Insurance Licensing PA-Title-Insurance-Agent Q&A - in .pdf

  • Exam Code: PA-Title-Insurance-Agent
  • Exam Name: Pennsylvania Producers Examination for Title Insurance Series 16-10
  • Q & A: 67 Questions and Answers
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  • Exam Code: PA-Title-Insurance-Agent
  • Exam Name: Pennsylvania Producers Examination for Title Insurance Series 16-10
  • Q & A: 67 Questions and Answers
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Insurance Licensing PA-Title-Insurance-Agent Exam Syllabus Topics:

SectionWeightObjectives
General Insurance Concepts3%
Title Insurance Principles- Title insurance policies
  • 1. Enhanced policies
    • 2. Leasehold policy
      • 3. Loan policy
        • 4. Owner's policy
          • 5. Commitments
            - Insurable interests
            • 1. Easements
              • 2. Leasehold estate
                • 3. Fee simple estate
                  • 4. Life estate
                    - Title search techniques
                    • 1. Hard copy index
                      • 2. Computer index
                        • 3. Chain sheet
                          - Risks covered by title insurance
                          • 1. Errors by producer
                            • 2. Errors in public records
                              • 3. Hidden off-record risks
                                - Policy structure
                                • 1. Endorsements
                                  • 2. Exclusions
                                    • 3. Schedule A
                                      • 4. Insuring provisions
                                        • 5. Schedule B exceptions
                                          • 6. Conditions and stipulations
                                            Insurance Regulation12%- Licensing
                                            • 1. Expiration
                                              • 2. Title producer additional requirements
                                                • 3. General requirements
                                                  • 4. Cease and desist orders
                                                    • 5. Assumed names
                                                      • 6. Reporting of actions
                                                        • 7. Persons to be licensed
                                                          • 8. Address change
                                                            • 9. Revocation, suspension, nonrenewal or denial of license
                                                              • 10. Maintenance and duration
                                                                • 11. Renewal
                                                                  • 12. Continuing education
                                                                    • 13. Disciplinary actions
                                                                      • 14. Licensing process
                                                                        • 15. Appointment procedures
                                                                          - Unfair trade practices
                                                                          • 1. Misrepresentation
                                                                            • 2. Defamation
                                                                              • 3. Rebates and inducements
                                                                                • 4. False advertising
                                                                                  • 5. Unfair discrimination
                                                                                    • 6. Boycott, coercion or intimidation
                                                                                      • 7. Twisting
                                                                                        - Company regulation
                                                                                        • 1. Unfair claims settlement practices
                                                                                          • 2. Solvency requirements
                                                                                            • 3. Rates regulation
                                                                                              - State regulation
                                                                                              • 1. Commissioner's general duties and powers
                                                                                                - Producer regulation
                                                                                                • 1. Record keeping
                                                                                                  • 2. Charges for extra services
                                                                                                    • 3. Unfair inducements and marketing practices
                                                                                                      • 4. Prohibited acts
                                                                                                        - Title insurance law requirements
                                                                                                        • 1. Examination of title required
                                                                                                          - Federal regulation
                                                                                                          • 1. Fair Credit Reporting Act
                                                                                                            • 2. Fraud and false statements (18 USC 1033/1034)
                                                                                                              Title Exceptions and Procedures for Clearing Title21%- Property-related issues
                                                                                                              • 1. Water rights
                                                                                                                • 2. Surveys
                                                                                                                  • 3. Mineral rights
                                                                                                                    • 4. Condominiums
                                                                                                                      • 5. Equitable interests
                                                                                                                        • 6. Attachments
                                                                                                                          - Liens and encumbrances
                                                                                                                          • 1. Involuntary liens
                                                                                                                            • 2. Judgments
                                                                                                                              • 3. Taxes and assessments
                                                                                                                                • 4. Voluntary liens
                                                                                                                                  • 5. Federal liens
                                                                                                                                    - General exceptions

                                                                                                                                    Insurance Licensing Pennsylvania Producers Examination for Title Insurance Series 16-10 Sample Questions:

                                                                                                                                    1. On what schedule of a title commitment would you find an easement that is proposed to be an exception from policy coverage?

                                                                                                                                    A) A
                                                                                                                                    B) B-I
                                                                                                                                    C) B-II
                                                                                                                                    D) C


                                                                                                                                    2. The term used in the Real Estate Settlement Procedure Act (RESPA), that describes a situation in which a person must use a particular provider for settlement services in order to have access to some distinct service or property, is known as

                                                                                                                                    A) bundled services.
                                                                                                                                    B) anti-kickback.
                                                                                                                                    C) tied benefits.
                                                                                                                                    D) required use.


                                                                                                                                    3. A licensee has violated a Pennsylvania insurance law. The commissioner CANNOT impose what penalty after the hearing?

                                                                                                                                    A) a jail sentence
                                                                                                                                    B) license revocation
                                                                                                                                    C) a fine
                                                                                                                                    D) license suspension


                                                                                                                                    4. An insurance licensee must do all of the following in order to renew an insurance license EXCEPT

                                                                                                                                    A) submit to the department a completed renewal form.
                                                                                                                                    B) complete the continuing education requirements, if applicable.
                                                                                                                                    C) pay the required renewal fee.
                                                                                                                                    D) hold active insurer appointment(s).


                                                                                                                                    5. Which of the following is NOT the responsibility of the Notary Public when taking an acknowledgment on a Deed, Mortgage or Deed of Trust?

                                                                                                                                    A) obtain proper identification from all signers
                                                                                                                                    B) sign his or her name on the witness line
                                                                                                                                    C) affix his or her official stamp
                                                                                                                                    D) list the expiration date of his or her commission


                                                                                                                                    Solutions:

                                                                                                                                    Question # 1
                                                                                                                                    Answer: C
                                                                                                                                    Question # 2
                                                                                                                                    Answer: D
                                                                                                                                    Question # 3
                                                                                                                                    Answer: A
                                                                                                                                    Question # 4
                                                                                                                                    Answer: D
                                                                                                                                    Question # 5
                                                                                                                                    Answer: B

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