Pennsylvania Life, Accident and Health Insurance Practice | Questions with 100% Correct Answers | Verified | Latest Update 2024

Premium payments for a universal life policy are NOT used for: - Separate account investments Under PA statute, first year commission for long-term care insurance may not be greater than - 50% of the first year premium 10-year level term life InsPol that has a death benefit of $2000,000. It is true that: - The face amount and premium will remain constant over the 10 year period Insurance premium is determined by each of the following factors except: Mortality, Interest, Expenses, liquidity) - Liquidity ________ is a factor that would be considered by an insurer when determining whether to accept a group life plan - Average age In PA, no legal action may be taken against an insurer for failure to honor a valid claim after the expiration of __________ years from the time proof of loss is furnished - Three years (There is a waiting period of 60 days to file a lawsuit after a claim for loss has been filed by the insured. No lawsuit may be filed after 3 years have passed from when the claim was submitted)