Georgia State Laws, Life insurance state laws

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A person who collect fees and settles claims on self insured plans, annuities and life and health insurance polices is called an

Administrator

How old must you be to sell insurance

18 Years old

Employer groups must cover at least ___ employees at the date of issue

2

How many hours of prelicening is required (PER LINE) In order to take the Georgia licensing exam?

20 Hours Life 20 Hours Health Total = 40

Time frame for the commissioner to provide the examinee a copy of the written report

20 days

Applicant must complete __ hours of licensing education per line of authority

20 hours

____ hours if licensed for 20 years or more

20 hours

_____ hours licensed for fewer than 20 years

24 hours

Labor union groups must cover at least ___ members at the date of issue

25

How many days notice is required to temporarily suspend a license, if emergency action is needed

3 days

____ hours of total CE hours must be in ethics

3 hours

Agents must renew their sub agents certificates of authority's every

3 years

insures must maintain a copy of the replacement notices for at least ___ years or until after the next regular insurance department of examination whichever is later

3 years

Grace period for individual life insurance

30 days

Insurers must report an agents certificate of authority (appointment) termination within __ days

30 days

Parties may request a rehearing withing __ days

30 days

Producer must report name and address change within

30 days

The commissioner must make an order on the hearing within __ days

30 days

The hearing must be held no later than __ days after the request was received

30 days

One time ____ hour annuity suitability training course (Long term care partnership)

4 hours

_____ hour of biennial long term care partnership refresher course

4 hours

the period of time in which the Commissioner must conduct an examination of every authorized insurer

5 Years

How long do temporary agent license remain in effect

6 months, renewable up to 15 months

you must have a pass the licensing exam with a score of at least

70%

___ hours of initial long term care partnership training

8 hours

Nonresident producers moving to Georgia have this long to establish themselves as a resident producer [without taking Georgia licensing education or insurance exam]

90 days

Free look period for life insurance

10 days

The commissioner of insurance investigates a complaint against an insurer and finds the complaint unjustified. Who pays for this examination

The insurance department

Who does the insurance agent represent in an insurance transaction

The insurer

The Commissioner of insurance DOES NOT

Write Georgia insurance laws

Writing Georgia insurance laws

is not a duty of the commissioner of insurance

Maximum fine for violating a cease or desist order

$10,000

What is the maximum liability for any one life that can be assumed by the Georgia Life and Health insurance Guaranty Association

$100,000.00

Maximum fine for each non willful insurance code violation

$2,000

Maximum fine for each willful insurance code violation

$5,000

A creditor requires credit insurance as additional security on a loan. The debtor can get the required coverage from

- Any insurance authorized in Georgia - An existing group policy - A new individual policy

The Georgia Life and Health Insurance Guaranty Association has the power to do all the following

- Take legal actions to avoid paying improper claims - Borrow money - Enter into contracts -Employ people who handle the association's financial transaction - Negotiate and contract with a liquidator and exercise the powers of any domestic life and health insurance company

services provided to impaired insurers include

- loaning money to the impaired insurer -Providing money or guarantees

How many days written notice to all interested parties

10 days

How old can a minor be to purchase insurance

15 years old

Minors age ___ or older can purchase insurance

Age 15

Applicants minimum age to sell insurance

Age 18

Which type of insurance company is incorporated or organized under the laws of a country other than the United States

Alien

What is the minimum period in which an insurer may file a life insurance policy with the Commissioner of insurance before it can be used

All life insurance and annuity contract forms and applications delivered in Georgia must be filed with the Commissioner of insurance at least 90 days before the first intended date of use

Rules and regulations made by the Commissioner of insurance must be approved by the

All rules and regulations made by the commissioner must be approved by the Attorney General and filed at the commissioners office for at least 10 days before they become effective

An applicant for an agent license who fails the written exam 3 times has to do what before they can take it a 4th time

An applicant who fails the written exam 3 times must retake a pre licensing course before retaking the exam

Cease and Desist Order.

An official order handed down by a government agency or court directing a person or entity to stop doing something immediately

Insurers must renew there agents certificate of authority

Annually

How often must the Commissioner of insurance examine domestic insurers?

At least once every 5 years

How often must the Georgia commissioner of insurance examine domestic insurers

At least once every 5 years

If an insurer violates any section of the Georgia insurance code, what can the commissioner of insurance issue to stop the insurer from committing the violation

Cease and desist order

Insurance license to do business in Georgia is called a

Certificate of authority

an insurance company's certificate of authority must be renewed

Certificate of authority must be renewed annually. Applicants must be submitted to the commissioners office by March 1

Who enforces all laws that relate to insurance in Georgia

Commissioner of insurance

An individual who resides in and are licensed in another state does not have to __________ to sell insurance in Georgia

Complete the required pre-licensing education in Georgia

What is a passing score on the written exam for agents, subagents, counselors and adjusters

Examines must obtain a score of at least 70% to pass

How long must the insurer keep a file of all advertisement

Four years or until the next regular examination by the insurance department

What non profit association in Georgia protects owners of policies issued by insurance companys that become insolvent

Georgia Life and Health insurance Guaranty association

Which of the following must be authorized to transact insurance in Georgia

Insurance company's that provide only Long - term care insurance

Who must be authorized to transact insurance in Georgia

Insurers that provide only Long - term care insurance

The commissioner of insurance has the authority to

Make rules and regulations to carry out and enforce the state insurance laws ---------------- - Granting licenses to agents - Making rules and regulations to help interpret the state insurance laws - Conducting hearings ----------------

An agent has been licensed for 9 years. How many hours of class room study must the agent complete in continuing education to keep the license

Residents who have been licensed for fewer than 20 years must complete at least 24 hours of continuing education Those who have been licensed longer then 20 years must complete 20 hours of continuing education every 2 years

What can a sub agent do

Sell or negotiates insurance contracts on behalf of a licensed agent

A person who sells or negotiates insurance for a licensed agent is called a

Sub-agent

How long do temporary agent licenses remain in effect

Temp license last for 6 months and are renewable up to 15 months at the discretion of the of the Commissioner of insurance

Who enforces all laws that relate to insurance in Georgia

The commissioner of insurance and the chief officer of the insurance department

The insurance industry in the united states is primarily regulated by

The states


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