Exam (elaborations)
PSI PA Property and Casualty Exam Guide questions and answers already graded A+ 2024/2025
- Course
- Institution
PSI PA Property and Casualty Exam Guide questions and answers already graded A+ 2024/2025
[Show more]
Content preview
PSI PA Property and Casualty ExamGuide
Broker - ANSAccording to the insurance law, who is the predominant?
Ninety days - ANSAn utility as a resident agent need to be made in how many days if an person
establishes a most important area of house within Pa from another nation?
A temporary license - ANSissued for a hundred and eighty days for surviving spouse, surviving
inactive officer or partner, legal consultant. Can be used upon death or incompetency of
manufacturer, or whilst people are serving in the military.
Endorse Insurers - ANSCommissioner can do all the following except?
Presents incorrect or deceptive data, been denied in some other nation or violated
commonwealth coverage legal guidelines. - ANSInsurance branch can deny an software if the
applicant....
Cease & Desist order - ANSthe insurance department might also issue this which calls for the
insurer or man or woman to stop pastime in query
the Governor - ANSInsurance commissioner is appointed by way of...
Guaranty Fund - ANSadministered by way of a U.S. Nation to guard policyholders in the event
that an coverage company defaults on advantage bills or becomes bancrupt. Producers are
prohibited to promote it it is life to comfortable business.
Rate Regulation - ANSPerformed by commissioner to prohibit rates which can be excessive,
insufficient or unfairly;y discriminatory.
10 working days - ANSInsurance organization have to acknowledge receipt of claim inside...
15 days - ANSInsurance must reply to insurance branch inquiry inside...
Rebating - ANSBribery, returning a part of the top class or the agent's/broker's commission on
the premium to the insured or other INDUCEMENTS to place enterprise with a specific insurer.
Misrepresentation - ANSWhen manufacturer makes false statements
,Twisting - ANSWhen insurance agent makes incomplete comparisons as an inducement to
terminate, surrender one's policy for every other of similar dangers
False Advertising - ANSusing media with planned deceit to defraud
Coercion - ANSpersuading a person to buy insurance through using threats
Misappropriation of budget - ANSimproper retaining, breaking fiduciary duties
Defamation - ANSmaking fake or derogatory statements as to coverage employer's financial
function
Redlining - ANSunfair discrimination based totally on area of insured's domestic or business
Commingling price range - ANSwhen a manufacturer is gathering rates from applicants and
adding it to their non-public price range, holding out premium
Fiduciary obligation - ANSis a producer's obligation to handle price range of the insured in a
responsible and ethical manner
The Insurer - ANSWho can terminate a manufacturers appointment
Insurance Producer - ANSmeans any character/entity who or that is licensed to solicit,
negotiate, or sell coverage.
The department of coverage - ANSWho is allowed to behavior as many examinations of
coverage companies/sellers as they want
Commissions - ANScan be shared while 2 manufacturers are in the same authority
Consulting Fees - ANSallowed, must consist of a written enhance word of the price disclosed to
the person and ought to be affordable in relationship to service supplied
Gramm-Leach-Bailey Act - ANSpurpose is to guard the privateness of consumer economic info
(clients can decide out and prohibit insurance business enterprise from disseminating nonpublic
personal information to non-affiliated third celebration)
$5000/$10000/$15000 - ANSInsurance Fraud Regulation, crook prosecution and civil penalty up
to? (amounts)
Fair Credit Reporting Act - ANSestablished to guard consumers from unfair and erroneous
information, max penalty of $2500 and/or 2 years in jail
, guard towards the circulation of misguided or obsolete non-public or economic info. - ANSQOT:
Primary motive of the FCRA (honest credit score record. Act) is to...?
$50,000 and/or 10-15 years in jail - ANSFraud & False statements---fraud that impacts interstate
commerce suffers max penalty of...
Risk - ANSexposure to or uncertainty of loss
Pure Risk - ANSonly can be no price or loss, only kind of chance insurance covers (no financial
gain)
Speculative Risk - ANScan either be lost or have the danger to win from a threat (ex. Gambling)
Hazards - ANSconditions that growth the possibility of an insured loss
Physical Hazard - ANSindividual characteristics that increase the possibilities of the cause of
loss---(physical situation, past scientific history, birth illness, blindness)
Moral Hazard - ANStendencies in the direction of accelerated hazard (character/recognition)
Morale Hazards - ANSarise from country of mind that reasons indifference to loss
(carelessness)
Elements of insurable danger - ANSmust be definable, unintended, predictable, law of huge #s
have to observe, create financial hassle, reasonable premiums, now not catastrophic
Exposure - ANSunit of measurement used to decide costs charged for coverage insurance
Homogeneous - ANSlarge # of devices having the equal or similar exposure to loss
Insurance - ANStransfers the danger of loss from character or entity to coverage corporation,
which spreads the costs of surprising losses to many people, includes solicitation, negotiations,
sale, and advising on individual worries, coverage or claims
Loss - ANSthe discount, decrease, or disappearance of cost of the person or property insured in
a coverage, as a result of a named peril
Avoidance, retention (reduce rates), sharing, discount, and switch - ANSMethods of Handling
Risk include...
Avoidance - ANSeliminating publicity for loss (ex. Avoid airplane crash with the aid of no longer
going in plane)
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Ashley96. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
83100 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now