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GEORGIA PROPERTY AND CASUALTY INSURANCE EXAM QUESTIONS AND DETAILED ANSWERS VERIFIED BY EXPERTS FREQUENTLY TESTED QUESTIONS A GRADED ACCURATE ACTUAL EXAM GUARANTEED PASS LATEST UPDATE 2024$24.99
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GEORGIA PROPERTY AND CASUALTY INSURANCE EXAM QUESTIONS AND DETAILED ANSWERS VERIFIED BY EXPERTS FREQUENTLY TESTED QUESTIONS A GRADED ACCURATE ACTUAL EXAM GUARANTEED PASS LATEST UPDATE 2024
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GEORGIA PROPERTY AND CASUALTY INSURANCE
Institution
GEORGIA PROPERTY AND CASUALTY INSURANCE
GEORGIA PROPERTY AND CASUALTY INSURANCE EXAM QUESTIONS AND
DETAILED ANSWERS VERIFIED BY EXPERTS FREQUENTLY TESTED QUESTIONS A
GRADED ACCURATE ACTUAL EXAM GUARANTEED PASS LATEST UPDATE 2024
GEORGIA PROPERTY AND CASUALTY INSURANCE EXAM QUESTIONS AND
DETAILED ANSWERS VERIFIED BY EXPERTS FREQUENTLY TESTED QUESTIONS A
GRADED ACCURATE ACTUAL EXAM GUARANTEED PASS LATEST UPDATE 2024
How often must the Insurance Commission examine
domestic insurers? - CORRECT ANSWER >>>>Once
every 5 years.
What are the timelines if a hearing is requested? -
CORRECT ANSWER >>>>A hearing must be made
within 30 days of the receipt of the request.
A notification of the hearing must be sent at least 15
days in advance.
Within 30 days of the hearing, the Commissioner must
release his decision.
What are the penalties after a notice, hearing, and
cease and desist order? - CORRECT ANSWER >>>>A
fine of up to $10,000 per violation
Suspension/revocation of license
,2|Page
Any other appropriate relief.
Express authority - CORRECT ANSWER >>>>the
authority of an agent, stated in the document or
agreement creating the agency
Implied authority - CORRECT ANSWER >>>>Authority
that is not expressed or written into the contract, but
which the agent is assumed to have in order to
transact the business of insurance for the principal.
Apparent authority - CORRECT ANSWER >>>>The
appearance or the assumption of authority based on
the actions, words, or deeds of the principal or
because of circumstances the principal created.
When does an agents license expire? - CORRECT
ANSWER >>>>Licenses are good to for 2 years and
expire on the last day of the licensee's with month.
What are the CE requirements for an agent? -
CORRECT ANSWER >>>>24 CE credit hours every 2
years, including 3 credit hours of ethics.
,3|Page
Agents with licensed for 20 years only need 20 CE
credit hours, including ethics.
How long must an agent keep records regarding
contracts, premiums, etc.? - CORRECT ANSWER
>>>>All records must be kept for 5 years after the
completion of a transaction or for the term of the
contract, whichever is greater.
Misrepresentation - CORRECT ANSWER >>>>Issuing,
publishing, or circulation and illustration or sales
materials that is false, misleading, or deceptive as to
policy benefits or terms, the payments of dividends,
etc.
False advertising - CORRECT ANSWER >>>>advertising
that is misleading in some important way, including
the failure to reveal facts about possible results from
using the advertised products
Rebating - CORRECT ANSWER >>>>Any inducement
offered in the sale of insurance products that is not
specified in the policy. They are illegal in Georgia.
, 4|Page
Twisting - CORRECT ANSWER >>>>A form of
misrepresentation in which an agent persuades an
insured/owner to cancel, lapse, or switch policies,
even when it's to the insured's disadvantage.
Churning - CORRECT ANSWER >>>>Replacing
insurance policies for the sole purpose of making
commissions. It is illegal to replace existing life or
disability policies with new policies if the producer
cannot demonstrate that the replacement will benefit
the insured.
Coercion - CORRECT ANSWER >>>>Unfair trade
practice where an agent uses physical or mental force
with the intense of inducing an applicant to purchase
insurance.
Defamation - CORRECT ANSWER >>>>Defamation
occurs when an oral or written statement is made that
is intended to injure a person engaged in the
insurance business. This also applies to statements
that are maliciously critical of the financial condition
of any person or a company.
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