XcelSolutions Pennsylvania Insurance Test Questions and Answers

Stock Insurer A nonparticipating company is sometimes called a Insurance Sales Calls The Do Not Call Registry offers exemptions for calls placed from all the following EXCEPT $5,000 Ken is a producer who has obtained Consumer Information Reports under false pretenses. Under the Fair Credit Reporting Act, what is the maximum penalty that may be imposed on Ken? A self-funded plan A plan in which an employer pays insurance benefits from a fund derived from the employer's current revenues is called Liquidity An insurer's ability to make unpredictable payouts to policyowners is called Provide death benefits What is considered to be the primary reason for buying life insurance? Because dividends are considered to be a return of premium Why are dividends from a mutual insurer not subject to taxation State Insurance Departments An insurer's claim settlement practices are regulated by the $10,000 Karen is a producer who has obtained personal information about a client without having a legitimate reason to do so. Under the McCarran-Ferguson Act, what is the minimum penalty for this? Reinsurer A life insurance company has transferred some of its risk to another insurer. The insurer assuming the risk is called the Transference Insurance represents the process of risk Law of Large Numbers How do insurers predict the increase of individual risks? Losing money at a casino All of the following are examples of pure risk EXCEPT Law of large numbers and risk pooling Insurance companies determine risk exposure by which of the following