Georgia Laws, Rules, and Regulations Common to All Lines
The maximum penalty that may be assessed for a single nonwillful violation of the Insurance Code is
$1,000
How soon from moving from one state to another must a nonresident producer file a change of address form with the commissioner of Georgia?
30 Days
Agents, subagents, and counselors are required to maintain records of all insurance transactions for what time period?
5 Years
An applicant whose license has lapsed during active military service will be granted a new license if an application is made within what time period after the lapse?
5 years
Which of the following must an insurer obtain in order to transact insurance within a given state?
Certificate of authority
Which of the following entities has the power to issue certificates of authority?
Commissioner of insurance
Which of the following terms describes making false statements about the financial condition of any insurer that are intended to injure any person engaged in the business of insurance?
Defamation
Two individuals are in the same risk and age class; yet, they are charged different rates for their insurance policies due to an insignificant factor. What is this called?
Discrimination
When twin brothers applied for life insurance from Company A, the company found that while neither of them smoked and both had a very similar lifestyle, one of the twins was in a much stronger financial position than the other. Because of this, the company charged him a higher rate for his insurance. This practice is considered
Discrimination
The requirement that agents not commingle insurance monies with their own funds is known a
Fiduciary responsibility
In insurance transactions, fiduciary responsibility means
Handling insurer funds in a trust capacity
All of the following would be considered rebating EXCEPT
an agent misrepresents policy to convince a policy to replace policies
Which of the following is NOT true regarding a Certificate of Authority?
It is issued to group insurance participants
A participating insurance policy may do which of the following?
Pay dividends to the policyowner
Which of the following statements is INCORRECT?
Replacing insurance policies for the purpose of making commissions is legal.
An insurance agent's responsibilities include all of the following EXCEPT
Represent the client
Which of the following is an example of a producer's fiduciary duty?
The trust that a client places in the producer in regard to handling premiums
