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www.insurance.pa.gov. The Pennsylvania Insurance Department is a cabinet-level agency in Pennsylvania, United States. It was founded in 1873 and has several main functions, including: [2] To audit insurance companies' finances. Issue licenses to insurance industry individuals and companies. Regulate insurance policies and rates.
Actuarial credentialing and exams. The actuarial credentialing and exam process usually requires passing a rigorous series of professional examinations, most often taking several years in total, before one can become recognized as a credentialed actuary. In some countries, such as Denmark, most study takes place in a university setting.
Insurance regulatory law is the body of statutory law, administrative regulations and jurisprudence that governs and regulates the insurance industry and those engaged in the business of insurance. Insurance regulatory law is primarily enforced through regulations, rules and directives by state insurance departments as authorized and directed ...
Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of an insured person. Depending on the contract, other events such as terminal illness or critical ...
Permanent life insurance is designed to offer lifelong coverage, with policies typically lasting until you reach the age of 95 to 121, depending on the contract terms. Unlike term life insurance ...
Most financial advisers carry licenses to sell life insurance, securities, or mutual funds, or some combination of all three. The life insurance license is obtained through successful completion of the life license qualification program, except in Quebec, where licensing is completed through the Autorité des marchés financiers. [30]
Penn Mutual entrance. The Penn Mutual Life Insurance Company, commonly referred to as Penn Mutual, was founded in Philadelphia, Pennsylvania, in 1847. It was the seventh mutual life insurance company chartered in the United States. As of 2019, it had 3,140 employees, $3.7 billion in revenue, and $36.7 billion in assets. [1][2]
Minimum of $300. Registration suspension. Three months plus $79 restoration fee. License suspension. Three months plus $79 restoration fee. Pennsylvania law is quite strict when it comes to ...
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