PA Property and Casualty questions with answers rated A+

PA Property and CasualtyWhat is the purpose of licensing? - correct answer Reinforces the purpose of insurance regulation - that the public is treated fairly and equitably by those who sell and distribute insurance. Licensing prerequisites - correct answer 24 credit hours of study in approved course (must have 3hrs ethics). Once your certificate is obtained you have 1yr to pass your exam followed by 1yr to have your license issued. *Passing does not guarantee you will get your license. What are the qualifications of an applicant? - correct answer -18yrs old; Read/write in English; Paid all fees; Pass exam; No acts committed against insurance regulation; Maintain business or legal address in PA; Fingerprinted; Integrity What is the licensing fee for an individual resident and an individual non-resident? - correct answer Resident=$55; Non-resident=$110 *non-refundable What are the four types of licenses issued? - correct answer Resident; Non Resident; Temporary; Managers and Exclusive General Agents Who qualifies for a temporary license? - correct answer The surviving spouse or representative of a deceased individual producer or who becomes mentally or physically disabled. *Can not exceed 180 days How do you maintain an insurance license? - correct answer Issued for 2yr periods Must complete 24hrs of approved CE for each 2yr period Renewal fees - R-$55;NR-$110;Lapsed-$165 *Failure will result in voluntary termination of license What are the timeframes for reporting criminal convictions and address changes? - correct answer 30 days