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GEORGIA LAWS AND RULES | Questions and Correct Answers | Latest Update 2024/2025
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GEORGIA LAWS AND RULES | Questions and Correct Answers | Latest Update 2024/2025
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GEORGIA LAWS AND RULES |Questions and Correct Answers |
Latest Update 2024/2025
Using an existing life insurance policy's cash value to purchase another
policy with the same insurer for the sole purpose of earning additional
commissions is called... - Answer - Churning: is an illegal practice where
insurance agents unnecessarily replace existing life insurance for the
purpose of earning additional (higher) first year commissions
An example of unfair discrimination would be - Answer - offering
different terms of coverage for different policyowners in the same risk
classification
A mutual insurance company and a stock insurance company have one
main difference between them. What is this major contrast? - Answer -
Stock company is owned by its shareholders. Mutual company is owned
by its policyholders
The ___ must provide an insured with proper disclosure concerning the
replacement of an insurance policy. - Answer - agent
The Commissioner must give ___ days notice prior to holding a hearing
regarding an agent's unfair or deceptive practice. - Answer - 10
, As a condition for a loan, a bank requires the borrower to purchase
credit insurance from a specific company. What is the bank guilty of? -
Answer - Coercion
When advertising, an insurer is required to use its ___ - Answer - true
corporate name
Which type of insurance company allows their policyowners to elect
governing body? - Answer - Mutual
T is an agent and when hired, is reminded that he has a responsibility to
handle client's funds in an honest and ethical manner. This
responsibility is referred to as - Answer - fiduciary responsibility
Which of the following is NOT an unfair claim settlement practice? -
Answer - Needing written documentation of claim details
Before an insurance company can pay commissions to an agent, the
agent must be - Answer - licensed and appointed
What is one of the roles of the Commissioner? - Answer - Administering
insurance laws
In Georgia, an example of an alien insurer would be one that is
incorporated in - Answer - France
All agents licensed less than 20 years are required to complete ___
continuing education hours every two years. - Answer - 24
During the application process, the agent's responsibility is to - Answer -
the insurance company
A person who is required to be a licensed agent would be a(n) - Answer
- a person who places insurnace on behalf
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