State Laws, Rules, and Regulations

If policy is cancelled due to non-payment, how many days advance notice must the insurer give to the policyholder before cancellation?

10 days

An insured must get advance warning if the premiums will be increased by more than

15%

In this state, no automobile insurance policy is issued as proof of financial responsibility will be issue with bodily injury and property damage limits less than

25/50/25

How many days before a policy is nonrenewed must an insurer deliver or mail written notice to the insured?

30 days

If the premiums for a policy will be increased by more than 15 percent, how much warning must the insured get?

45 days

A binder is effective for a period of

90 days

If a policy has been in effect for at least 60 days or is due for a renewal, a cancellation may only be effected for which of the following reasons?

A change in the risk that substantially increases the hazard insured against

What term is used for replacing insurance policies for the sole purpose of making commissions?

Churning

Which of the following will NOT be considered unfair discrimination by insurers?

Discriminating in benefits and coverage's based on the insured's habits and lifestyle

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 valued policy statute applies in which of the following events?

In the event of a total loss by fire to a one or two family residential building or structure

The values policy statute applies in which of the following events?

In the event of a total loss by fire to a one or two family residential building or structure

The standard fire insurance policy DOES NOT apply to which type of insurance

It does not apply to any of the above (casualty, marine or transportation, growing crops)

If the insurer pays an amount less than the amount insured under the policy in the event of a total loss to property, how much of the insured's premium must the insurer return

The amount of premium actually paid and the premium that would have been charged for a policy with an amount of insurance equal to the amount paid by the insurer for the loss

An auto owner in this state has motor vehicle coverage with the limits of 25/50/25. All of the following are true EXCEPT

The driver must obtain new insurance

Which of the following is NOT a responsibility of an insurance agent>

Underwriting the contract

An insurer who issues a crop insurance policy, other than federal crop insurance, for tobacco crops grown in Georgia, shall make available coverage for what until the crop is harvested?

Wind and/or hail

An auto owner in this state has motor vehicle coverage with the limits of 25/50/25. All of the following are true EXCEPT

the driver must obtain new insurance