Pennsylvania P&c Exam Questions With Explained Answers

Purchased in the normal of standard market. {Ans: PA Fair Plan Act}What insurance option lets the insured seek recovery for all medical and other out-of-pocket damages, pain & suffering, and other non-monetary damages as a result of injuries caused by other drivers? {Ans: Full Tort Option}When a producer shares a commission with an unlicensed person. {Ans: If a license was held at a time of sale; Referring a person can receive a one time nominal set fee}What is the loss ratio of an insurance company that, in the span of a year, pays out $35,900 in benefits and collects $69,550 in premiums? (Loss Ratio = (Benefits Paid Out / Premiums Collected) x 100) {Ans: 51.6}An insurer must notify an insured at least how many days before increasing the premium on a commercial casualty insurance policy. {Ans: 30 days}Liability for property damage could be covered by coverage ___ of a homeowners policy. Select one: a. G b. E c. F d. D {Ans: E}If a party that is bringing a civil suit against another seeks to freeze the other party's assets, which of the following types of surety bonds can be utilized to achieve that