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29 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Individuals that have completed pre-licensing education have ___________ to apply for a producer license |
1 year |
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How old must one be to qualify for a producers license ? |
18 |
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When producers represent the prospective insured they are acting as ______ |
Brokers |
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Producers sell insurance to the ______ |
Public |
6 letters |
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A _____________ producer license is issued to a nonresident when the nonresident producer wants to sell insurance & collect commissions in Pennsylvania |
Nonresident producer license |
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What type of license is issued without requirement for examination? |
Temporary license |
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True or false : individuals that are serving in the armed forces are eligible for a temporary license |
True |
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What task does the surviving spouse have when given a temporary license? |
Sale of the agency |
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How long is a temporary license valid for? |
180 days |
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True or false Surviving spouse with a temp license is allowed to solicit new business |
False solicitation of new business is prohibited |
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Managers & exclusive general agents license are issued to producers that conduct insurer type activities such as... |
Underwriting Policy issuance Claims settlement |
C.U.P |
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How many days does one have to notify the insurance department of an address change? |
30 days |
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How many days does one have to notify the insurance department of an legal name change? |
30 days |
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How many days does one have to notify the insurance department of an agency change? |
30 days |
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How many days does one have to notify the insurance department of an criminal conduct ? |
30 days |
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When can licensed producers split the commission? |
When they are both licensed in the same power (department) |
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Before a license renewal, how much continuing education must one complete? |
24 hours |
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Failure to comply to continuing education will result in .... |
Voluntary termination of license |
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Insurance department may do what to a producers license? |
Fine Revoke Suspend Non renew |
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How much is a fine for a violation? |
$5,000 for each violation |
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When convicted of a violation, how much jail time can be issued? |
No more than 6 months |
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If convicted of a violation, can one have their license revoked? |
Yes |
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Which act provides a means of covering claims for certain property and casualty insurance policies |
Guaranty association act |
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What is the illegal practice of a producer giving back to the insured ? |
Rebating |
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False statements that are relied upon as being truthful |
Misrepresentations |
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Illegal practice of misrepresenting policy provisions or the making of incomplete comparisons |
Twisting |
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Any illegal act or activity that may induce or cause an individual to enter into an insurance contract |
Illegal inducement |
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The defaming of an insurance company by making false or derogatory statements as to the company's financial position |
Defamation of insurer |
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What act was established to protect consumers from unfair and inaccurate information contained in the files of credit reporting agencies |
Fair credit reporting act |
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