Georgia State Life & Health Insurance Laws QUESTIONS AND ANSWERS GRADED A
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Course
Insurance laws
Institution
Georgia State University
Elected Correct Answer: How does the Insurance Commissioner get into office.
4 years Correct Answer: What is the term of the Ins. Commissioner
What are the powers of the Commissioner Correct Answer: Regulation, Examination of Records, Investigation, Hearing and Judicial Review, Issuing Pen...
georgia state life amp health insurance laws questions and answers graded a
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Georgia State University
Insurance laws
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Georgia State Life & Health Insurance Laws
QUESTIONS AND ANSWERS GRADED A
Elected Correct Answer: How does the Insurance Commissioner get into office.
4 years Correct Answer: What is the term of the Ins. Commissioner
What are the powers of the Commissioner Correct Answer: Regulation, Examination of
Records, Investigation, Hearing and Judicial Review, Issuing Penalties
5 years Correct Answer: how often does the commissioner examine domestic insurers
30 days Correct Answer: length of time the commissioner has to hold a hearing if a person has
complained and the commissioner feels a hearing is warranted
10 days Correct Answer: length of time a violater has to request a hearing regarding a penalty
from the commissioner
stock companies Correct Answer: do not pay dividends
mutual companies Correct Answer: does pay dividends
30 days Correct Answer: length of time a company has to pay final restitution on a judgement
rendered against it in Ga.
$5,000 per act Correct Answer: fine for a willful violation of the insurance code
$1,000 Correct Answer: fine for an unintended violation of the insurance code
18 Correct Answer: age you have to attain to receive an ins. license
6 months Correct Answer: lenth of time of residence in Ga. that you must maintain in order to
receive and Ins. license
10 quarter hours of insurance related courses within the last 12 months Correct Answer: what
could exempt you from taking the pre-licensing course
15 hours Correct Answer: amount of continuing education needed each year for agents
licensed less than 20 years
10 hours Correct Answer: amount of continuing education needed each year for agents
licensed more than 20 years
, probation Correct Answer: you can play but we will be watching you
suspension Correct Answer: you are in time out, but will be able to play when i say so
revocation Correct Answer: you can no longer play
refuse to issue Correct Answer: you can never play
refuse to renew Correct Answer: you used to play, but can play no more
6 months Correct Answer: length of time a temporary license can be issued without requiring
an examination
15 months Correct Answer: maximum length of time a temporary license will be issued
5 years Correct Answer: length of years experience needed to become an insurance counselor
15 days Correct Answer: length of time the insurer has to get claims forms to the customer
15 days Correct Answer: length of notice commissioner has to give in advance of a hearing to
insurers
$10,000 Correct Answer: penalty for each violation of a cease and desist order from
commissioner
commingling Correct Answer: depositing premium money into your business checking account
commingling over $500 Correct Answer: considered a felony
What policies does the replacement regulation not apply to Correct Answer: annuities
credit life
group life
life ins connected with a pension or profit sharing
three things you must submit with replacement application Correct Answer: statement signed
by applicant regarding replacement of ins
statement signed by you regarding your knowledge of ins replacement, signed copy of
replacement notice
at time of application Correct Answer: when must the replacement notice be given to the
applicant
who signs the replacement notice Correct Answer: you, the applicant, and a copy must be left
with the applicant
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