Pennsylvania Laws and Regulations Applicable to All Lines of Insurance Questions and Answers 100% Pass

Pennsylvania Laws and Regulations Applicable to All Lines of Insurance Questions and Answers 100% Pass Licensing Process: Pre-Licensing Education Requirements Pre-licensing education requirements: - 24 credit hours - 3 of the 24 hours must be in ethics Licensing Process: License Exam and Pre-Licensing Education Exemptions - Business entity - Non-resident producers - Professional designations (CLU--Life and Health license, CPCU--Property and Casualty license, CIC--Life, Health, Property, and Casualty licenses) - Line of authority is only limited line credit insurance - Line of authority is restricted to limited line - Line of authority is restricted to fraternal insurance Licensing Process: Qualifications for a License - Must be at least 18 - Have not committed any prohibited act under insurance laws - Satisfied pre-licensing education requirements - Passed of is exempt from licensing examination - Paid applicable fees Types of Licenses: Producer a person may not sell, solicit, or negotiate a contract of insurance in Pennsylvania unless licensed as an insurance producer for the line of authority under which the contract is issued Type of Licenses: Non-Resident - An individual who is currently licensed as a resident insurance producer in another state or territory may apply to the Department for a non-resident insurance producer license for the same lines of authority as in their home state - Reciprocity--department may waive requirements for non-resident license in PA if producer's home state awards the same to PA producers ***Types of Licenses: Temporary License may be issued to surviving spouse, employee, or court-appointed representative if a producer dies, becomes disabled, or enters active military service - temporary license may not exceed 180 days and is not transferable - person may not use temporary license to transact new insurance business - purpose of temporary license is to maintain, transfer, or conclude existing business ONLY ALLOWS YOU TO COLLECT COMMISSION AND DO SERVICING ON BUSINESS THAT HAS ALREADY BEEN PLACED Types of Licenses: Managers and Exclusive General Agents - anyone acting as a manager or exclusive general agent must be licensed - violation is considered a third-degree misdemeanor; fine of up to $1,000/day Types of Licenses: May Require a License - property insurance - casualty insurance - personal lines - limited line credit insurance - motor vehicle rental - limited lines, as determined by the Commissioner - life insurance - accident and health or sickness insurance - variable life and annuity policies