PA Property & Casualty Insurance Exam questions with correct answers

All of the following are elements of an agreement EXCEPT? CORRECT ANSWER The definite terms When terminating a licensed producer's appointment an insured must CORRECT ANSWER Notify the commissioner within 30 days following the termination An individual purchased a vehicle and financed it through his credit union which party does not have an insurable interest CORRECT ANSWER The credit union After the hearing, the insurance commissioner has determined a licensee has committed a violation of PA insurance laws what can the insurance commissioner do? CORRECT ANSWER Impose an administrative penalty Which of the following situations is excluded in the homeowner's policy? CORRECT ANSWER Running over the neighbors fence in a fit of rage Which of the following is in the common policy declaration of commercial package policy? CORRECT ANSWER A description of the business being covered According to the PA assigned risk plan, all the