PA Property and Casualty - Chapter One
Insurance Regulation Questions with 100%
Correct Answers | Updated 2024 |
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Producers that operate under an agency billing system, at all times: - ✔✔Maintain a balance at
least equal to the net balance of premiums collected and unpaid to companies
Name Restrictions for License - ✔✔Shall contain at least one full given name. Must notify
insurance department of any legal name change within 30 days
Fictitious or Assumed Name - ✔✔Is allowed. Must file for a fictitious or assumed name certificate with the
Department of State and notify the insurance department in writing prior to the use of name.
Criminal Conduct Reporting - ✔✔Any producer charged with Criminal conduct must report it within
30 days. Must provide the copy of criminal complaint, information, and report the final disposition.
, Violations preventing licensure (16): - ✔✔1. Giving incorrect information on license application
2. Violate insurance departments laws
3. attempting to obtain license through misrepresentation or fraud
4. Improperly withhold or convert money or property
5. intentionally misrepresent terms of insurance application or policy
6. Admit to or been found of unfair insurance practice or fraud
7. Use of fraudulent or dishonest practices.
8. having producers license denied or revoked
9. Forge another's name on an insurance application
10. Cheat on licensure exam
11. Failure to pay child support
12. Failure to pay state income tax
13. Commit a felony
14. Commit a misdemeanor involving theft of money or property
15. Transfer coverage without the consent of the insured
16. Failure to notify the insurance department of change of address within 30 days.
Two producers may split commissions as long as: - ✔✔They both have the same licensing power
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