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Georgia insurance laws- Questions and Answers
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Georgia insurance laws- Questions and Answers
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Georgia insurance laws- Questions andAnswers
A Georgia property Insurer must give at least 45 days notice of nonrenewal if the Insurer plans
to impose a rate increase of at least? Correct Ans-15%
Which public employees are concerned that motor vehicle accidents occurring while they are
driving government vehicles may be used as a basis for auto insurers to increase the rates under
the individuals: Correct Ans-State employees driving highway maintenance vehicles
The Commissioner has the authority to do the following Correct Ans-- interpret insurance
laws
- subpoena documents in any investigation related to the insurance industry
- examine insurers to determine solvency
An agent pays an unlicensed person for each referral leading to the sale of insurance. Such a
relationship is: Correct Ans-illegal
A retail store must have work comp if it has a minimum of how many workers? Correct Ans-3
,An agent may split commissions with: Correct Ans-any agent licensed with the same line of
insurance.
Under Georgia insurance law, all of the follow are true about subagents Correct Ans-- They
do not need to be licensed
- They are not required to pass the licensing exam.
- They cannot issue binders
Work comp is NOT required for employers with fewer than how many employees? Correct
Ans-3
The Commissioner must conduct an examination of domestic Insurers how frequently?
Correct Ans-3 years
A property agent may split a commission with: Correct Ans-Another property agent
The Georgia FAIR Plan has authority to: Correct Ans-issue assessments against property
insurance companies for Plan expenses.
Every agent must complete Continuing Education Courses every: Correct Ans-2 years
, The purpose of the Georgia FAIR Plan is to: Correct Ans-provide property insurance to
persons unable to obtain insurance.
A resident Georgia Producer will lose her resident Producer license if she: Correct Ans-moves
to a nearby state
The Guaranty Fund provides coverage for the cash value under a life insurance policy up to:
Correct Ans-$100,000
An agent may collect how much interest from a client on a premium which is past due 30 days
or more? Correct Ans-18% per year
After an auto policy has been in effect for 60 days, it may be cancelled for each of the following
reasons Correct Ans-- misrepresentation on the application
- epilepsy or heart condition
- suspension of the insured's driver's license
An insurance agent's license is required for each of the following Correct Ans-- advise a
prospective purchaser on the terms of existing coverage
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