Chapter 6 : Georgia Rules and Codes Pertinent to Life Insurance Only

What is the minimum age for purchasing a life insurance policy in this state?

15 years old

Which of the following would NOT be considered a purpose of the life insurance solicitation regulations of Georgia ?

Help buyers choose most qualified insurance producers

As defined by the Georgia Insurance Code , all of the following entities may have an insurable interest in the insured EXPECT ?

Insurer

If a person is compensated for a testimonial in an advertisement, which of the following statements should be included in the advertisement?

Paid endorsement

Any references to policy dividends must include a statement of what ?

That the dividends are not guaranteed

An application for life insurance usually requires the agent to ask if the proposed insurance policy will replace an existing life insurance policy. All of the following are purposes for obtaining this information EXPECT

To ensure that at least three companies are involved so the policyowner get competitive prices

All of the following would be excluded from the regulation on life insurance solicitation EXCEPT

A term life policy

All of the following are examples of violations of replacement EXPECT

Advising an applicant to answer questions correctly

A legally acceptable attempt by an existing insurer to dissuade a current policyowner from the replacement of existing life insurance is called

conservation

Which of the following terms will be permissible in describing a life insurance policy in company advertisements?

Variable plan

Existing insurers must provide policyowners with a policy summary for the existing life insurance within how many days of receiving the written communication and replacement?

10 days

For how long are insurers required to maintain records pertaining to life insurance solicitation?

3 years

When a policy is replaced, replacing insurers must maintain a replacement registrar regarding that policy for

3 years

Insurers must keep files of all advertisements used in Georgia for the minimum of how many years?

4 years

What is the maximum allowed rate of interest on policy loans from life insurance?

8%