Georgia law, rules and regulations

The maximum penalty that may be assessed for a single nonwillful violation of the Insurance Code is

$1,000

The violation of a cease and desist order may result in a fine of

$10,000.

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

15 months

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

5 years.

Which of the following persons is required to hold a producer license?

A person who negotiates insurance contracts

An agent is acting ethically in all of the following situations EXCEPT

Always representing the insured

What is the title of the chief officer of the Department of Insurance?

Commissioner

Which of the following would be considered an illegal inducement to purchase insurance?

Confirming future dividends in a life insurance proposal

All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT

DivIdends trom a mutual insurer.

How is the Commissioner of Insurance selected to be the chief officer of the Department of Insurance?

Elected to office

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

False advertising

An insurance company is domiciled in Montana and transacts insurance in Wyoming. Which term best describes the insurer's classification in Wyoming?

Foreign

In insurance transactions, fiduciary responsibility means

Handling insurer funds in a trust capacity

Which of the following is NOT true regarding a Certificate of Authority?

It is issued to group insurance participants

Which of the following is NOT considered a misrepresentation as it pertains to unfair trade practices?

Making comparisons between different policies

An agent commingled $500 of insurance premiums collected with new applications with his personal funds. The agent could be found guilty of a

Misdemeanor

Pertaining to insurance, which of the following is an example of a producer's fiduciary responsibility?

Promptly forwarding premiums to the insurance company

Who elects the Commissioner of Insurance to office?

Registered voters

An insurance agent's responsibilities include all of the following EXCEPT

Represent the client.

It would be considered unfair discrimination to ask an insurance applicant about which of the following and then use that information as a rating factor to determine insurability?

Sexual orientation

If an insurance premium is paid by the policyowner to the agent, and the agent fails to remit that premium to the insurer, which of the followIng statements is true?

The policy will not lapse since payment to the agent is the same as a payment to the insurer

Which of the following is an example of a producer's fiduciary duty?

The trust that a client places in the producer in regard to handling premiums.

Which type of misrepresentation persuades an insured, to their detriment, to cancel, lapse, or switch policies from one to another?

Twisting

How often does an agent's insurance license expire

every 3 years

If the Commissioner is not able to serve due to disability, resignation, or death, which of the following will happen?

the chief Deputy commissioner wI serve as the commissioner until the next election.