CH 5 quiz
amount of premium paid and premium that would have been paid for amount of insurance = to amount paid for total loss
if an insurer pays an amount less than the amount insured under the policy in a total loss, how much of the insured's premium must they return?
there was a changed in the risk that substantially increased the hazard insured against.
A policy that has been in effect for at least 60 days or is due for renewal may only be cancelled if
express and implied
powers and authorities an agent holds
controlled
an insurance producer sold an insurnace policy to his sister. What type of policy?
Apparent authority (also known as perceived authority)
appearance or the assumption of authority based on the actions, words, or deeds of the principal or because of circumstances the principal created.
benefits only start once worker has been unable to work for more than 7 days
at what point receive workers comp benefits for missed work
in the event of a total loss by fire to a one or two family residential building or structure
the valued policy statue applies in which of the following events
wind and/or hail
insurer who issues a crop insurance policy, other than federal, for tobacco crops, should have what until the crop is harvasted?
employers who do not qualify for coverage in the voluntary market
the Georgia Workers compensation Assigned Risk Plan exists to provide coverage to
twisting
Which type of misrepresentation persuades an insured to his detriment to cancel, lapse, or switch policies?
30 days
agent moves, he must notify the commisioner of insurance within
client
agent's license authorize's them to represent the insurer not the
5 years
agents , subagents and counselers must keep records of insurance transactions for
every 2 years on birth month
agents license expires
elected to office
how is the commissioner of insurance slected to be the chief officer of dept of insurance
the policy will not lapse
insurance premium paid by policy owner to agent and agent doesn't remit payment:
Churning
replacing insurance policies for the sole purpose of making commissions, and it is illegal.
domestic workers
what type of workers are not covered under workers compensation
felony
willfil violation of agent's fiduciary responsibiiltiy of funds exceeding $500
in home medical devices
workers comp doesn't pay for
allows insurer to transact insurance in georgia
what is the function of a certificate of authority
10 days
if a policy is cancelled due to nonpayment of premium, must give how many days notice
considered transacting insurance
placing advertisements is NOT
disriminating in benefits and coverages based on insured's habits and lifestyles
NOT considered unfair distrimination by insurers
