8/28/24, 6:09 PM PENNSYLVANIA PROPERTY AND CASUALTY LICENSING EXAM 2024 EXAM COMPREHENSIVE QUESTIONS WITH DET…
PENNSYLVANIA PROPERTY AND CASUALTY
LICENSING EXAM 2024 EXAM
COMPREHENSIVE QUESTIONS WITH DETAILED
VERIFIED ANSWERS |GET IT 100% CORRECT|
ALREADY GRADED A+
Terms in this set (258)
Recognizes that as the number of exposure units
Law of Large Numbers increases, the more likely it is to predict accurately the
expected outcome.
What must an insurance Prove that their license is in good standing in their
producer do to apply for a home state
nonresident license in
Pennsylvania?
Which best describes the To provide the agreed-upon insurance and to place
responsibilities an agent coverage with a solvent insurer
owes when they sell a
policy?
Which of the following is Discrimination among risks
not a prohibited marketing
practice?
Which law, act, or Privacy of Consumer Financial Information Regulation
regulation governs how
insurers and their
producers treat personal
financial information from
individuals?
"do nothing" option; a person becomes personally
Retention
responsible for the consequences of risk
Can an insurer change Yes, but they must notify the Commissioner before
their assumed name?using the assumed name?
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"take-it-or-leave-it," drafted by one party; other party
Contract of Adhesion has no opportunity to negotiate terms and prices.
Party must "adhere" to provisions as presented
Tad used unauthorized Tad committed a prohibited act.
material to assist him on his
examination for his
insurance producer
license. He justified this by
saying the materials would
be available to him in a
real life situation. Which
statement is true?
What is the maximum fine $20,000; A fine of up to $10,000 for each violation of
that may be imposed upon an order issued by the commissioner.
a producer for violating
two of the Commissioner's
orders?
An insurance company authorized and licensed to
Admitted Insurer
transact business in a particular state.
Which of the following is Brian, who is a VP at AllPro's human resources
not acting as an insurance department and does not receive commissions
producer?
Edwin has decided not to Transfer: the risk of loss is transferred from the insured
retain the risk of home to the insurance company in exchange for a premium
ownership himself. What payment
method of risk does he
choose when he
purchases homeowners
insurance?
Alien Insurer Incorporated in a country other than the United States
What fine will the Up to $5,000 for each violation (but not more than
Commissioner impose for $50,000 in a 6 month period)
the practice of unfair
methods of competition?
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Which of the following is Failing to promptly settle a claim for which liability is
not an unfair claims uncertain. (An insurer is not obligated to settle a claim
settlement practice if for which it's not clearly liable)
committed by an insurance
company in Pennsylvania?
Which of the following Enthusiastically promoting an insurance product
would NOT be considered
misrepresentation of an
insurance policy?
Which of the following Not all risks are transferable via insurance contracts
statements BEST describes
the transfer of risk via an
insurance contract?
Must the Commissioner The Commissioner may choose to waive examinations
conduct an examination of under certain circumstances
every foreign or alien
insurer licensed in
Pennsylvania?
One party may receive a benefit that is out of
Aleatory Contract
proportion to the consideration he or she paid for.
Bill failed to satisfy the No, he must apply for a new license.
continuing education
requirements to keep his
producer's license active in
Pennsylvania. Two years
later, he decides to renew
his license. Can he do so?
Which of the following is Making a misrepresentation of the terms of a proposed
NOT the action of an agent policy
considering the best
interests of an applicant or
insured?
Who is the head of the Insurance Commissioner
Pennsylvania Insurance
Department?
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