State Laws Rules Regulations

Insurers must maintain a replacement register until the conclusion of the next regular examination or for

3 years

If an insurance company makes a statement that its policies are guaranteed by the existence of the Insurance Guaranty Association, that would be considered

An unfair trade practice.

To legally transact insurance in this state, an insurer must obtain which of the following?

Certificate of Authority

The act of trying to discourage a policyholder from dropping his/her existing policy is called

Conservation effort

An insurance company has published a brochure that inaccurately portrays the advantages of a particular insurance policy. This is

False advertising

Which of the following best describes a misrepresentation?

Issuing sales material with exaggerated statements about policy benefits

All of following are examples of transacting insurance in Georgia EXCEPT

Placing advertisements for an insurer

A nonresident agent is allowed to conduct insurance transactions on Georgia because his home state allows Georgia residents to transact insurance business in it. This is known as a/n

Reciprocity agreement

Who elects the commissioner of insurance to office?

Registered voters

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

The 8%

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

10

Agents, subagents, and counselors are required to maintain records of all insurance transactions for what time period?

5 years

Authorized insurance companies are examined by the commissioner at least once every

5 years

Circulating deceptive sales material to the public is what type of Unfair Trade Practice?

false advertising