State laws, Rules, and Regulations

In insurance transactions, fiduciary responsibility means

Being liable with respect to payment of claims

Which of the following is required of an insurer in order to legally transact insurance n Georgia

Certificate of authority

When a producer was reviewing a potential customer's coverage written by another company, the producer made several remarks that were maliciously critical of that other insurer. The producer could be found guilty of

Defamation

Insurers must screen all marketing plans to ensure than an advertisement does NOT use the name of any kind of an annuity contract any phrase that

Does not include the word "annuity" unless accompanied by other clear language indicating it is an annuity

An insurance company has published a brochure that inaccurately portrays the advantages of a particular insurance policy. What is this an example of

False advertising

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

$10,000

When a policy is replace, replacing insurers must maintain a replacement register regarding the policy for

3 years

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

4

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

60

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 are examples of violation of replacement EXCEPT

Advising an applicant to answer questions correctly

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

The agent new that replacement was intended in connection with the sale and intentionally violated the replacement regulation

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

Time limit on certain defenses

An application for life insurance 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 that the policy owner get competitive prices

Once an agent has met the requirements to sell long term care insurance, Partnership policies, how often must he or she complete the 4 hours of training?

every 24 months