Exam (elaborations)
PNC License Questions and Answers 2024
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Exam of 4 pages for the course PNC 100 at PNC 100 (PNC License)
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PNC LicenseIs an agent allowed to misrepresent the terms a policy? - answer no
what happens if an agent causes any misleading misrepresentation? - answer the
commissioner may suspend their license for a maximum of 3 years, as well a fine not
exceeding 25,000.
consequences of unlawful transactions, violation of the requirement for a certificate of
authority? - answer imprisonment max 1 year, fine 100,000
Discriminatory consequences - answer unfair practices can receive fines, if
discrimination occurs.
when can insurer report to fraudulent claims? where? - answer60 days after discover,
claim can be turned into fraudulent claims bureau.
T or F? The cost to operate the fraudulent claim bureau us borne by all california
taxpayers? - answer False.
Perjury? - answerclaim form that is fraudulent
insurer insolvency - answerthe company is in a position financially that they cannot
meet obligations to policyholders because of insufficient policy reserves, capital and
surplus requirements.
how does the department of insurance regulate all insurers doing business in this state?
How does it provide protection against the insolvency of an insurer? - answerreports
and regulations of investments, annual statements, examination of insurers,
rehabilitation and liquidation.
Agents may promote the insurers affiliation with the California insurance guaranty
association to enhance the insurers stability? - answerFalse
which insurers in California may be a member of the California insurance guaranty
association? - answeronly insurers that were admitted.
why were mechanism provided to pay claims to member insurers? - answerthe
California insurance guaranty association designed mechanisms to pay claims as a
result of insolvency of member insurers.
Boycott, coercion or intimidation? - answerunlawful, any action resulting in an
unreasonable restraint of or monopoly in the business of insurance.
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