Section 11
what is the minimum age at which an individual can sign a life insurance application
15
In GA most life insurance policies have a contestability period of
2 years
An agent must have ___ hours of ethics per continuing education reporting period
3
after initially issued, a temporary license is valid for
6 months
what's the requirement for a nonresident agent license applicant
being a licensed agent in the agent's home state
what is the reason for the establishment of rules Governing Life Insurance and Annuity Replacements
lesson the chance for misrepresentation and incomplete disclosure
During the application process, the agent's primary responsibility is to
the insurance company
when the commissioner examines an insurer's records, who pays for the costs associated with the examination
the insurance company being examined
J is an agent who has induced an insured through misrepresentation to surrender an existing insurance policy. What is J guilty of?
twisting (inducing or attempting to induce any insured person through misrepresentation to lapse, forfeit, or surrender insurance)
insurance companies that are organized in countries outside of the US are referred to as
alien
what does not apply to the Georgia replacement rule
an existing policyholder purchases an additional policy from the same insurer
in GA, life insurance advertisements
an insurance agency is responsible for advertisements placed by it's insurance agents (advertisments are the insurer's responsibility, regardless of who writes, designs, or presents them.)
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 (illegal practice where insurance agents unnecessarily replace existing life insurance for the purpose of earning additional first year commissions)
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
a domestic insurance company in GA is considered a company that
in incorporated and formed in GA