State laws, Rules, and Regulations
In insurance transactions, fiduciary responsibility means
Being liable with respect to payment of claims
Which of the following is required of an insurer in order to legally transact insurance n Georgia
Certificate of authority
When a producer was reviewing a potential customer's coverage written by another company, the producer made several remarks that were maliciously critical of that other insurer. The producer could be found guilty of
Defamation
Insurers must screen all marketing plans to ensure than an advertisement does NOT use the name of any kind of an annuity contract any phrase that
Does not include the word "annuity" unless accompanied by other clear language indicating it is an annuity
An insurance company has published a brochure that inaccurately portrays the advantages of a particular insurance policy. What is this an example of
False advertising
The violation of a cease and desist order may result in a fine of
$10,000
When a policy is replace, replacing insurers must maintain a replacement register regarding the policy for
3 years
Insurers must keep files of all advertisements used in Georgia for the minimum of how many years?
4
A paid-up nonforfeiture benefit will become effective as specified in the policy, unless the person entitled elects another available option within how many days after the due day of the premium in default
60
How long is the waiting period for benefits to be paid in a long-term care policy or rider
90 days
All of the following are examples of violation of replacement EXCEPT
Advising an applicant to answer questions correctly
If policyowners repeatedly replace policies from the same agent, this is most likely evidence that
The agent new that replacement was intended in connection with the sale and intentionally violated the replacement regulation
Which provision stipulated that misstatements made in a health insurance application may not be used to deny a claim after the policy has be issued for 2 years
Time limit on certain defenses
An application for life insurance requires the agent to ask if the proposed insurance will replace an existing life insurance policy. All of the following are purposes for obtaining this information EXCEPT
To ensure that at least three companies are involved so that the policy owner get competitive prices
Once an agent has met the requirements to sell long term care insurance, Partnership policies, how often must he or she complete the 4 hours of training?
every 24 months