Section 11

what is the minimum age at which an individual can sign a life insurance application

15

In GA most life insurance policies have a contestability period of

2 years

An agent must have ___ hours of ethics per continuing education reporting period

3

after initially issued, a temporary license is valid for

6 months

what's the requirement for a nonresident agent license applicant

being a licensed agent in the agent's home state

what is the reason for the establishment of rules Governing Life Insurance and Annuity Replacements

lesson the chance for misrepresentation and incomplete disclosure

During the application process, the agent's primary responsibility is to

the insurance company

when the commissioner examines an insurer's records, who pays for the costs associated with the examination

the insurance company being examined

J is an agent who has induced an insured through misrepresentation to surrender an existing insurance policy. What is J guilty of?

twisting (inducing or attempting to induce any insured person through misrepresentation to lapse, forfeit, or surrender insurance)

insurance companies that are organized in countries outside of the US are referred to as

alien

what does not apply to the Georgia replacement rule

an existing policyholder purchases an additional policy from the same insurer

in GA, life insurance advertisements

an insurance agency is responsible for advertisements placed by it's insurance agents (advertisments are the insurer's responsibility, regardless of who writes, designs, or presents them.)

using an existing life insurance policy's cash value to purchase another policy with the same insurer for the sole purpose of earning additional commissions is called

churning (illegal practice where insurance agents unnecessarily replace existing life insurance for the purpose of earning additional first year commissions)

As a condition for a loan, a bank requires the borrower to purchase credit insurance from a specific company. What is the bank guilty of?

coercion

a domestic insurance company in GA is considered a company that

in incorporated and formed in GA