Pennsylvania law - Study guides, Class notes & Summaries

MIE 305 Exam 2 Questions And Answers 100% Verified Why did richard henry lee propose a "system of confederation" after winning freedom from britain? - answerit was difficult to sell any other power base to the people because they had just escaped britain confederal system - answertwo forms of government (state and federal) where lower levels are supreme in their own jurisdictions (ex: NC law is the supreme law and they can decide whether or not to apply federal law) mullification - ans...

Law of Large Numbers CORRECT ANSWER Recognizes that as the number of exposure units increases, the more likely it is to predict accurately the expected outcome. What must an insurance producer do to apply for a nonresident license in Pennsylvania? CORRECT ANSWER Prove that their license is in good standing in their home state Which best describes the responsibilities an agent owes when they sell a policy? CORRECT ANSWER To provide the agreed-upon insurance and to place coverage with a solv...

The Secretary of the Commonwealth is authorized to appoint and commission notaries public for a term of ______ years from the date of appointment. 4 years Notary Public Law: Section 2 The jurisdiction of notaries public is coextensive with the boundaries of the _________________. Commonwealth Notary Public Law: Section 2 Any person who is _______ years of age or over, who resides or is employed within this commonwealth and who is of good character, integrity and ability shall b...

Rate Regulation - correct answer -Insurance rates must not be excessive, inadequate, or unfairly discriminatory -Insurers must file every manual, minimum, class rate, rating schedule or rating plan with Commissioner (Filing must state Proposed effective date) Standard Fire Policy - correct answer Insurers issuing fire insurance policies must use the Standard Fire Insurance Policy of the State of Pennsylvania, which sets forth certain standard policy provisions for fire insurance contracts. ...

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 vi...

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 Provide policyowner protection if an insurer becomes insolvent Viatical settlement brokers send packets of information to potential viatees. These information packets normal...

Which event must a producer report to the Commissioner? Conducting business under an assumed name Earning new insurance designations Sharing commissions with another licensed producer Involvement in an automobile accident Conducting business under an assumed name If a producer misleads or fails to adequately disclose the title and true nature of a policy offered to a potential insured, it may be considered Defamation Unfair discrimination Misrepresentation Rebating Misrepresentation Under the ...

What is the required action to be taken by a Pennsylvania licensee before operating under an assumed business name? Notify Commissioner Group dental plans will frequently place a limit on annual benefits in order to minimize adverse selection In Pennsylvania, HIPAA law requires that an individual's prior creditable coverage may reduce the maximum pre-existing condition exclusion period that a new group health plan can apply. This rule is applicable as long as there has been no gap in credit...

Pennsylvania Laws and Regulations (Applicable to Property Insurance Only)Rate Regulation - correct answer -Insurance rates must not be excessive, inadequate, or unfairly discriminatory -Insurers must file every manual, minimum, class rate, rating schedule or rating plan with Commissioner (Filing must state Proposed effective date) Standard Fire Policy - correct answer Insurers issuing fire insurance policies must use the Standard Fire Insurance Policy of the State of Pennsylvania, which set...