Pennsylvania Property and Casualty BUNDLE 2024

PENNSYLVANIA PROPERTY AND CASUALTY EXAM 2024

Which of the following is not a goal of risk retention? A. To minimize the insureds level of liability in the even of loss B. To reduce expenses and Improve cash flow C. To increase control of claim reserving and claims settlements D. To fund losses that cannot be insured - correct answer A ...

Law of Large Numbers - correct answer Recognizes that as the number of exposure units increases, the more likely it is to predict accurately the expected outcome. What must an insurance producer do to apply for a nonresident license in Pennsylvania? - correct answer Prove that their license is in...

Agents and brokers must notify the Insurance Department of any change in their residence or business address within: - correct answer 30 days Insurers issuing liability policies covering motor vehicles in Pennsylvania must offer all of the following coverages EXCEPT: A) injuries incurred on th...

According tot he fair credit reporting act, all of the following would be considered negative information except - correct answer Disputes regarding consumer report information Which of the following does a produce not have the authority to do? - correct answer Issue polices What is the maximu...

Licensing Process 1. 24 credit hours 3. 3 of the 24 hours must be in ethics Licensing exam and relicensing education exemption 1. Business entities 2. Nonresident producers 3. Professional designators -CLU-Life and Health Licence -CPLU-Property and Casualty License -CIC-Life, Health...

Policy Conditions - correct answer How parties to the contract must act following a loss Discovery Form in Commercial Ins. - correct answer an occurrence taking place at any time & discovered during the policy period or extended reporting period (60 days) Vacant - correct answer Absence of peo...

Rate Regulation - correct answer -Insurance rates must not be excessive, inadequate, or unfairly discriminatory -Insurers must file every manual, minimum, class rate, rating schedule or rating plan with Commissioner (Filing must state Proposed effective date) Standard Fire Policy - correct answ...

Financial Responsibility - correct answer Minimum limited of automobile liability are 15/30/5 -$15,000 per person for bodily injury -$30,000 per accident for bodily injury -$5,000 per accident for property damage Minimum medical benefit : $5,000 Proof of Financial Responsibility: -Posting a bo...

A person wanting to insure a single shipment would use: - correct answer A Trip Transit Form Which statement about the Umbrella Liability Policy is false? - correct answer The standard deductible on an umbrella policy is $100,000 Which of the following is true of the Towing coverage provided u...