State RegulationsPA specificDifficulty 1/5
Under Pennsylvania Insurance Department licensing rules, a license held by a viatical settlement broker is issued for a term of:
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Answer & full 3-part explanation (select an option above, or peek)
Why B is correct
40 P.S. § 626.2 defines the viatical settlement broker as the person who, for compensation, negotiates a settlement on behalf of the policyowner, and the Pennsylvania Insurance Department licenses those brokers. Under the Department's official license matrix, a viatical settlement broker license runs for a 1-year term, with an initial and renewal fee of $100 — a shorter cycle than the standard producer license term. Candidates should keep the one-year broker cycle separate from the two-year producer cycle.
Why the other options are wrong
- A) Two years is the standard producer license term in Pennsylvania, not the viatical settlement broker term.
- C) The broker license is not a half-year credential; the Department issues it for a 1-year term.
- D) No three-year term exists for this license; the Pennsylvania Insurance Department matrix specifies the 1-year cycle with the $100 fee.
Memory hook
Viatical brokers renew yearly — the short-cycle license with the $100 tag.