PENNSYLVANIA PROPERTY AND CASUALTY
CERTIFICATION TEST 2026 FULL SOLUTION
VERIFIED
◉ Terrorism risk insurance program re-authorization act (TRIPRA).
Answer: This act is designed to limit the exposure of individual
ensures and the insurance industry as a whole and to make
insurance available in affordable under a system where the federal
government participates and shares the risk of loss there are several
key provisions included in the act
Result of 9/11 attacks on US
Congress originally enacted in 2002
Limits exposure of insurance in case of another catastrophic event
Triggering event Dash $200 million
◉ Fraud and false statements. Answer: A person who transact
insurance in interstate commerce and who intentionally makes false
material statements in connection with financial reports or
documents presented to insurance regulators appointed to
,investigate the person in attempt to influence the actions of such
officials is subject to:
it is illegal to make false statements
if found guilty you will pay-
A fine
imprisonment for up to 10 years
or both
Up to 15 years in prison and false statements jeopardize the insurer
◉ Under the fair credit reporting act the maximum penalty for
obtaining consumer information reports under false pretense is.
Answer: $5000, imprisonment for one year, or both
◉ An act of terrorism must be certified by the secretary of treasury
in consultation with the security of homeland security, and the.
Answer: U.S. Attorney General
◉ Which of the following acts requires financial institutions;
companies that offer consumers financial products or services like
loans, financial, or investment advice; and insurance companies, to
,explain their information sharing practices to their customers and to
safeguard sensitive data. Answer: Graham - Leach - bliley act
◉ Imprisonment may be ordered for up to how many years if all
statements made jeopardize the safety and soundness of an ensure
and where a significant cause of the issue were being placed in
conversation, rehabilitation, or liquidation by the courts?. Answer:
15 years
◉ Motorcarrier act of 1980 (MCS-90 endorsement). Answer:
Require trucking companies to certify that they are able to meet
financial obligations if they become liable for injury or damage
arising from their trucking operations
◉ MCS-90 Endorsement. Answer: Endorsement attached to the
Truckers coverage form to provide public liability coverage for
bodily injury, property damage, and environmental restoration.
◉ Limits of liability required by the motor carrier act that have a
gross vehicle weight of 10,000 pounds or more. Answer: $750,000
for interstate transportation of non-hazardous property
$5,000,000 for interstate or interstate transportation of large
quantities of certain hazardous materials, such as compressed gas,
radioactive materials or explosives
, $1,000,000 for interstate or intrastate transportation of oil or other
hazardous waste
◉ Methods of Handling Risk (STARR). Answer: Sharing
transfer
avoidance
retention
Reduction
◉ Sharing. Answer: Two or more individuals or businesses agree to
pay a portion of any loss insured by any member of the group.
Example - stockholders in a corporation share the risk
◉ transfer. Answer: This is what happens with Insurance. The
insurance company agrees to pay if an insured has a loss - the
insured no longer bears that risk. The individual has a cost in the
form of a premium payment. But, in contrast to the loss which is
large and uncertain, the premium is a much smaller certainty
◉ Avoidance. Answer: Eliminating a particular risk by not engaging
in a certain activity
CERTIFICATION TEST 2026 FULL SOLUTION
VERIFIED
◉ Terrorism risk insurance program re-authorization act (TRIPRA).
Answer: This act is designed to limit the exposure of individual
ensures and the insurance industry as a whole and to make
insurance available in affordable under a system where the federal
government participates and shares the risk of loss there are several
key provisions included in the act
Result of 9/11 attacks on US
Congress originally enacted in 2002
Limits exposure of insurance in case of another catastrophic event
Triggering event Dash $200 million
◉ Fraud and false statements. Answer: A person who transact
insurance in interstate commerce and who intentionally makes false
material statements in connection with financial reports or
documents presented to insurance regulators appointed to
,investigate the person in attempt to influence the actions of such
officials is subject to:
it is illegal to make false statements
if found guilty you will pay-
A fine
imprisonment for up to 10 years
or both
Up to 15 years in prison and false statements jeopardize the insurer
◉ Under the fair credit reporting act the maximum penalty for
obtaining consumer information reports under false pretense is.
Answer: $5000, imprisonment for one year, or both
◉ An act of terrorism must be certified by the secretary of treasury
in consultation with the security of homeland security, and the.
Answer: U.S. Attorney General
◉ Which of the following acts requires financial institutions;
companies that offer consumers financial products or services like
loans, financial, or investment advice; and insurance companies, to
,explain their information sharing practices to their customers and to
safeguard sensitive data. Answer: Graham - Leach - bliley act
◉ Imprisonment may be ordered for up to how many years if all
statements made jeopardize the safety and soundness of an ensure
and where a significant cause of the issue were being placed in
conversation, rehabilitation, or liquidation by the courts?. Answer:
15 years
◉ Motorcarrier act of 1980 (MCS-90 endorsement). Answer:
Require trucking companies to certify that they are able to meet
financial obligations if they become liable for injury or damage
arising from their trucking operations
◉ MCS-90 Endorsement. Answer: Endorsement attached to the
Truckers coverage form to provide public liability coverage for
bodily injury, property damage, and environmental restoration.
◉ Limits of liability required by the motor carrier act that have a
gross vehicle weight of 10,000 pounds or more. Answer: $750,000
for interstate transportation of non-hazardous property
$5,000,000 for interstate or interstate transportation of large
quantities of certain hazardous materials, such as compressed gas,
radioactive materials or explosives
, $1,000,000 for interstate or intrastate transportation of oil or other
hazardous waste
◉ Methods of Handling Risk (STARR). Answer: Sharing
transfer
avoidance
retention
Reduction
◉ Sharing. Answer: Two or more individuals or businesses agree to
pay a portion of any loss insured by any member of the group.
Example - stockholders in a corporation share the risk
◉ transfer. Answer: This is what happens with Insurance. The
insurance company agrees to pay if an insured has a loss - the
insured no longer bears that risk. The individual has a cost in the
form of a premium payment. But, in contrast to the loss which is
large and uncertain, the premium is a much smaller certainty
◉ Avoidance. Answer: Eliminating a particular risk by not engaging
in a certain activity
