Chapter 8

What is the maximum duration a temporary license may be valid for?

15 months

How many hours of CE would an agent who had been licensed for 10 years need to complete during each biennium?

24

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 and 10

To avoid having to submit electronic fingerprints to the Commissioner, within how many months must a producer submit a late renewal reinstatement?

6

The Commissioner may impose which of the following penalties on any person who violates a cease and desist order following a hearing?

A fine of up to $10,000 per violation

If a licensee knowingly commits an unfair trade practice, the Commissioner may impose a penalty consisting of:

A fine of up to $5,000 per violation

What is the difference between a probationary license, a temporary insurance license, and a limited insurance license?

A temporary license does not grant the licensee the power to sell new policies

Which of the following statements regarding the temporary insurance license is not correct?

A temporary license is only granted when an agent dies, becomes disabled, or serves in the military

All of the following are considered by definition to be examples of transacting insurance in the state of Georgia, except:

Adjusting a claim in Georgia

A licensed insurance Counselor:

Advises consumers about their insurance needs for compensation

Reciprocal agreements, as defined in the Georgia Insurance Code, refers to:

Agreement between the Insurance Commissioner and regulators of other states in order to facilitate licensing of nonresident adjusters in Georgia and other states

The qualifications for becoming an insurance producer include which of the following?

Applicants for a resident license must reside in Georgia at least half the year or have a business domiciled in the state

At minimum, transaction records must:

Be kept for 5 years after the date the transaction or the contract term is completed

Entering into an agreement that results in restraint of, or monopoly in, insurance business is an example of what type of unfair trade practice?

Boycott, Coercion, or Intimidation

If it is in the public's best interest to prohibit a person from continuing to engage in a prohibited act, practice, or transaction, the Commissioner may issue a:

Cease and desist order

All of the following statements regarding producer appointments are true, except:

Certificates of authority for subagents must be renewed biennially

Which of the following statements regarding the Continuing Education (CE) requirements for Georgia licensees is accurate?

Every 2 years, resident agents licensed less than 20 years must complete up to 24 hours of CE, and resident agents licensed at least 20 years must complete up to 20 hours of CE

Which of the following statements regarding the suspension of Harry's insurance agent license accurately describes a reason for his suspension?

He defaulted on a debt

Which of the following statements regarding certificates of authority is correct?

If an insurance company refuses to be examined by the Commissioner, its certificate of authority may be suspended or revoked

Which of the following actions is not considered to be misrepresentation under law?

Making a false or maliciously critical statement regarding the financial condition of a competitor

Georgia Long-Term Care Partnership (LTCP) policies:

May only be sold by agents who have completed 8 hours of initial LTC training

The rules for holding an insurance counselor's license require that all licensees:

Must notify the Commissioner within 30 days of any change in business address

According to the insurance statutes of the state of Georgia, the definition of long-term care insurance includes:

Only those insurance products which offer 12 months of coverage for chronic care

Which type of insurance license may be granted by the Commissioner for a period of 3 to 12 months?

Probationary

If regulatory action is appropriate as a result of an examination of an insurer in Georgia, the Commissioner has the authority to do all of the following regarding a hearing, except:

Prosecute a person for violating a criminal act

The purpose of the Georgia Life and Health Guaranty Association is to:

Protect insureds from the insolvency of an insurance company

The Life and Health Insurance Guaranty Association:

Protects resident policyowners and beneficiaries in case an insurer becomes insolvent

All of the following are considered to be methods of unfair competition, except:

Replacement

The Insurance Commissioner has which of the following duties and powers?

The Commissioner has the authority to make necessary rules and regulations

Which of the following statements regarding the ability of the Insurance Commissioner to examine insurers and other persons is true?

The Commissioner may examine the records of any licensee as often as the Commissioner deems advisable

If after a hearing it has been determined that a person has engaged in an unfair or deceptive act, the Commissioner may order any of the following, except:

Up to one year imprisonment

A temporary license may be issued to an applicant to continue to service existing insurance policies or to wrap up an agent's business affairs due to the inability to act as an agent for all the following reasons, except:

Failure to complete continuing education requirements

Which of the following is a requirement that all licensees must meet?

Notify the Commissioner within 30 days of any change in business and residence address