Chapter 14-State Laws
If the Commissioner finds accounts and records to be inadequate or incorrectly kept or posted, the person being examined will have _____ days upon notification to correct the accounting.
60
A temporary license is renewable for ___ months at a time for a maximum of ___ months from the original issue date.
3, 15
Licensees, both residents and nonresidents, must notify the Commissioner of any change in their business and residence address within ____ days.
30
The Commissioner may revoke the Certificate of Authority, or licenses of any person who fails to comply with a Cease and Desist Order, within ____ days after receipt.
30
The Commissioner must issue a final order within _____ days after a hearing is concluded.
30
. All resident and nonresident licensees must promptly notify the Commissioner in writing within ____ days of any change in the licensee's business address, residence address, and name and address of each insurer or agency the licensee represents.
30 days
If an aggrieved person demands a hearing, the Commissioner is obliged to hold one within ________ days, and must give all parties advanced notice of at least ______ days.
30,10
How long is the insurance commissioner elected to office?
4 years
Domestic insurers must be examined at least once every _____ years
5
All records for any transaction must be kept for at least ____ years after the transaction or contract term is completed
5 years
To avoid having to submit electronic fingerprints to the Commissioner, within how many months must a producer submit a late renewal reinstatement?
6 months
If a late renewal reinstatement is received MORE THAN _____ months after the expiration date, the licensee will be required to submit electronic fingerprints. Failure to file for late renewal reinstatement prior to ______ year from the license expiration date will require the licensee to reapply for the license and satisfy the prelicensing and examination requirements.
6,1
To qualify for an original certificate of authority to transact one or more classes of insurance, a domestic insurer must possess and maintain a minimum of $______ million in capital stock or in surplus.
$1.5 million
Assess a penalty of up to $________ for each act or violation, or up to $__________ per violation if the person knew or reasonably should have known he/she was in violation
$1000, $5000
Fiduciary capacity does not require a separate bank deposit for each principal, as long as funds for each principal can be determined from the agent's account records. Any willful violation of this code constitutes a misdemeanor unless the amounts involved exceed $______, which constitutes a felony.
$500
Resident licensees continually licensed for 20 years or longer must complete a minimum of ______ continuing education hours, of which_____ hours must be in Ethics.
20,3
In order for an insurance license to be renewed, each licensee must complete a minimum of ___ continuing education hours, ____ of which must be completed in Ethics
24, 3
The Commissioner may issue a probationary license for ___ to ____ months, subject to revocation for cause without a hearing.
3 to 12 months
Certificates of Authority for subagents must be renewed no more than once every ____ years.
3 years
A temporary license is valid for __ months
6
The Commissioner has ____ days to approve or disapprove an application for certificate of authority
90 days
A licensed insurance Counselor:
Advises consumers about their insurance needs for compensation
All resident licenses are renewed:
Biennially
No person may act as an insurer or transact insurance in Georgia unless a ________ ____ _______ has been granted by the Commissioner
Certificate of authority
_________is the act of illegally misrepresenting an existing policy to induce a policyholder to unnecessarily replace that policy with a new policy from the same insurer for the purpose of earning additional or higher commissions.
Churning
The Commissioner enforces and executes the duties imposed by the __________________ ____________.
Insurance Code
__________ is an unfair trade practice and includes knowingly permitting an agreement other than as expressed in the contract and offering anything of value as an inducement to insurance if not specified in the contract, except a rebate approved by the Commissioner.
Rebating
Who is the chief officer of Georgia's Department of Insurance?
The insurance commissioner
True or false: The Commissioner may examine the records of any licensee as often as the Commissioner deems advisable
True
_________ is the act of making a misrepresentation to any policyholder or insured for the purpose of inducing a policyholder to lapse, forfeit, or surrender insurance to purchase a policy with another insurer.
Twisting
All resident licenses, with the exception of temporary or probationary licenses, are issued on a _____ basis
biannial
The purpose of the Life and Health Guaranty Association is to protect insureds from the ________ of an insurance company.
insolvency
The Commissioner has the authority to make necessary ______________ and __________.
rules and regulations
What is the primary purpose of licensing?
to protect the general public
