Numbers And orders Flashcards
buildings which have no residents or active business for more than how many days are considered unoccupied?
60
Buildings that are both unoccupied and have no personal or business property in them for more than how many days are considered vacant?
60
How many days is required to notify the mortgagee when a policy is cancelled?
10
Where is the loss payable clause located? In DICE?
Declarations page
How many days is required to submit written notice of cancellation due to “no payment of premium?”
10 days
How many days is required to submit written notice of cancellation due to “any reason?”
60 days, after in effect for more than 30 days of effect or 31 days of its anniversary date
How many days is required to submit written notice of cancellation due to “gross negligent acts?”
31 days
How many days is required to submit written notice of cancellation due to “operational changes?
31 days
How many days is required to submit written notice of cancellation due to “physical changes of insured property?
31 days
How many days is required to submit written notice of cancellation due to “insured’s conviction of crime?
31 days
How many days is required to submit written notice of cancellation due to “pursuit or discovery of fraud?”
31 days
How many days is required to submit written notice of cancellation for Private Residence?
45 days before effective date of cancellation or non renewal
How many days is required to submit written notice of cancellation due for Commercial policy?
60 days
A bankruptcy can stay on record for how many years? Unless the application job pays more than how much a year? Unless How much in life insurance credit?
10 years unless makes $75,000 a year or with $150,000 in life insurance
A bad credit report can stay on record for how many years? Unless the application job pays more than how much a year? Unless How much in life insurance credit?
7 years unless applicant makes more than $75,000 or have not than $150,000 in life insurance
How many years can an individual engaged in fraud and false statements go to jail for?
10 years
How many years can an individual with criminal felony record involving dishonesty or breach of trust shall be fined or imprisoned for?
5 years max
Any such person who willfully permits the participation described shall be fined or imprisoned for how many years?
5 years max
Any person who’s found guilty of fraud under these sections can be punished by fines up to how much? And jail time up to how long?
50,000 and 10 years
If the action endangers an insurers stability the maximum jail time is how long?
15 years
If a person is involved embezzlement, abstraction, purloin, the amount does not exceed how much? Jail time does not exceed how many year?
1 year, 5000 max
How many years is allowed to bring action against the insurer to legal action?
2
Which section of DICE is loss payee listed?
Declarations
according to TRIA, the us secretary must notifying congress within how many days after an act of terrorism?
15 days if it exceed 100 billion
For how many years is the US secretary required to collection terrorism premium?
2 years or by 2017.
What is the minimum age for producer license applicants?
18
How many hours is required when taking a certified prelicense insurance?
24 hours
Temporary license is valid for maximum of how many days?
180
What is the penalty amount for an individual who is not licensed to act as manager or general agent?
$1000 per day
License renewal is required how often?
Every 2 years
How much is license renewal fees for resident?
$55
How much is license renewal fee for non resident?
$100
How much is renewal fee for lapsed license?
Those who failed to renew on time
$165
Licensees must report to department if taken to jurisdiction within how many days?
30 days
When updating address, how many days are required for notice?
30
How many hours are required for flood insurance training?
3 hours
How many hours are required for long term care training?
8 hours and 4 hour freshest
Commissioner notified individual of a hearing to be held not within how many days after the notice?
10 days
Fines:
If failing to respond to written inquiry from the department of insurance?
$100 per day
Fines of violation occurs if the person did know or should have known the act was a violation
Up to $5000 per violation, max of $50,000 within 6 months
Fines for when a person did not know the act was a violation?
Up to $1000, max of $10,000 within 6 months
Fines for violation if a cease and sexist order was in effect at the time of violation
Fine up to $10,000 for each
How often can commissions exam a rating organization?
Every 5 years
What are violations amount for rating organizations?
$50 each violation, $500 willful violation
What is penalty amount for using unapproved policies?
$1000 each violation
What is non monetary penalty for using unapproved policies?
Suspension of license for 1 year
How often does examination of producers books and records occur?
At least once Every 5 years
If an agency wants to terminate agent contacts, how many days notice is required to send notice to commissioner?
90 days
How many days is required for commission to request for agency review?
30 days
Funds are provided for an annual assessment of insurers under the Insurance Fraud Prevention Authority. How much are the funds?
8 million
What are False statement penalties?
Fine
Imprisonment
Fine up to $50,000
Up to 10 years in prison
Up to 15 years in prison if harm others
Property and casualty insurance guaranty association protects against claims payment by the insurer to the insured. What are the maximum benefits?
$300,000 per claimant
Unearned premiums up to $10,000/policy
Pa casualty and property guaranty association only pays claims to those with net worth under how much?
$25 million
Within how many days insured must submit proof of loss?
60 days
What are the Limits of liabilities for motor vehicle?
Minimum:
15/30/5 split
35 single
$5000 medical
What are the liability amounts for first part benefits?
Medical benefits Loss of income Accident death Funeral benefits Combinations
Medical - 100,000 Loss of income $2500 to 50,000 per month Accidental death-at least $25000 Funeral - at least 2500 Confirmation 177,500 up to 3 years after accident
When are first person benefits due? What is interest if not paid within due date?
30 days due or 12% interest per year
Workers compensation- how much must agricultural laborer make to be covered by WC?
Over $1200 in one year
Workers compensation- how many days are required for agricultural laborer to be covered by WC?
30 or more days unless employers spouse or children under 18.
How many years are firefighters heart and lungs covered for? Under WC?
4 years
WC- how much are injured employees paid?
2/3 of wages
How many weeks can employee receive total disability for?
According to total disability
104 weeks
When does WC benefits begin? According to total disability
If less than 14 days, begins on 7th day.
If more than 14 days, begins 1st day
According to partial disability, how many weeks are injured employees covered?
500 weeks
WC- specifically body members loss: how many weeks covered for loss of an eye?
275 weeks
WC- specifically body members loss: how many weeks covered for loss of index finger?
50 weeks
WC- if employee dies for reason other than covered injuryC payment continues to following spouse and children. What are the percentages?
Spouse- if no children under 18. 51%
Spouse with one child 60%, spouse with 2 or more children 66.66%
No spouse, one child 33%, two children 42% and three 52%, four 62%, five 64%, six or more $66.66%
Dependent parent- partial/full 32-52%
Dependen5 sibling - one 22%, more 32%
Funeral expenses up to 3000
WC- how much does window get paid for deceased spouse?
104 weeks in lump sum
How much must subsequent injury fund must maintain?
$100,000
In PIP- how much will be paid for non owned auto trailer?
$500
In PIP, how much is paid for sound equipment?
$1000
Transportation expenses- amount per day for transport cost? Amount to rent substitute vehicle?
$15/day or $450 per rental
A pick up truck or van is covered under PAP but only under how many lbs? And not used for cargo or delivery.
10,000 lbs
In PIP, how much is paid for sound equipment?
$1000
Transportation expenses- amount per day for transport cost? Amount to rent substitute vehicle?
$15/day or $450 per rental
A pick up truck or van is covered under PAP but only under how many lbs?
10,000 lbs
What is payment for towing and labor costs under PAP?
$25 cost, $50 labor cost
Extended non owned coverage in PAP covers which type of car? Company or personal?
Company car
How long is the claims made policy’s discovery period?
1 year
What is the basic amount of days for claims? For mini tail?
60 days within its termination
How long is midi tail good for?
5 years within its termination
What is cost of one time premium for full tail? And how many days?
Must be purchased 60 days before mini tail expires. Premium is 200%
