p&c 20

90 days

A binder is effective for a period of

10%

A driver who completes a defensive driving course may qualify for a premium discount of

D. 5 years.

Authorized insurance companies are examined by the Commissioner at least once every A. Year. B. 2 years. C. 3 years. D. 5 years.

B. A change in the risk that substantially increases the hazard insured against

If a policy has been in effect for at least 60 days or is due for renewal, a cancellation may only be effected for which of the following reasons? A. Two or fewer claims against the policy in the preceding 36 months B. A change in the risk that substantially increases the hazard insured against C. Lack of supporting business with the insurer D. Change in the insurer's underwriting guidelines that is not approved by the Commissioner Incorrect!

10 days

If a policy is cancelled due to nonpayment of premium, how many days' advance notice must the insurer give the policyholder before cancellation?

Georgia Insurers Insolvency Pool

If a property or casualty insurer is unable to pay claims, which entity would pay benefits to policyholders?

3 years

If drivers complete defensive driving courses, how long will the discount apply to their premiums?

2 years

Insurers must update copies of its rates, plans, systems, and underwriting rules every

B. Misrepresentation.

On its advertisement, a company claims that it has funds in its possession that are, in fact, not available for the payment of losses or claims. The company is guilty of A. Rebating. B. Misrepresentation. C. Concealment. D. Unfair claim practice.

Misdemeanor

Transacting insurance w/o a license in this state is considered a(n)

B. Any insurer authorized to write property or casualty insurance in Georgia

Who is required to participate in the Georgia Insurers Insolvency Pool? A. All Georgia homeowners and automobile owners B. Any insurer authorized to write property or casualty insurance in Georgia C. All insurers operating in Georgia and its surrounding states D. Anyone who hold a property or casualty insurance policy in Georgia

2/3's of a worker's average weekly wage up to $575 a week

Workers compensation benefits in Georgia are limited to

C. In-home medical devices

Workers compensation coverage would NOT pay for which of the following? A. Prescriptions B. Travel expenses C. In-home medical devices D. Physical therapy

D. Pay dividends to the policyowner

A participating insurance policy may do which of the following? A. Provide group coverage B. Pay dividends to the stockholder C. Require 80% participation D. Pay dividends to the policyowner

D. Never; benefits start once a worker has been unable to work for more than 7 days.

A worker received a concussion after getting hit on the head at work and missed work for 5 days. At what point will the worker receive workers compensation benefits for the missed work? A. The seventh day after the accident B. The 21st day after the accident C. Within 30 days of the accident D. Never; benefits start once a worker has been unable to work for more than 7 days.

C. Placing advertisements for an insurer.

All of the following are examples of transacting insurance in Georgia EXCEPT A. Preliminary insurance negotiations. B. Making an insurance contract go into effect. C. Placing advertisements for an insurer. D. Insurance solicitation.

A. The driver must obtain new insurance.

An auto owner in this state has motor vehicle coverage with the limits of 25/50/25. All of the following are true EXCEPT A. The driver must obtain new insurance. B. The driver's coverage for bodily injuries is $25,000. C. The driver has proof of financial responsibility in this state. D. The policy meets the minimum coverage requirements.

$250

What is the smallest deductible for Uninsured Motorist coverage in this state?

Discrimination.

When twin brothers applied for life insurance from Company A, the company found that while neither of them smoked and both had a very similar lifestyle, one of the twins was in a much stronger financial position than the other. Because of this, the company charged him a higher rate for his insurance. This practice is considered

B. The owner has furnished proof of auto liability insurance or an approved self-insurance plan.

Which of the following conditions must be met for a vehicle to be licensed in Georgia? A. The owner has furnished proof of advance premium payment. B. The owner has furnished proof of auto liability insurance or an approved self-insurance plan. C. The owner has furnished proof of uninsured motorist coverage. D. The owner has selected a repair facility in case of damage to the vehicle.

D. Commissioner of Insurance

Which of the following entities has the power to issue certificates of authority? A. Department of Insurance B. NAIC C. Federal Insurance Regulation Board D. Commissioner of Insurance

C. Making comparisons between different policies

Which of the following is NOT considered a misrepresentation as it pertains to unfair trade practices? A. Exaggerating the benefits provided in the policy B. Stating that the competitors will arbitrarily increase their premiums each year C. Making comparisons between different policies D.Stating that the insurance policy is a share of stock

A. The trust that a client places in the producer in regard to handling premiums.

Which of the following is an example of a producer's fiduciary duty? A. The trust that a client places in the producer in regard to handling premiums. B. An obligation to state every known fact about the policy the producer is selling. C. A duty to base all transactions upon the principle of Utmost Good Faith. D. The obligation to tell the truth to the best of one's knowledge

A. All authorized insurers of property insurance must become members.

Which of the following statements is TRUE regarding members of the Georgia Fair Access to Insurance Requirements (FAIR) plan? A. All authorized insurers of property insurance must become members. B. Only policyholders who meets certain standards of financial solvency may purchase coverage. C. Membership is restricted to the top 10 property insurers by premium volume. D. Only licensed agents may be members.