State Laws, Rules & Regulations

Workers compensation benefits in GA are limited to

$575 a week

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

5 years

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 reasonss

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

The Georgia Workers Compensation Assigned Risk Plan Exists to provide workers compensation coverage to

Employers who do not qualify for coverage in the voluntary

The valued policy statute applies in which of the following events

In the event of a total loss by fire to a one or two family residential building or structure

An insured purchased an insurance policy 5 years ago. Last year, she received a dividend check from the insurance company that was not taxable. This year, she did not receive a check from the insurer. From what type of insurer did the insured purchase the policy

Mutual

that Standard fire insurance policy does not apply to which type of insurance

None of the above

What is a major difference between a stock company and mutual company

Ownership

Who elect the commission of insurance to office

Registered voters

Which of the following insurers are owned by stockholders who have the usual rights of ownership, including the right of voting

Stock

Which of the following conditions must be met for a vehicle to be licensed in GA?

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

Any insurer who issues a crop insurance policy, other than federal crop insurance, for tobacco crops grown in GA, shall make available coverage for what until the crop is harvested?

Wind and or hail

What is the maximum period of time a temporary license can be in force

15 months

An insured must get advance warning if the premiums will be increased by more than

15%

Which of the following will NOT be considered unfair discrimination by insurers

Discriminating in benefits and coverages based on the insured's habits and lifestyle

Which of the following best describes an insurance company that has been formed under the laws of this state

Domestic

A participating insurance policy may do which of the following

pay dividends to the policyowner

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

5 years

In insurance transactions, fidiciary responsibility means

Handling insurer funds in a trust capacity

In this state, no automobile insurance policy issues as proof of financial responsibility will be issued with bodily injury and prooperty damage limits less than

25/50/25

An auto owner in this state has motor vehicle coverage with the limits of 25/50/25. All of the following are true EXCEPT

The driver must obtain new insurance

An agent commingled $300 of insurance premiums collected with new applications with his personal funds. The agent could be found guilty of

Misdemeanor

In this state, no automobile insurance policy issued as proof of financial responsibility will be issued with bodily injury and property damage limits less than

25/50/25

How many days before a policy is nonrenewed must an insured deliver or mail written notice to the insured

30 days

Georgia requires that all owners and operators of motor vehicles in the state carry which type of auto insurance as evidence of security in complying with the state's financial responsibility law?

Auto liability coverage

The purpose of the GA Auto insurance plan is to

make automobile insurance available for insureds who are unable to purchase coverage in the voluntary market

Which of the following types of agent authority is also called "perceived authority"

Apparent

Which of the following must an insurer obtain in order to transact insurance within a given state

Certificate of authority

Which of the following entities has the power to issue certificate of authority

Commissioner of Insurance