Georgia Rules and Codes Pertinent to Life and Accident & Sickness Insurance Only

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

10 Days

All accident and health insurance policies issued in this state must include a grace period of at least

30 days

How long is the free-look period for long-term care policies issued in Georgia?

30 days

Group accident and sickness policies in Georgia have a grace period of

31 Days

Insurers must keep files of all advertisements used in Georgia for the minimum of how many years?

4 Years

Whenever agents submit applications to insurers, they must also submit statements disclosing whether or not replacement is involved. Who must sign these statements?

Applicant and agent

A group policy used to provide accident health coverage on a group of persons being transported by a common carrier, without naming the insured persons individually is called

Blanket Policy

The First Street Church plans to sponsor a summer camp for the youth of their congregation. They would like to purchase insurance that would pay benefits should on of the youth get injured while participating in the camp activities. The type of policy they would likely need is a

Blanket Policy

Which of the following would be considered a violation of life insurance advertising regulations?

Calling a variable insurance policy an investment plan

An insurer filed a form with the Commissioner 90 days ago, but the Commissioner has yet to approve or disapprove the form. What can the insurer do?

Consider the form approved and begin using it.

Which required provision allows an insured group to pay overdue premiums within 30 days for a life insurance policy to remain in effect?

Grace Period

Which of the following would NOT be considered a purpose of life insurance solicitation regulations in Georgia?

Help buyers choose most qualified insurance producers.

Whenever agents submit applications to insurer, they must also submit statements, signed by the applicant, disclosing the involvement or lack of involvement of

Replacement

When a policy is being replaced, the replacing company notifies the

Replacement Company

The entire contract is made up of all the following except

The buyer's guide (Includes Riders and endorsements, the insurance policy, policy application.)

An insured buys a Medicare Supplement insurance policy from a new insurer, this policy will replace one provided to her by another insurer. Which of the following must provide her with a notice of replacement?

The replacing insurer

Which of the following is true regarding Medicare Supplement policies?

These policies may not contain limitations of coverage except for those permitted by the pre-existing condition.

What is the purpose of the Life Insurance Solicitations regulation?

To help consumers compare life insurance products in regard to their relative cost.

How soon from the reinstatement of a health insurance policy would a loss be covered?

10 Days

When a policy is replaced, replacing insurers must maintain a replacement register regarding that policy for

3 years.

How long is the waiting period for benefits to be paid in a long-term care policy or rider?

90 Days

All of the following would be excluded from the regulation on life insurance solicitation EXCEPT

A Term Life Policy

Insurers or agents solicitating partnership policies must provide each prospective applicant with all of the following EXCEPT

A statement that the insured does not automatically qualify for Medicare Part A.

Which provision stipulates that misstatements made in a health insurance application may not be used to deny a claim after the policy has been in force for 2 years?

Time limit on certain defenses

An application for life insurance usually requires the agent to ask if the proposed insurance will replace an existing life insurance policy. All of the following are purposes for obtaining this information EXCEPT

To ensure that at least three companies are involved so the policyowner gets competitive prices.

In replacement, an existing insurer must provide policyowners with a policy summary for existing life insurance within how many days of receiving the written communication and replacement.

10 Days

In replacement, an existing insurer must provide policyowners with a policy summary for existing life insurance within how many days of receiving the written communication and replacement?

10 Days

What is the minimum age for purchasing a life insurance policy in this state?

15

What is the maximum first-year commission that a producer may receive for the sale of a Medicare supplement policy in the state of Georgia?

200% of the commission paid for the servicing of the policy in the second year.

An insured recently discovered that the interest rate on his policy loan once again increased. Which of the following is the shortest amount of time that could have passed since the last change in the insured's interest rate?

3 Months

For how long are insurers required to maintain records pertaining to life insurance solicitations?

3 Years

When a policy is replaced, replacing insurers must maintain a replacement register regarding that policy until the conclusion of the next regular examination by the Insurance Department or for

3 years

Which of the following groups would most likely be covered under a blanket accident policy?

Students at a public school.

Medicare supplements specifically exclude all of the following EXCEPT

Surgical expenses of persons eligible for Medicare

Any reference to policy dividends must include a statement of what?

That the dividends are not guaranteed

If policyowners repeatedly replace policies from the same agent, this is most likely evidence that

The agent knew that replacement was intended in connection with the sales and intentionally violated the replacement regulation.

A paid-up nonforfeiture benefit will become effective as specifies in the policy, unless the person entitled elects another available option within how many days after the due date of the premium in default?

60 Days

All of the following are examples of violations of replacement EXCEPT

advising an applicant to answer questions correctly.

Qualifications for soliciting, selling, or negotiating a long-term care partnership policy include all of the following except

obtaining a partnership policy license from the Commissioner.

The duties of an agent where replacement is involved including all of the following EXCEPt

splitting the commission with the agents who originally sold the policy being replaced.

If an insured's cognitive impairment results in the lapse of a long-term care policy, how long from the policy lapse may the insured request reinstate?

5 months