Chapter8: State Laws
If an aggrieved person demands a hearing, the Commissioner is obliged to hold one within ______ days, and must give all parties advanced notice of at least ______ days.
30 and 10
An LTC insurer must provide notice of an upcoming premium rate schedule increase to all policyholders at least _______ days prior to the implementation of the increase.
45
How many hours of CE would an agent who had been licensed for 10 years need to complete during each biennium?
24
If a producer moves from Georgia to another state, how many days does the producer have to report the change of address to the Georgia Commissioner to be granted nonresident status?
30
The Commissioner may impose which of the following penalties on any person who violates a cease and desist order following a hearing?
A fine of up to $10,000 per violation
Which of the following individuals is required to hold an insurance license?
A public adjuster
What is the difference between a probationary license, a temporary insurance license, and a limited insurance license?
A temporary license does not grant the licensee the power to sell new policies
Which of the following statements regarding the temporary insurance license is not correct?
A temporary license is only granted when an agent dies, becomes disabled, or serves in the military
All of the following statements regarding licensing are true, except:
An unlicensed person may never receive any compensation for the sale of an insurance policy
The qualifications for becoming an insurance producer include which of the following?
Applicants for a resident license must reside in Georgia at least half the year or have a business domiciled in the state
Which of the following statements regarding certificates of authority is correct?
If an insurance company refuses to be examined by the Commissioner, its certificate of authority may be suspended or revoked
The Insurance Commissioner has which of the following duties and powers ?
The Commissioner has the authority to make necessary rules and regulations
The Insurance Commissioner has which of the following duties and powers?
The Commissioner has the authority to make necessary rules and regulations
Which of the following statements regarding the ability of the Insurance Commissioner to examine insurers and other persons is true?
The Commissioner may examine the records of any licensee as often as the Commissioner deems advisable
The maximum liability assumed by the Life and Health Insurance Guaranty Association with regard to an individual insured is no more than:
The aggregate face value of the life insurance policies owned by the insured up to $300,000 per insured
A licensed insurance Counselor:
Advises consumers about their insurance needs for compensation
Reciprocal agreements, as defined in the Georgia Insurance Code, refers to:
Agreement between the Insurance Commissioner and regulators of other states in order to facilitate licensing of nonresident adjusters in Georgia and other states
All of the following statements regarding producer appointments are true, except:
Certificates of Authority for subagents must be renewed biennially
A temporary license may be issued to an applicant to continue to service existing insurance policies or to wrap up an agent's business affairs due to the inability to act as an agent for all the following reasons, except:
Failure to complete continuing education requirements
Which if the following actions is not considered to be misrepresentation under law?
Making a false or maliciously critical statement regarding the financial condition of a competitor
Georgia Long-Term Care Partnership (LTCP) policies:
May only be sold by agents who have completed 8 hours of initial LTC training
Alice's license was revoked because she:
Mishandled money belonging to another party
The Life and Health Insurance Guaranty Association:
Protects resident policyowners and beneficiaries in case an insurer becomes insolvent
Which of the following is a requirement that all licenses must meet?
Notify the Commissioner within 30 days of any change in business and residence address
Which of the following is a requirement that all licenses must meet?
Notify the Commissioner within 30 days of any change in businesss and residence address