Questions & Answers | Test bank Show
1) Issue Cease and Desist Order 2) Impose fines 3) Revoke licenses 4) Incarceration Answer: Incarceration Learn More :Insurance 1 to 100
Insurance 100 to 200
What is the required action to be taken by a Pennsylvania license before operating under an assumed business name?Any entity (including an individual/sole proprietorship, corporation, partnership, association or other combination or group of persons) which conduct(s) any business in Pennsylvania under an assumed or fictitious name must register the fictitious name by filing a Registration of Fictitious Name form [DSCB:54-311].
What is the purpose of the Pennsylvania life and Health Insurance Guaranty Association?The Pennsylvania Life & Health Insurance Guaranty Association was created by the Pennsylvania legislature in 1978 to protect state residents who are policyholders and beneficiaries of policies issued by an insolvent insurance company, up to specified limits.
Which of the following is a person who negotiates an insurance contract on behalf of an insurer?(a) “Adjuster” means a licensee of the Department who, as an independent contractor or on behalf of an independent contractor, insurer, self-insurer, producer or managing general agent, investigates and/or negotiates settlement of claims arising under insurance contracts.
When a producer offers something of value in return for the purchase of an insurance policy?Rebate — When an insurance agent gives a policy owner a part of their commission (or something of value) as an incentive to buy insurance. This is illegal. Reinsurance — A risk-management tool for insurance companies. It transfers risk from one insurance company to another.
|