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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Insurance Licensing PA-Title-Insurance-Agent Exam Syllabus Topics:

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

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

                                                                                                                                    Question #1

                                                                                                                                    What is the purpose of probate of an estate?

                                                                                                                                    • A. to establish heirs
                                                                                                                                    • B. to avoid inheritance tax
                                                                                                                                    • C. to foreclose a lien
                                                                                                                                    • D. to transfer a deceased's debts
                                                                                                                                    Answer: A

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                                                                                                                                    Question #2

                                                                                                                                    The process by which a mortgage is enforced against real estate is called a

                                                                                                                                    • A. trustee sale.
                                                                                                                                    • B. forfeiture.
                                                                                                                                    • C. non-judicial foreclosure.
                                                                                                                                    • D. sheriff's sale.
                                                                                                                                    Answer: D

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                                                                                                                                    Question #3

                                                                                                                                    Which of the following is the broadest form of ownership allowed by law?

                                                                                                                                    • A. leasehold
                                                                                                                                    • B. life estate
                                                                                                                                    • C. fee simple
                                                                                                                                    • D. easement estate
                                                                                                                                    Answer: C

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                                                                                                                                    Question #4

                                                                                                                                    Which of the following is NOT among the requirements for recording a document affecting title to property in Pennsylvania?

                                                                                                                                    • A. The addresses of grantees must be provided on a special form appended to the document.
                                                                                                                                    • B. The signatures on the document must be acknowledged.
                                                                                                                                    • C. The stamp of the notary must be clear and legible and nothing may be written over it.
                                                                                                                                    • D. The executed title insurance policy must be sent to the state insurance department.
                                                                                                                                    Answer: D

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                                                                                                                                    Question #5

                                                                                                                                    Under the terms of a title insurance policy, when a disputed claim is decided by a neutral third party, the process is called

                                                                                                                                    • A. arbitration.
                                                                                                                                    • B. subrogation.
                                                                                                                                    • C. litigation.
                                                                                                                                    • D. indemnification.
                                                                                                                                    Answer: A

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