Georgia State Laws, Life insurance state laws
A person who collect fees and settles claims on self insured plans, annuities and life and health insurance polices is called an
Administrator
How old must you be to sell insurance
18 Years old
Employer groups must cover at least ___ employees at the date of issue
2
How many hours of prelicening is required (PER LINE) In order to take the Georgia licensing exam?
20 Hours Life 20 Hours Health Total = 40
Time frame for the commissioner to provide the examinee a copy of the written report
20 days
Applicant must complete __ hours of licensing education per line of authority
20 hours
____ hours if licensed for 20 years or more
20 hours
_____ hours licensed for fewer than 20 years
24 hours
Labor union groups must cover at least ___ members at the date of issue
25
How many days notice is required to temporarily suspend a license, if emergency action is needed
3 days
____ hours of total CE hours must be in ethics
3 hours
Agents must renew their sub agents certificates of authority's every
3 years
insures must maintain a copy of the replacement notices for at least ___ years or until after the next regular insurance department of examination whichever is later
3 years
Grace period for individual life insurance
30 days
Insurers must report an agents certificate of authority (appointment) termination within __ days
30 days
Parties may request a rehearing withing __ days
30 days
Producer must report name and address change within
30 days
The commissioner must make an order on the hearing within __ days
30 days
The hearing must be held no later than __ days after the request was received
30 days
One time ____ hour annuity suitability training course (Long term care partnership)
4 hours
_____ hour of biennial long term care partnership refresher course
4 hours
the period of time in which the Commissioner must conduct an examination of every authorized insurer
5 Years
How long do temporary agent license remain in effect
6 months, renewable up to 15 months
you must have a pass the licensing exam with a score of at least
70%
___ hours of initial long term care partnership training
8 hours
Nonresident producers moving to Georgia have this long to establish themselves as a resident producer [without taking Georgia licensing education or insurance exam]
90 days
Free look period for life insurance
10 days
The commissioner of insurance investigates a complaint against an insurer and finds the complaint unjustified. Who pays for this examination
The insurance department
Who does the insurance agent represent in an insurance transaction
The insurer
The Commissioner of insurance DOES NOT
Write Georgia insurance laws
Writing Georgia insurance laws
is not a duty of the commissioner of insurance
Maximum fine for violating a cease or desist order
$10,000
What is the maximum liability for any one life that can be assumed by the Georgia Life and Health insurance Guaranty Association
$100,000.00
Maximum fine for each non willful insurance code violation
$2,000
Maximum fine for each willful insurance code violation
$5,000
A creditor requires credit insurance as additional security on a loan. The debtor can get the required coverage from
- Any insurance authorized in Georgia - An existing group policy - A new individual policy
The Georgia Life and Health Insurance Guaranty Association has the power to do all the following
- Take legal actions to avoid paying improper claims - Borrow money - Enter into contracts -Employ people who handle the association's financial transaction - Negotiate and contract with a liquidator and exercise the powers of any domestic life and health insurance company
services provided to impaired insurers include
- loaning money to the impaired insurer -Providing money or guarantees
How many days written notice to all interested parties
10 days
How old can a minor be to purchase insurance
15 years old
Minors age ___ or older can purchase insurance
Age 15
Applicants minimum age to sell insurance
Age 18
Which type of insurance company is incorporated or organized under the laws of a country other than the United States
Alien
What is the minimum period in which an insurer may file a life insurance policy with the Commissioner of insurance before it can be used
All life insurance and annuity contract forms and applications delivered in Georgia must be filed with the Commissioner of insurance at least 90 days before the first intended date of use
Rules and regulations made by the Commissioner of insurance must be approved by the
All rules and regulations made by the commissioner must be approved by the Attorney General and filed at the commissioners office for at least 10 days before they become effective
An applicant for an agent license who fails the written exam 3 times has to do what before they can take it a 4th time
An applicant who fails the written exam 3 times must retake a pre licensing course before retaking the exam
Cease and Desist Order.
An official order handed down by a government agency or court directing a person or entity to stop doing something immediately
Insurers must renew there agents certificate of authority
Annually
How often must the Commissioner of insurance examine domestic insurers?
At least once every 5 years
How often must the Georgia commissioner of insurance examine domestic insurers
At least once every 5 years
If an insurer violates any section of the Georgia insurance code, what can the commissioner of insurance issue to stop the insurer from committing the violation
Cease and desist order
Insurance license to do business in Georgia is called a
Certificate of authority
an insurance company's certificate of authority must be renewed
Certificate of authority must be renewed annually. Applicants must be submitted to the commissioners office by March 1
Who enforces all laws that relate to insurance in Georgia
Commissioner of insurance
An individual who resides in and are licensed in another state does not have to __________ to sell insurance in Georgia
Complete the required pre-licensing education in Georgia
What is a passing score on the written exam for agents, subagents, counselors and adjusters
Examines must obtain a score of at least 70% to pass
How long must the insurer keep a file of all advertisement
Four years or until the next regular examination by the insurance department
What non profit association in Georgia protects owners of policies issued by insurance companys that become insolvent
Georgia Life and Health insurance Guaranty association
Which of the following must be authorized to transact insurance in Georgia
Insurance company's that provide only Long - term care insurance
Who must be authorized to transact insurance in Georgia
Insurers that provide only Long - term care insurance
The commissioner of insurance has the authority to
Make rules and regulations to carry out and enforce the state insurance laws ---------------- - Granting licenses to agents - Making rules and regulations to help interpret the state insurance laws - Conducting hearings ----------------
An agent has been licensed for 9 years. How many hours of class room study must the agent complete in continuing education to keep the license
Residents who have been licensed for fewer than 20 years must complete at least 24 hours of continuing education Those who have been licensed longer then 20 years must complete 20 hours of continuing education every 2 years
What can a sub agent do
Sell or negotiates insurance contracts on behalf of a licensed agent
A person who sells or negotiates insurance for a licensed agent is called a
Sub-agent
How long do temporary agent licenses remain in effect
Temp license last for 6 months and are renewable up to 15 months at the discretion of the of the Commissioner of insurance
Who enforces all laws that relate to insurance in Georgia
The commissioner of insurance and the chief officer of the insurance department
The insurance industry in the united states is primarily regulated by
The states