PSI PA Property and Casualty Exam Study Guide Already Graded A

PSI PA Property and Casualty Exam Study Guide Already Graded A According to the insurance law, who is the principal? Broker An application as a resident agent must be made in how many days if an individual establishes a principal place of residence within Pa from another state? 90 days issued for 180 days for surviving spouse, surviving inactive officer or partner, legal representative. Can be used upon death or incompetency of producer, or when individuals are serving in the military. a temporary license Commissioner can do all of the following except? Endorse Insurers Insurance department can deny an application if the applicant.... provides incorrect or misleading info, been denied in another state or violated commonwealth insurance laws. the insurance department may issue this which requires the insurer or person to stop activity in question Cease & Desist order Insurance commissioner is appointed by... the Governor administered by a U.S. state to protect policyholders in the event that an insurance company defaults on benefit payments or becomes insolvent. Producers are prohibited to advertise it's existence to secure business. Guaranty Fund Performed by commissioner to prohibit rates that are excessive, inadequate or unfairly;y discriminatory. Rate Regulation Insurance company should acknowledge receipt of claim within... 10 working days Insurance should respond to insurance department inquiry within... 15 days Bribery, returning a portion of the premium or the agent's/broker's commission on the premium to the insured or other INDUCEMENTS to place business with a specific insurer. Rebating When producer makes false statements Misrepresentation When insurance agent makes incomplete comparisons as an inducement to terminate, surrender one's policy for another of similar risks Twisting using media with deliberate deceit to defraud False Advertising persuading someone to buy insurance through the use of threats Coercion improper holding, breaking fiduciary obligations Misappropriation of funds making false or derogatory statements as to insurance company's financial position Defamation unfair discrimination based on location of insured's home or business Redlining when a producer is collecting premiums from applicants and adding it to their personal funds, holding out premium Commingling funds is a producer's obligation to handle funds of the insured in a responsible and ethical manner Fiduciary responsibility Who can terminate a producers appointment The Insurer means any person/entity who or which is licensed to solicit, negotiate, or sell insurance. Insurance Producer Who is allowed to conduct as many examinations of insurance agencies/agents as they want the department of insurance can be shared when 2 producers are in the same authority Commissions allowed, must include a written advance notice of the fee disclosed to the person and must be reasonable in relationship to service provided Consulting Fees purpose is to protect the privacy of consumer financial info (customers can opt out and prohibit insurance agency from disseminating nonpublic