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PSI PA Property and Casualty Exam Guide questions and answers| graded A+

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PSI PA Property and Casualty Exam Guide questions and answers| graded A+ PSI PA Property and Casualty Exam Guide questions and answers| graded A+ Broker - correct answers-According to the insurance law, who is the principal? 90 days - correct answers-An application as a resident agent must be ma...

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  • October 27, 2024
  • 13
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • psi pa property and casualty exam guide questions

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  • PSI PA Property and Casualty
  • PSI PA Property and Casualty

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PSI PA Property and Casualty Exam Guide
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questions and answers| graded A+
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90redaysre-recorrectreanswers-
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rincipalreplacereofreresidencerewithinreParefromreanotherrestate?
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issuedreforre180redaysreforresurvivingrespouse,resurvivingreinactivereofficerreorrepartner,relegalrerepresentative.reC
anrebereusedreuponredeathreorreincompetencyreofreproducer,reorrewhenreindividualsrearereservingreinretheremilitar
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providesreincorrectreorremisleadingreinfo,rebeenredeniedreinreanotherrestatereorreviolatedrecommonwealthreinsur
ancerelaws.re-recorrectreanswers-Insuranceredepartmentrecanredenyreanreapplicationreifrethereapplicant....
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thereinsuranceredepartmentremayreissuerethisrewhichrerequiresrethereinsurerreorrepersonretorestopreactivityreinrequ
estion
thereGovernorre-recorrectreanswers-Insurancerecommissionerreisreappointedreby...
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administeredrebyreareU.S.restateretoreprotectrepolicyholdersreinrethereeventrethatreanreinsurancerecompanyredefaul
tsreonrebenefitrepaymentsreorrebecomesreinsolvent.reProducersrearereprohibitedretoreadvertisereit'sreexistencereto
resecurerebusiness.

RatereRegulationre-recorrectreanswers-
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15redaysre-recorrectreanswers-Insurancereshouldrerespondretoreinsuranceredepartmentreinquiryrewithin...
Rebatingre-recorrectreanswers-
Bribery,rereturningreareportionreofretherepremiumreorrethereagent's/broker'srecommissionreonretherepremiumretor
ethereinsuredreorreotherreINDUCEMENTSretoreplacerebusinessrewithrearespecificreinsurer.

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Coercionre-recorrectreanswers-persuadingresomeoneretorebuyreinsurancerethroughrethereusereofrethreats
Misappropriationreofrefundsre-recorrectreanswers-improperreholding,rebreakingrefiduciaryreobligations
Defamationre-recorrectreanswers-
makingrefalsereorrederogatoryrestatementsreasretoreinsurancerecompany'srefinancialreposition
Redliningre-recorrectreanswers-unfairrediscriminationrebasedreonrelocationreofreinsured'srehomereorrebusiness
Comminglingrefundsre-recorrectreanswers-
whenreareproducerreisrecollectingrepremiumsrefromreapplicantsreandreaddingreitretoretheirrepersonalrefunds,reholdi
ngreoutrepremium
Fiduciaryreresponsibilityre-recorrectreanswers-
isreareproducer'sreobligationretorehandlerefundsreofrethereinsuredreinreareresponsiblereandreethicalremanner
ThereInsurerre-recorrectreanswers-Whorecanreterminatereareproducersreappointment

, InsurancereProducerre-recorrectreanswers-
meansreanyreperson/entityrewhoreorrewhichreisrelicensedretoresolicit,renegotiate,reorresellreinsurance.
theredepartmentreofreinsurancere-recorrectreanswers-
Whoreisreallowedretoreconductreasremanyreexaminationsreofreinsurancereagencies/agentsreasretheyrewant
Commissionsre-recorrectreanswers-canreberesharedrewhenre2reproducersrearereinretheresamereauthority
ConsultingreFeesre-recorrectreanswers-
allowed,remustreincluderearewrittenreadvancerenoticereofretherefeeredisclosedretoretherepersonreandremustrebererea
sonablereinrerelationshipretoreservicereprovided
Gramm-Leach-BaileyreActre-recorrectreanswers-
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urancereagencyrefromredisseminatingrenonpublicrepersonalreinforetorenon-affiliatedrethirdreparty)
$5000/$10000/$15000re-recorrectreanswers-
InsurancereFraudreRegulation,recriminalreprosecutionreandrecivilrepenaltyreupreto?re(amounts)
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establishedretoreprotectreconsumersrefromreunfairreandreinaccuratereinfo,remaxrepenaltyreofre$2500reand/orre2rey
earsreinreprison
protectreagainstretherecirculationreofreinaccuratereorreobsoleterepersonalreorrefinancialreinfo.re-
recorrectreanswers-QOT:rePrimaryrepurposereofrethereFCRAre(fairrecreditrereport.react)reisreto...?

$50,000reand/orre10-15reyearsreinreprisonre-recorrectreanswers-Fraudre&reFalserestatements---
fraudrethatreaffectsreinterstaterecommerceresuffersremaxrepenaltyreof...
Riskre-recorrectreanswers-exposureretoreorreuncertaintyreofreloss
PurereRiskre-recorrectreanswers-
onlyrecanreberenorechargereorreloss,reonlyretypereofreriskreinsurancerecoversre(norefinancialregain)
SpeculativereRiskre-recorrectreanswers-
canreeitherreberelostreorrehaveretherechanceretorewinrefromreareriskre(ex.reGambling)
Hazardsre-recorrectreanswers-conditionsrethatreincreaserethereprobabilityreofreanreinsuredreloss
PhysicalreHazardre-recorrectreanswers-
individualrecharacteristicsrethatreincreaseretherechancesreofretherecausereofreloss---
(physicalrecondition,repastremedicalrehistory,rebirthredefect,reblindness)
MoralreHazardre-recorrectreanswers-tendenciesretowardsreincreasedreriskre(character/reputation)
MoralereHazardsre-recorrectreanswers-
ariserefromrestatereofremindrethatrecausesreindifferenceretorelossre(carelessness)
Elementsreofreinsurablereriskre-recorrectreanswers-
mustreberedefinable,reaccidental,repredictable,relawreofrelargere#sreshouldreapply,recreaterefinancialrehardship,rere
asonablerepremiums,renotrecatastrophic
Exposurere-recorrectreanswers-
unitreofremeasurementreusedretoredeterminereratesrechargedreforreinsurancerecoverage
Homogeneousre-recorrectreanswers-largere#reofreunitsrehavingretheresamereorresimilarreexposureretoreloss
Insurancere-recorrectreanswers-
transfersrethereriskreofrelossrefromreindividualreorreentityretoreinsurancerecompany,rewhichrespreadsretherecostsreofr
eunexpectedrelossesretoremanyreindividuals,reincludesresolicitation,renegotiations,resale,reandreadvisingreonreindi

vidualreconcerns,recoveragereorreclaims
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Avoidance,reretentionre(reducerepremiums),resharing,rereduction,reandretransferre-recorrectreanswers-
MethodsreofreHandlingreRiskreinclude...

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