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Licensing 101 > Pennsylvania Laws and Regulations > Flashcards

Pennsylvania Laws and Regulations Flashcards

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1
Q

Pre-Licensing education Requirement

A

24 hours

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2
Q

Minimum age to obtain a producer’s license

A

Age 18

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3
Q

Length of temporary insurance producer license, without requiring an examination if a licensed producer dies, becomes disabled, or enters active military service

A

180 days

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4
Q

Producer licenses are issued for a term of how many years?

A

2 years

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5
Q

A lapsed producer’s license may be reinstated within ___ year(s) of the license renewal date

A

1 year

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6
Q

Producer’s time to notify the Commissioner of change to address, administrative actions, or criminal charges

A

30 days

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7
Q

Continuing Education

Requirement for each 2 year CE term

A

24 hours

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8
Q

Continuing Education

Includes ___hours of Ethics

A

3 hours

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9
Q

Continuing Education

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

A

24 hours

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10
Q

Insurance Commissioner

The Commissioner must give __ days’ notice of a hearing.

A

10 days

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11
Q

Insurance Commissioner

Maximum producer fine per violation of the insurance code

A

$5,000

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12
Q

Unfair Competition, Act, or Practice– Civil Penalties

$___ per violation for nonwillful violations

A

$1,000

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13
Q

Unfair Competition, Act, or Practice– Civil Penalties

$____ aggregate penalty for nonwillful violations

A

$10,000

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14
Q

Unfair Competition, Act, or Practice– Civil Penalties

$____ per violation for willful violations

A

$5,000

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15
Q

Unfair Competition, Act, or Practice– Civil Penalties

$___ aggregate penalty for willful violations

A

$50,000

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16
Q

The Commissioner must examine rating organizations at least once every ___ years

Rates must be filed ___ days before use

A

5 years

30 days

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17
Q

Life, accident, or health insurance policy forms must be filed and approved by the Commissioner. Once the forms have been filed, they are considered approved after ____ days unless the Commissioner rejects them.

A

30 days

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18
Q

The Commissioner must conduct and examination of every licensed insurer at least once every ___ years.

A

5 years

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19
Q

The amount of valuable consideration, other than money, an insurance producer may offer or give to an insured or a prospective insured, on an annual aggregate basis, that does not violate rebating statute.

(NOTE: An insurance producer may not make receipt of anything of value contingent on the purchase of insurance)

A

$100

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20
Q

Insurance Fraud Regulations
A person found guilty of insurance fraud is subject to the following civil penalty

$____ for the first violation

A

$5,000

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21
Q

Insurance Fraud Regulations
A person found guilty of insurance fraud is subject to the following civil penalty

$____ for the second violation

A

$10,000

22
Q

Insurance Fraud Regulations
A person found guilty of insurance fraud is subject to the following civil penalty

$_____ for each subsequent voilation

A

$15,000

23
Q

Claims Settlement Practices
Insurers must

Acknowledge receipt of a claim within ___ working days

A

10 days

24
Q

Claims Settlement Practices
Insurers must

Respond to an inquiry from the Insurance Department within ___ working days.

A

15 days

25
Q

Claims Settlement Practices
Insurers must

provide an insured with an explanation if a claim investigation cannot be completed within ____ days.

A

30 days

26
Q

LIFE INSURANCE ONLY

The replacing insurer and the existing insurer must keep replacement transaction records for ___ years after the transaction or until the next Commissioner’s examination, whichever is sooner.

A

3 years

27
Q

Life Insurance Policy Provisions

Maximum policy loan annual fixed interest rate

A

8%

28
Q

Life Insurance Policy Provisions

Free Look Period

A

10 days

29
Q

Life Insurance Policy Provisions

Free- look for internal (same insurer) replacement

A

45 days

30
Q

Life Insurance Policy Provisions
free- look for external (other insurer) replacement

A

20 days

31
Q

Life Insurance Policy Provisions

grace period to pay premium

A

30 days

32
Q

Life Insurance Policy Provisions

An accelerated death benefit must be at least ___%, but no more than ____%, of the total death benefit

A

25%,100%

33
Q

Viatical Settlements

Chronically ill is being unable to perform at least ____ activities of daily living (ADLs) or requiring substantial supervision due to severe cognitive impairment.

A

2 ADLs

34
Q

Terminally ill is having an illness that is expected to result in death in ___ months or less.

A

24 months

35
Q

The Viator has a right to rescind the contract for ___ days from the contract date and for at least ____ days after receiving the viatical settlement proceeds.

A

30 days, 15 days

36
Q

Accident and Health Insurance Only
Maximum pre-existing condition exclusion period, if allowed:

Individual and group policies subject to the ACA

A

Not Allowed

37
Q

Accident and Health Insurance Only
Maximum pre-existing condition exclusion period, if allowed:

Group policies not subject to the ACA

A

12 months

38
Q

Accident and Health Insurance Only
Maximum pre-existing condition exclusion period, if allowed:

Individual policies not subject to ACA

A

3 years

39
Q

Accident and Health Insurance Only
Maximum pre-existing condition exclusion period, if allowed:

Individual policies issued on a nonmedical basis

A

12 months

40
Q

Accident and Health Insurance Only

Probationary periods must not exceed ___days

A

30 days

41
Q

Accident and Health Insurance Only

Free-look for health insurance

A

10 days

42
Q

Accident and Health Insurance Only

Free look for LTC insurance and medicare supplements

A

30 days

43
Q

Accident and Health Insurance Only

Time limit on certain defenses (Incontestability) Health Policy provision

A

3 years

44
Q

Long Term Care (LTC)

Minimum benefit period

A

12 months

45
Q

Minimum inflation protection percentage that must be offered

A

5%

46
Q

Long Term Care (LTC)
Permitted compensation

First year commissions may not be greater than ____% of the first year premium.

A

50%

47
Q

Long Term Care (LTC)
permitted Compensation

Renewal commissions may not exceed ___% of the renewal premium.

A

10%

48
Q

Long Term Care (LTC)

Maximum Pre-existing conditional exclusion period

A

6 months

49
Q

The penalties for Violating LTC regulations are up to ___ times the amount of any commissions paid for each policy involved in the violation, or $___, whichever is greater

A

3, $10,000

50
Q

Medicare Supplements
Permitted Compensation: Maximum First year compensation

A

No more than 200% of servicing compensation

51
Q

Medicare Supplements

Open Enrollment within ____ of enrolling in Medicare part B, and being age 65 or older.

A

6 months

52
Q

Medicare Supplements

Guaranteed issue is available to those who had prior group health coverage or Medicare Advantage who apply for a Medicare Supplement within ____ days after the date of termination or disenrollment of the prior coverage.

A

63 days.

Licensing 101 (27 decks)

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