Chapter 12 PA Pennsylvania Laws and Rules.pdf file:///C:/Users/HP/Desktop/NIW/Chapter%2012%20PA%20Pennsy
PA Pennsylvania Laws and Rules Exam Chapter 12
1. What is the purpose of the Pennsylvania Life and Health Insurance Guaranty Association?
1) Assist an applicant choose the best insurer
2) Assist an applicant choose the right amount of coverage
3) Provide each policyowner a buyer's guide and policy summary
4) Provide policyowner protection if an insurer becomes insolvent
ANS Provide policyowner protection if an insurer becomes insolvent
2. Viatical settlement brokers send packets of information to potential viatees. These
information packets normally include existing policy terms and which of the following?
1) Viator's medical prognosis
2) Proceeds of the settlement to be placed in a trust account
3) Executed absolute assignment
4) Brochure describing the process of viatical settlements
ANS Viator's medical prognosis
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3. In Pennsylvania, what's the requirement for a minor to receive proceeds from a
death benefit?
1) Has to be at least 15 years old
2) Must live in the same state as insured
3) The Commissioner must approve
4) A guardian must be appointed
ANS A guardian must be appointed
4. An Accelerated Death Benefit in Pennsylvania must be at least what per- centage of
the total death benefit?
15%
25%
50%
75%
ANS 25%
5. Which of the following statements about the contestability of a life insur- ance policy
is true?
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1) The policy cannot be contested by the insurer once it is paid for and issued
2) The policy can be contested by the insurer only during the first two years of the
contract
3) The policy can never be contested by the insurer
4) The policy can always be contested by the insurer
ANS The policy can be contested by the insurer only during the first two years of the
contract
6. Any of the following may be an unfair claims practice EXCEPT
1) Refusing to pay claims without a reasonable investigation
2) Refusing to pay persons bringing false or fraudulent claims
3) Failing to promptly provide reasonable explanation of any claim denials
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