Pennsylvania Law and Regulation Laws(Applicable only to Casualty Insurance) with correct answers 2024

Pennsylvania Law and Regulation Laws(Applicable only to Casualty Insurance) Financial Responsibility - correct answer Minimum limited of automobile liability are 15/30/5 -$15,000 per person for bodily injury -$30,000 per accident for bodily injury -$5,000 per accident for property damage Minimum medical benefit : $5,000 Proof of Financial Responsibility: -Posting a bond or securities -Purchase automobile policy First-Party Benefits (PIP) - correct answer Personal Injury Protection (PIP) endorsement provides first-party benefits Income loss benefits (may be viewed by insured): -5 day waiting period for benefits -up to 80% of income loss -Benefits may be increased to $2500 per month, subject to a $50,000 limit and same 5 day waiting period and 80% limit $2500 in funeral expense benefits First-Party Benefits (PIP) (II) - correct answer Optional higher limits: -$100,000 in medical benefits (and from $100,000 to $1,100,000 for extraordinary medical benefits -$25,000 in accidental death benefits First-Party Benefits (III) PIP optional higher limits - correct answer Optional Higher Limits: -Combination policy of up to at least $177,500 of the aforementioned benefits (subject to the limit of $25,000 for accidental death and $2,500 for funeral expense benefits) -Limits per individual are $50,000 medical per year(except first 18 months) with a $1,000,000 million lifetime aggregate 3-year limitation on benefits payable if automobile policy limits are not exhausted -First-party benefits do not apply to recreational vehicles not intended for highway use, motorcycles, or motor-driven cycles. First-Party Benefits (PIP) (IV) - correct answer PIP in an accident -The named insured' policy is primary for the names insured -For an insured, the policy covering the insured -For an occupants of an insured motor vehicle, the policy on that particular motor vehicle (only if occupant has no coverage under his policy or the policy in which the occupant is a family member) - for person who is not occupant of a motor vehicle on any motor vehicle involved in the accident.