PA Property and Casualty Exam Exam Prep Questions And Answers
(202472025)
According to insurance law, who is the principal? - ✔✔Broker
Commissioner can do all of the following except? - ✔✔Endorse Insuerers
According to the insurance law, who is the principal? - ✔✔Broker
What is Commingling funds? - ✔✔When a producer is collecting premiums from applicants and
adding it to their personal funds, holding out premium
Fiduciary Responsibility - ✔✔Producers obligation to handle funds of the insured in a responsible
and ethical manner
An insurer can? - ✔✔Terminate a producers appointment
Department of Insurance can... - ✔✔Do as many examinations as they want
The primary purpose of the FCRA is to? - ✔✔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? -
✔✔Warranties
Who is the representative of the insurance producer? - ✔✔Insurer
Producers shall not act as insured until... - ✔✔appointed by an insurer
, A person decides not to get physical damage coverage on their snowmobile. What form of risk
management is this? - ✔✔Retention
A deductible goes from $250 to $500, the person will have - ✔✔their premium increased and
limits of liability decreased
Courts may rely on this doctrine to see if coverage applies... - ✔✔Reasonable expectations
What is a component of rate? - ✔✔Loss reserves, loss adjusting expenses, operating expenses,
profits
An agent has what authority when it is written in text? - ✔✔Express
An agent has what authority when it is not written in text but discussed? - ✔✔Implied
An agreement is considered? - ✔✔Definite Terms
When one person transfers insurance from one insurer to another, they assume the role of -
✔✔Primary Insurer
Ambiguous wording on an insurance contract would be more helpful towards whom? - ✔✔the
insured
What is it called when both parties bring something of value to the contract? - ✔✔Consideration
Whenever someone needs to be restored to the same financial status as before the loss? -
✔✔Indemnity
(202472025)
According to insurance law, who is the principal? - ✔✔Broker
Commissioner can do all of the following except? - ✔✔Endorse Insuerers
According to the insurance law, who is the principal? - ✔✔Broker
What is Commingling funds? - ✔✔When a producer is collecting premiums from applicants and
adding it to their personal funds, holding out premium
Fiduciary Responsibility - ✔✔Producers obligation to handle funds of the insured in a responsible
and ethical manner
An insurer can? - ✔✔Terminate a producers appointment
Department of Insurance can... - ✔✔Do as many examinations as they want
The primary purpose of the FCRA is to? - ✔✔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? -
✔✔Warranties
Who is the representative of the insurance producer? - ✔✔Insurer
Producers shall not act as insured until... - ✔✔appointed by an insurer
, A person decides not to get physical damage coverage on their snowmobile. What form of risk
management is this? - ✔✔Retention
A deductible goes from $250 to $500, the person will have - ✔✔their premium increased and
limits of liability decreased
Courts may rely on this doctrine to see if coverage applies... - ✔✔Reasonable expectations
What is a component of rate? - ✔✔Loss reserves, loss adjusting expenses, operating expenses,
profits
An agent has what authority when it is written in text? - ✔✔Express
An agent has what authority when it is not written in text but discussed? - ✔✔Implied
An agreement is considered? - ✔✔Definite Terms
When one person transfers insurance from one insurer to another, they assume the role of -
✔✔Primary Insurer
Ambiguous wording on an insurance contract would be more helpful towards whom? - ✔✔the
insured
What is it called when both parties bring something of value to the contract? - ✔✔Consideration
Whenever someone needs to be restored to the same financial status as before the loss? -
✔✔Indemnity
