Georgia Laws Life insurance

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which of the following correctly describes certificate of authority

permits an insurance company to transact business in Georgia

what is the purpose of the Life and Health Insurance Guaranty Association?

protect policyowners against its insolvent insurance companies

the purpose of the Rules Governing Advertisement of Life Insurance and Annuities is to

assure full disclosure to the public of all material and relevant information

When is a group accident and health policy required to provide coverage for a newborn child?

at the moment of birth

the coordination of benefits (COB) provision exists in order to

avoid duplication of benefit payments

The commissioner must give ___ days notice prior to holding a hearing regarding an agents unfair or deceptive practice

10

In Georgia, how long is the "free look" period?

10 days

In Georgia, monthly premium accident and sickness insurance policies must provide a grace period of at least

10 days

In Georgia, Long-term care policies are required to provide benefits for at least

12 months

the Life and Health Insurance Guaranty Association is

funded by admitted insurance companies through assessments

All agents licensed less than 20 Years are required to complete ___ continuing education hours every two years,

24

insurance agents do not have fiduciary responsibility to

another agent

which of the following is the minimum age at which an individual can sign a life insurance policy

15

In Georgia, most life insurance policies have a contest ability period of

2 years

In Georgia, most life insurance policies have a contestability period of

2 years

what is one of the roles of the Commissioner

administering insurance laws

an agent must have __ hours of ethics per continuing education reporting period.

3

In Georgia, an insurance company must notify the Commissioner within __ days to terminate an agents appointment

30

a producer must notify the commissioner within __ days of an address change

30

All accident and sickness plans MUST provide coverage on newborn children for ___ days

31

In Georgia, an accident and sickness policy that is paid on a quarterly basis requires a grace period of

31 days

after initially issued, a temporary license is valid for

6 months

S takes out an accident and sickness insurance policy which contains a provision that states that the agent does not have the authority to change the policy or waive any of its provisions. Which health policy provision is this?

Entire Contract

The act of an insurance company publishing misleading information about its policy's provisions is called

False Advertisement

T is an agent and when hired, is reminded that he has a responsibility to handle clients' funds in an honest and ethical manner. This responsibility is referred to as

Fiduciary responsibility

which of these is not a requirement to obtain an insurance agent license in the state of Georgia

Graduate High school

Who is a mutual insurance company owned by?

Its policyholders

Defamation occurs when an agent makes a false statement intended to

Malign another insurer

which of the following is not considered rebating

Sharing commission with an agent licensed in the same line of business

in Georgia, which of the following statements is CORRECT about life insurance advertisements

an insurance agency is responsible for advertisements placed by its insurance agents

which organization was established to provide funds to protect an insured in the event of an insurer's insolvency?

The Georgia Life and Health Insurance Guaranty Association

During the application process, the agent's primary responsibility is to

The insurance company

who would be eligible for a temporary license issued in Georgia

The personal representative of a deceased agent to provide service to existing policyowners

J is an agent who has induced through misrepresentation to surrender an existing insurance policy. What is J guilty of?

Twisting

a person who is required to be a licensed agent would be a(n)

a person who places insurance on behalf of anyone seeking insurance

which document must accompany an application that initiates the replacement of an existing life insurance policy?

a signed statement by the applicant regarding the replacement

the ___ must provide an insured with proper disclosure concerning the replacement of an insurance policy

agent

under which circumstance may the Commissioner of Insurance suspend, revoke, or refuse to renew the license of an agent

agent is found guilty of misrepresentation in obtaining the license

insurance companies that are organized in countries outside the United States are referred to as

alien

Which of the following situations does NOT apply to the Georgia replacement rule

an existing policyholder purchases an additional policy from the same insurer

which of the following does not apply to the Georgia Replacement Rule?

an existing policyholder purchases an additional policy from the same insurer

using an existing life insurance policy's cash value to purchase another policy with the same insurer for the sole purpose of earning additional commissions is called

churning

As a condition for a loan, a bank requires the borrower to purchase credit insurance from a specific company. What is the bank guilty of?

coercion

In Georgia, which of the following is considered an Unfair Trade Practice

coercion

J is an agent who recently told a claimant that his rights might be impaired if he does not complete a release form within a specified time. What could this agent be found guilty of?

coercion

how often must an insurance agent license be renewed in Georgia

every 2 years

In Georgia, an insurer licensed to conduct business in Georgia, but domiciled in New Jersey, is called a(n)

foreign company

what is an organization that solicits insurance only to its members?

fraternal benefit society

Nonprofit life insurance providers that are covered by a special section in the Florida insurance code are called

fraternal life insurance organizations

In the state of Georgia, every policyowner must be offered which of the following

free-look period

Prior to a hearing that could potentially revoke an agent's license, what is required by the Commissioner?

giving written notice to the agent

what would be an accurate definition of "controlled business"

insurance business that is written on the agents own life, property, or interests

a foreign insurance company doing business in Georgia

is a company that was formed under the laws of another state

a domestic insurance company in Georgia is considered a company that

is incorporated and formed in Georgia

life insurance replacement regulation protects the interests of

its policyowner

who owns a stock company

its stockholders

who owns a stock company?

its stockholders

what is the reason for establishment of Rules Governing Life Insurance and Annuity replacements?

lessen the chance for misrepresentation and incomplete disclosure

before an insurance company can pay commissions to an agent, the agent must be

licensed and appointed

Convincing a prospective insured to buy an insurance policy based on exaggerations is called

misrepresentation

Which Unfair Trade Practice involves an agent suggesting that an insurance policy is like a share of stock? *Twisting *Intimidation *Misrepresentation *Sliding

misrepresentation

which type of insurance company allows their policy owners to select a governing body

mutual

which of the following documents must an agent submit to the replacing insurance company during the replacement of an existing life insurance policy?

notice to existing and replacing insurers on intention to replace

An example of rebating would be

offering a client something of value not stated in the contract in exchange for their business

An example of unfair discrimination would be

offering different terms of coverage for different policyowners having the same risk classification

Upon reaching the limiting age, a handicapped child can extend their health insurance coverage as a dependent

only if the child is incapable of employment and chiefly dependent on the policy owner

an insurance agent is in violation of the Rules Governing Advertisement of Life Insurance and Annuities if the agent takes which of the following actions during a sales representation

refers to guaranteed policy dividend

Cash surrendering an existing whole life policy and purchasing a new whole life policy is referred to as a(n)

replacement

which of the following is considered misrepresentation

replacing an existing policy with a new one

an agent would be guilty of rebating by

returning a portion of a premium as incentive to purchase insurance

a mutual insurance company and a stock insurance company have one main difference between them. what is the major contrast?

stock company is owned by its shareholders. mutual company is owned by its policyowners

when the commissioner examines an insurer's records, who pays the cost associated with the examination.

the insurance company being examined

Why would the commissioner examine the records of an insurance company?

to determine the solvency of the insurer

when advertising, an insurer is required to use its

true corporate name

An example of an unfair claims settlement practice is

turning down a claim without providing the basis of denial

an insurance agent is guilty of __ if an agent misrepresents a policy to induce a policy owner to surrender an existing policy

twisting

an insurance company which engages in boycott, coercion, and intimidation that results in the unreasonable restraint of trade is committing a prohibited act under Georgia insurance laws covering

unfair trade practices

an insurance agents license can be suspended or revoked by

writing primarily controlled business


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