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PA Life & Health Insurance > PA Regulation > Flashcards

PA Regulation Flashcards

1
Q

Pre licensing Education Requirement

A

24 Hours

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2
Q

Minimum Age to get license

A

Age 18

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3
Q

Length of time for temporary license

A

180 Hours

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4
Q

Producers licenses issued for a term of

A

2 years

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5
Q

Lapsed license may be reinstated within

A

1 year of renewal date

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6
Q

Change of address

A

30 Days

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7
Q

Continuing Education

A

24 Hours

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8
Q

Hours of ethics

A

3 hours

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9
Q

Number of hours that may be carried forward to next CE term

A

24 Hours

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10
Q

Days a Commissioner must give for notice of hearing

A

10 Days

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11
Q

Maximum producer fine per violation of the insurance code

A

$5,000 (code 5)

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12
Q

Fine per violation for non-willful violations

A

$1,000

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13
Q

Aggregate penalty for non-willful violations

A

$10,000

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14
Q

Finer per willful violations

A

$5,000 (Will 5)

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15
Q

Aggregate penalty for willful violations

A

$50,000

Will 50k

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16
Q

Commissioner must examine rating organizations at least

A

5 Years

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17
Q

Amount of days rates must be filed before use

A

30 Days

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18
Q

Days forms must be approved unless rejected

A

30 Days

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19
Q

Commissioner must conduct a examination of every licensed insurer once every

A

5 Years

20
Q

Amount of valuable considerations other than money an insurance producer may offer

A

$100

21
Q

Guilty of fraud for first violation

A

$5,000

22
Q

Guilty of second violation

A

$10,000

Two 10

23
Q

Guilty of each subsequent violation

A

$15,000

24
Q

Insurers must acknowledge receipt of claim

A

Within 10 days

25
Q

Must respond to inquiry from insurance department

A

Within 15 days

15 responses

26
Q

Provide an explanation of a claim

A

Within 30 days

30 Explanation

27
Q

Keeping replacement transaction records on file

A

3 years

28
Q

Maximum policy loan annual fixed interest rate

A

8%

29
Q

Free Look Period

A

10 days for life insurance
45 days for internal (same insurance) replacement of life
20 days for external (other insurance) replacement of life

30
Q

Grace Period to pay premium

A

30 Days

31
Q

Accelerated death benefit

A

Must be at least 25% but no more than 100% of the total death benefit

32
Q

Chronically ill

A

Unable to perform at least 2 ADLs

33
Q

Terminally ill

A

Expected to result in death in 24 months or less

34
Q

Viator has the right to rescind the contract for __ days for at least __ days after receiving viatical settlement proceeds

A

30 days

15 days

35
Q

Probationary periods must not exceed __ days

A

30 days

30 Pro’s

36
Q

Free look for health insurance and free look for LTC and Medicare

A

10 days for health insurance

30 says for LTC and Medicare

37
Q

Time limit on certain defenses (incontestability) health policy provision

A

3 Years

38
Q

LTC Minimum benefit period

A

12 Months

39
Q

LTC Minimum inflation protection percentage that must be offered

A

5%

5 foot min

40
Q

First Year Commissions

A

May not be greater than 50% of the first-year premium

41
Q

Renewal commissions may not exceed

A

10% of the renewal premium

42
Q

Maximum pre-existing condition exclusion period

A

6 Months

43
Q

Penalties for violating LTC regulations are up to ___ times the commissions paid for each policy involved, or ___ whichever is greater

A

3 times

or $10,000

44
Q

Maximum first year compensation

A

No more than 200% of first year compensation

45
Q

Open enrollment for Medicare Part B and being 65 or older

A

6 Months

46
Q

Guaranteed issue is available to those who had prior group health coverage or medicare advantage who apply for medicare supplement within

A

63 days

PA Life & Health Insurance (3 decks)

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