CH. 5 QUIZ: Georgia Laws, Rules, and Regulations Common to All Lines

An insurance agent has received a request from the Commissioner. Within how many days must the hearing be held?

30 days

To legally transact insurance in this state, an insurer must obtain which of the following?

Certificate Authority

Which of the following is NOT considered a misrepresentation as it pertains to unfair trade practices?

Making comparisons between different policies

Transacting insurance without a license in this state is considered

Misdemeanor

All of the following are examples of transacting insurance in Georgia EXCEPT:

Placing advertisements for an insurer

All of the following statements regarding continue education requirements in this state are true EXCEPT:

Producers may repeat the same courses to meet the required CE hours for a licensing period

A producer who fails to separate premium monies from his own personal funds is guilty of

commingling

What is the title of the chief officer of the Department of Insurance?

commissioner

An insurance agents responsibilities include all of the following EXCEPT:

to represent a client

Which of the following terms refers to the acts of soliciting insurance, making an insurance contract effective, and dealing with matters arising from that contract?

transacting insurance

Which of the following types of licensees is solely responsible for offering advice on insurance policies for a fee?

Counselor

An insured purchased an insurance policy 5 years ago. Last year, she received a dividend check from the insurance company that was not taxable. This year, she did not receive a check from the insurer. From what type of insurer did the insured purchase the policy?

Mutual Funds not paid out after paying claims and other operating costs are returned to the policyowners in the form of a dividend. If all funds are paid out, no dividends are paid.

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

If an agent changes his residence address, within how many days must the agent notify the Commissioner of the change?

30 days

Which of the following is NOT the responsibility of an insurance agent?

underwriting contract