chapter 15 exam

In Georgia, controlled business may not make up more than ____% of an insurance agent's business in a year.

25%

In Georgia, at least _____ authorized insurer(s) must refuse in writing to issue a Workers' Compensation policy before that risk may be assigned under the Assigned Risk Plan.

4

Reciprocal agreements, as defined in the Georgia Insurance Code, refers to:

Agreement between the Insurance Commissioner and regulators of other states in order to facilitate licensing of nonresident adjusters in Georgia and other states

The qualifications for becoming an insurance producer include which of the following?

Applicants for a resident license must reside in Georgia at least half the year or have a business domiciled in the state

Binders are considered:

Temporary insurance contracts

Which of the following statements regarding the ability of the Insurance Commissioner to examine insurers and other persons is true?

The Commissioner may examine the records of any licensee as often as the Commissioner deems advisable

In Georgia, insurers must offer to reduce the premium of a driver age 25 or older for all of the following reasons, except:

The driver has completed a 30-hour driver preparatory course

All of the following are considered by definition to be examples of transacting insurance in the state of Georgia, except:

adjusting a claim

In order to act as an insurance agent, a licensee must:

be at least 18 years old

In Georgia, making any false or maliciously critical or derogatory statement regarding the financial condition of any insurer, with the intent to injure any person engaged in the insurance business, is defined as:

defamation

All auto policies offered for sale in Georgia must contain an endorsement providing:

uninsured motorist coverage

Which of the following statements about the FAIR Plan is correct?

Each property insurer must be a member of the FAIR Plan as a condition of its authority to transact business in Georgia

The purpose of regulating rates is to do all of the following, except:

Establish a set price for each type of insurance

Which of the following is a requirement for holding a counselor's license?

File a $5,000 counselor bond with the Commissioner

In Georgia, binders must:

Include the usual terms of the policy the binder represents