Insurance GA laws P&C

A person who has held an insurance license in Georgia for 20 years or more must complete how many hours of continuing education per year?

10 hours

The guaranty fund provides coverage for the cash value under a life insurance policy up to

100,000$

Under Georgia insurance law, a notice of cancellation or nonrenewal must state that the client may appeal the cancellation or nonrenewal to the Insurance Commissioner within how many days?

15 days

A person with both Property/Casualty and a Life/Health licenses must complete how many hours of continuing education?

15 hours per year

A Georgia property insurer must give at least 45 days notice if non-renewal if the insurer plans to impose a rate increase of at least?

15%

If a Georgia Insurer fails to return a refund of unearned premium within 10 days, in addition to a 25% penalty, the Insurer will be responsible for paying interest at the annual rate of:

18%

An agent may collect how much interest from a client on a premium which is past due 30 days or more?

18% per year

An agent must pay a renewal fee every

2 years

Every agent must complete Continuing Education Courses every:

2 years

An agent cannot hold a license for the purpose of buying insurance at a discount for the agent or associates. Such insurance is referred to as "controlled business" if it constitutes more than what percentage of the agent's total volume of business per year?

25%

If a Georgia Insurer fails to return a refund of unearned premium within 10 days, the Insurer will be assessed a penalty of:

25%

Every auto liability policy owner in Georgia must also be offered at least how much Uninsured Motorist Coverage?

25/50/25

A retail store must have a work comp if it has a minimum of how many workers?

3

A Georgia insurer is going to cancel an insured policy. The notice of cancellation must provide how many days advance notice that the property may be eligible for coverage under the FAIR plan ?

30 days

After appointing an agent, the appointment must be registered in the Insurer's register of appointed agent's within:

30 days

If an Insured wishes to appeal a nonrenewal or cancellation to the Insurance Commissioner, the Insured must tender how many days pro rata premium to the Insurer to maintain interim coverage?

30 days

If an agent is subject to criminal arrest, the Commissioner must be notified within:

30 days

If an insurer terminates an agents appointment, the insurer must notify the commissioner and explain the termination within

30 days

The Commissioner has acted in such a way that a person is aggrieved. The aggrieved person may request a hearing which must be held by the Commissioner within:

30 days

The commissioner must hold a hearing within how many days of written demand by an aggrieved person?

30 days

Under Georgia law, an Insurer must provide how many days' notice prior to nonrenewal or cancellation of a property or casualty policy covering an industrial manufacturing plant

30 days

A property or casualty policy claim is covered under the Georgia's property and casualty guaranty fund up to how much?

300,000$

The Georgia work comp assigned risk plan will assign a work comp policy to a private insurer if the business has been rejected by how many private work comp insurers?

4

If a Georgia property insurer is imposing a rate of 15% or more, or new policy terms that will, in effect, nonrenew the old policy, the property insurer must give how many days notice of nonrenewal?

45 days

A client may pay a fee to an insurance agent in Georgia as long as the fee has a maximum de minimum value of

45$

The Commissioner may issue a fine for each intentional violation of the law up to:

5000

The Commissioner may issue temporary licenses for:

6 months renewable for up to a total of 15 months.

An insurer doesn't need a reason to cancel for terminating a property or casualty policy that has been in effect less than

60 days

The maximum length of time a written or oral binder will be effective under Georgia law is?

90 days

An agent may receive commission from

Another licensed agent having the same type of license

All of the following are a method to satisfy the Georgia motor vehicle reparations act

Auto liability insurance, certificate of self-insurance, and surety bond

Under Georgia law, uninsured motorist covers:

Bodily Injury and Property Damage

Who may subpoena witnesses and documents at a hearing?

Both the commissioner and the affected party

An Insurer must obtain the following from the Commissioner before transacting insurance business:

Certificate of authority

After an auto policy has been in effect for 60 days, it cannot be cancelled for

Claims filed

A temporary agent may:

Continue existing business but not sell new policies.

The Georgia Insurance Commissioner can do each of the following

Create regulations, organize the department of insurance, and examine the records of the insurer. They can't modify state statues

An auto policy may be cancelled due to each of the following involving an Insured within the prior 36 months

Drunk driving, ordinary negligence resulting in an accident that kills someone, and criminal negligence resulting in an accident that kills someone(but not drug addiction)

The Georgia Commissioner of Insurance is:

Elected

The Commissioner must conduct an examination of domestic Insurers how frequently?

Every 3 years

A Texas insurance company selling policies in Georgia is referred to in Georgia as:

Foreign

An agents appointment letter may be revoked by the ?

Insurer

Defamation involves making false statements about the financial condition of:

Insurer

Every auto liability policy in Georgia is required to include?

Liability

A Temporary License

May be renewed a max of 3 times

A Georgia property insurance company is considering membership in the FAIR Plan. Which is true?

Membership is required

A resident Georgia Producer will lose her resident Producer license if she:

Moved to a nearby state

Under Georgia's Guaranty Fund system, if a work comp Insurer is insolvent, claims will be covered up to a maximum of:

No limit

Each of the following business entities may obtain an agent's license

Partnership, limited liability partnership, and an unlicensed corporation officer. A corporation cannot

A Surplus Lines Agent MUST:

Post a 50,000$ bond

Under the Georgia Automobile Insurance Plan (GAIP), the actual insurance policies are issued by:

Private insurance companies

An insurer receives a 5% rebate from a local auto glass/repair shop in return for referrals. Such as a payment is specifically?

Prohibited

What can never be an underwriting factor in Georgia

Race

Paying a person an inducement to purchase insurance is called:

Rebating

A producer may share a commission with

Resident producer

Under the Georgia insurance laws, a person who sells insurance for a licensed agent is known as a/an ?

Subgent

Any action of the Commissioner may be appealed within 30 days to

Superior court of Fulton county

Who issues a probationary license?

The commisioner

Medical malpractice insurers must notify which of the following of claim payments writhing 30 days?

The insurance commisioner

An auto policy may be nonrenewed or cancelled for:

Three traffic convictions witching the last 36 months

Using different rates for persons of approximately the same rate and hazard classification is:

Unfair discrimination

The commissioner may suspend or revoke an agents license for

Using fraudulent information while conducting insurance business, failing to comply with a commissioner order, and having been convicted of a felony

In the area of auto insurance, the residual market is intended to provide insurance for the

Worst driver

Each of the following may receive an agency licence EXCEPT:

an unlicensed corporate officer

GAIP

apportions applicants among existing insurers

FAIR Plan policies:

are issued by the Plan rather than by private insurers

The Commissioner may:

fine a Producer $10,000 for violating a Cease and Desist order

The Georgia FAIR Plan has authority to:

issue assessments against property insurance companies for Plan expenses.

The Guaranty Association:

protects Insured's if an insurance company is insolvent.

Workers compensation insurance premium rates are:

set by the individual insurance Work Comp insurance companies.

A homeowner policy nonrenewal notice must state each of the following EXCEPT:

the Insurer is required to recommend at least 2 other insurers willing to provide the coverage

The Commissioner may issue cease and desist orders:

when any insurance company or agent violates insurance laws.