Chapter 5 : Georgia Laws, Rules, and Regulations Pertinent of All Lines of Insurance
An agent must be a resident of the state and be present in the state for at least how many months each year?
6 months
An insurer that holds a Certificate of Authority in the state in which it transacts business is considered a/an
Authorized insurer
An insurer publishes intimidating brochures that portray the insurer's competition as financially and professionally unstable. Which of the following best describes this act?
Illegal under any circumstances
Which of the following is NOT considered a misrepresentation as it pertains to unfair trade practices?
Making comparisons between different
On its advertisement, a company claims that it has funds in its possession that are, in fact, not available for the payment of losses or claims. What is the company guilty of?
Misrepresentation
Pertaining to insurance, which of the following is an example of a producer's fiduciary responsibility?
Promptly forwarding premiums to the insurance company
Which of the following statements is INCORRECT?
Replacing insurance policies for the purpose of making commissions is legal.
When transacting business in this state an insurer formed under the laws of another country is known as a/an
alien insurer
What is the title of the chief officer of the Department of Insurance?
commissioner
When doing business in this state, an insurance company that is formed under the laws of another state is known as which type of insurer?
foreign
An agent license can be issued...
only individuals
Which of the following types of insurers is owned by stockholders?
stock
Which of the following is NOT a responsibility of an insurance agent?
underwriting contract
A willful violation of an agent's fiduciary reap that involved funds exceeding $1,000 will be considered
A felony
How is the Commissioner of Insurance selected to be the chief officer of the Department of Insurance?
Elected to office. The Commissioner is elected to office for a term of 4 years.