insurance quiz
The Commissioner may issue a probationary license for
3 to 12 months
A licensed insurance Counselor: A Sells, solicits, and negotiates insurance contracts B Advises consumers about their insurance needs for compensation C Is another name for an insurance producer D Administers a group plan for an employer
B
Certificates of authority expire at ______ on June 30 of the year following date of issuance or renewal. Renewal forms must be filed by March 1 preceding expiration. Certificates must be renewed annually.
midnight
Resident licensees continually licensed for 20 years or longer must complete a minimum of _____ continuing education hours, of which 3 hours must be in Ethics. Hours may be completed at any time during the current biennial license period, but must be completed prior to the license expiration date.
20
Which of the following is a requirement that all licensees must meet? A Maintain a personal residence in the state of Georgia B Fulfill continuing education requirements within 2 years after the expiration date C Notify the Commissioner within 30 days of any change in business and residence address D Complete a prelicensing course and pass an examination
C
Rebating 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.
All of the following are considered to be methods of unfair competition, except: A Rebating B Misrepresentation C Replacement D Unfair Discrimination
C
The following classes of insurance may be transacted:
Life, accident, and sickness Property, marine, and transportation Casualty Surety Title Health Maintenance Organization
How many hours of CE would an agent who had been licensed for 10 years need to complete during each biennium?
24
In order for an insurance license to be renewed, each licensee must complete a minimum of
24 continuing education hours, 3 of which must be completed in Ethics
The Commissioner has _____ days to approve or disapprove an application. If no action is taken within that time frame, the application is considered approved.
90
The Life and Health Insurance Guaranty Association: A Assesses the policyowners of solvent member firms, in order to cover the cost of the benefits paid to the policyowners of insolvent firms B Protects resident policyowners and beneficiaries in case an insurer becomes insolvent C Is often used in advertising to promote the sale of insurance D Does not cover non-residents when a domestic Georgia insurer becomes insolvent
B
Limited licenses may be issued for:
Credit insurance Rental company insurance Portable electronics insurance Travel insurance
The qualifications for becoming an insurance producer include which of the following? A Applicants for a resident license must reside in Georgia at least half the year or have a business domiciled in the state B Everyone who applies to be licensed must be fingerprinted without exception C Applicants for licenses may not have worked for the Insurance Commissioner within the 90-day period preceding their application D The candidate must be at least 21 years of age
A
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. A 30 and 30 B 10 and 10 C 30 and 10 D 10 and 30
C
Which of the following individuals is required to hold an insurance license? A An attorney who advises clients on incidental insurance matters in the course of acting as their legal representative B Representatives of farmers' mutual fire insurance companies C A public adjuster D Representatives of ocean marine insurers
C
An LTC insurer must provide notice of an upcoming premium rate schedule increase to all policyholders at least ___ days prior to the implementation of the increase. A 45 B 31 C 60 D 30
A
Which of the following statements regarding the Continuing Education (CE) requirements for Georgia licensees is accurate? A 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 B Every 2 years, resident agents must complete up to 30 hours of CE, and nonresident agents must complete up to 20 hours of CE C Every 2 years, resident counselors must complete 18 hours of CE D Every 2 years, resident agents licensed less than 30 years must complete up to 30 hours of CE, and resident agents licensed at least 30 years must complete up to 20 hours of CE
A
Which of the following statements regarding the temporary insurance license is not correct? A A temporary license is only granted when an agent dies, becomes disabled, or serves in the military B A temporary license does not allow the licensee to sell, solicit, or negotiate new contracts C Temporary licenses are granted for an initial term of 6 months D Applicants for a temporary license must undergo a criminal background check
A
Which of the following individuals is required to hold an insurance license?
A public adjuster
The maximum liability assumed by the Life and Health Insurance Guaranty Association with regard to an individual insured is no more than: A $300,000 of life insurance cash value per insured B $300,000 of major medical insurance benefits C The aggregate face value of the life insurance policies owned by the insured up to $300,000 per insured D The value of each policy owned by the insured up to $300,000 per policy
C
Which of the following statements regarding the Continuing Education (CE) requirements for Georgia licensees is accurate? A Every 2 years, resident counselors must complete 18 hours of CE B Every 2 years, resident agents licensed less than 30 years must complete up to 30 hours of CE, and resident agents licensed at least 30 years must complete up to 20 hours of CE C 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
C
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
In Georgia, how many hours of CE does a recently licensed agent need to complete during each biennium? A 12 B 30 C 24 D 10
C
The Commissioner may impose which of the following penalties on any person who violates a cease and desist order following a hearing? A A sentence of one year in jail or on probation, under Georgia's Penal Code B Suspension but not revocation of one's license C A fine of up to $10,000 per violation D A fine of up to $5,000 per violation
C
All of the following statements regarding producer appointments are true, except: A An appointing insurer must notify the Commissioner within 30 days of terminating an agent's appointment B An insurance producer may not act as an agent unless he or she has at least one Certificate of Authority C An agent is responsible for securing Certificates of Authority for his or her subagents D Certificates of Authority for subagents must be renewed biennially
D
At minimum, transaction records must: A Be kept for 5 years after the date the transaction or the contract term is completed B Include a list of participants and the policies purchased C Be kept for 5 years from the date the records was created, or the next departmental exam, whichever is sooner D Be kept at least until the next departmental examination
A
Georgia Long-Term Care Partnership (LTCP) policies: A May only be sold by agents who have completed 8 hours of initial LTC training B Automatically qualify policy owners for Medicaid in Georgia C Cover only those insureds who file claims while residing in Georgia D Must provide inflation protection to all applicants
A
An insurer that is qualified to transact insurance in Georgia may be authorized to transact any one kind or combination of kinds of insurance, except
A reciprocal insurer may not transact life insurance A Lloyd's insurer may not transact life insurance; and A title insurer is authorized to transact only title insurance
Which of the following statements regarding certificates of authority is correct? A Investigating and adjusting claims in Georgia are in themselves deemed to constitute the transacting of insurance, which requires a certificate of authority B If an insurance company refuses to be examined by the Commissioner, its certificate of authority may be suspended or revoked C In order to qualify for a certificate of authority and insurer must have at least $1 million in capital stock, or in surplus D An insurer affiliated with an authorized insurer in Georgia does not need a separate certificate of authority
B
The Insurance Commissioner has which of the following duties and powers? A The Insurance Commissioner creates and enforces the insurance code (laws) B The Commissioner's orders and notices are deemed to be in effect, regardless of whether they are oral or in writing C The Commissioner has the authority to make necessary rules and regulations
C
To apply for a certificate of authority, an insurer must
file an application showing its name, home office location or principal office in the United States
Which of the following actions is not considered to be misrepresentation under law? A Making a false presentation about an insurance company's financial condition B Misstating the benefits offered by an insurance policy C Making a false or maliciously critical statement regarding the financial condition of a competitor D Describing a mutual life insurance policy dividend as equivalent to a stock dividend
A
All of the following statements regarding producer appointments are true, except: A An agent is responsible for securing Certificates of Authority for his or her subagents B An appointing insurer must notify the Commissioner within 30 days of terminating an agent's appointment C Certificates of authority for subagents must be renewed biennially D An insurance producer may not act as an agent unless he or she has at least one Certificate of Authority
C
If a producer moves from Georgia to another state, how many days does the producer have to report the change of address to the Georgia Commissioner to be granted nonresident status? A 20 B 90 C 30 D 60
C