Pennsylvania Laws and Regulations Applicable to Property and Casualty Insurance verified to pass

Pennsylvania Laws and Regulations Applicable to Property and Casualty InsuranceInsurance Guaranty Association - correct answer Pennsylvania Property and Casualty Insurance Guaranty Association - Every property and casualty insurer must participate as a condition of authority to write P&C policies in PA Prohibited Advertising - It's unlawful to use existence of association for sales, solicitation, or as inducement to purchase any kind of insurance protected by association Association is obligated to pay - up to $10,000 per policy for a covered claim for the return of unearned premium - an amount not exceeding $300,000 per claimant for all other covered claims The Association is not obligated to pay more than the insolvent insurer's obligation for a covered claim Cancellation and Non-Renewal: Commercial Policies - correct answer Notice of Cancellation or Non-renewal - 60 days in advance for non-renewal - 15 days in advance for non-payment of premium - 15 days in advance for material misrepresentation of the risk insured - 30 days in advance for an increase in renewal premium (THAT EXCEEDS 25%) - The reason for cancellation or non-renewal must be provided ***Cancellation and Non-Renewal: Residential Policies - correct answer Insurers are not permitted to cancel a policy after it has been in force for 60 days unless: