leave-it," drafted by one party; other party has no opportunity to negotiate terms and prices. Party must "adhere" to provisions as presented Tad used unauthorized material to assist him on his examination for his insurance producer license. He justified this by saying the materials would be available to him in a real life situation. Which statement is true? - correct answer Tad committed a prohibited act.