Insurance Regulation || with Error-free Solutions.

Licensing 1. Process and Types (available in PA) correct answers Life- Coverage on human lives Accident and health- coverage for sickness, bodily injury or accidental death, and disability income Property- coverage for the direct and consequential loss or damage to property of every kind Casualty- coverage against legal liability variable life and variable annuities- coverage under variable life and/or variable annuities Personal lines- noncommercial property and/or casualty coverage Credit- debt insurance (limited line) Motor vehicle rental- auto rental insurance (limited line) Limited lines-any other type of insurance as determined by the Commissioner Applicant must submit following documents to the Department of Insurance correct answers -completed application -fingerprints, used by the dept. to obtain national criminal history records -documentation verifying that the applicant has met the licensing education and exam requirement -license fee License exam will not be required if applicant is person who... correct answers has following professional designations... -Chartered Life Underwriter (CLU) -Chartered Property and Casualty underwriter (CPCU) -Certified Insurance Counselor (CIC) is licensed in another state as an insurance producer is applying for limited line credit insurance will be licensed in domestic mutual fire insurance will be appointed with a fraternal benefit society -insurance producer is nontransferable and is issued for max period of 2 years Producer correct answers person who sells, solicits, or negotiates contract of insurance Individuals applying must... -be at least 18 years old -have not committed any prohibited act -satisfy the pre-exam education requirements, including 3 hours of ethics, -pass the insurance producer licensing exam -pay all applicable fees -possess general fitness, competence, and reliability Business entities must.... -have one or more designated licenses in good standing with the dept. -apply for licensure in the same lines of authority held by the designated licensees -have not committed any prohibited acts -be owned, operated, and managed by persons possessing general fitness, competence, and reliability