CH 5 quiz

amount of premium paid and premium that would have been paid for amount of insurance = to amount paid for total loss

if an insurer pays an amount less than the amount insured under the policy in a total loss, how much of the insured's premium must they return?

there was a changed in the risk that substantially increased the hazard insured against.

A policy that has been in effect for at least 60 days or is due for renewal may only be cancelled if

express and implied

powers and authorities an agent holds

controlled

an insurance producer sold an insurnace policy to his sister. What type of policy?

Apparent authority (also known as perceived authority)

appearance or the assumption of authority based on the actions, words, or deeds of the principal or because of circumstances the principal created.

benefits only start once worker has been unable to work for more than 7 days

at what point receive workers comp benefits for missed work

in the event of a total loss by fire to a one or two family residential building or structure

the valued policy statue applies in which of the following events

wind and/or hail

insurer who issues a crop insurance policy, other than federal, for tobacco crops, should have what until the crop is harvasted?

employers who do not qualify for coverage in the voluntary market

the Georgia Workers compensation Assigned Risk Plan exists to provide coverage to

twisting

Which type of misrepresentation persuades an insured to his detriment to cancel, lapse, or switch policies?

30 days

agent moves, he must notify the commisioner of insurance within

client

agent's license authorize's them to represent the insurer not the

5 years

agents , subagents and counselers must keep records of insurance transactions for

every 2 years on birth month

agents license expires

elected to office

how is the commissioner of insurance slected to be the chief officer of dept of insurance

the policy will not lapse

insurance premium paid by policy owner to agent and agent doesn't remit payment:

Churning

replacing insurance policies for the sole purpose of making commissions, and it is illegal.

domestic workers

what type of workers are not covered under workers compensation

felony

willfil violation of agent's fiduciary responsibiiltiy of funds exceeding $500

in home medical devices

workers comp doesn't pay for

allows insurer to transact insurance in georgia

what is the function of a certificate of authority

10 days

if a policy is cancelled due to nonpayment of premium, must give how many days notice

considered transacting insurance

placing advertisements is NOT

disriminating in benefits and coverages based on insured's habits and lifestyles

NOT considered unfair distrimination by insurers