Exam (elaborations)
GA PROPERTY & CASUALTY INSURANCE TEST- GA RULES & REGULATIONS- Qs & As
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GA PROPERTY & CASUALTY INSURANCE TEST- GA RULES & REGULATIONS- Qs & As
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GA PROPERTY & CASUALTY INSURANCETEST- GA RULES & REGULATIONS- Qs & As
License Maintenance Correct Ans-- if you don't represent at least one insurer doing business
in the state of GA your license will be put on inactive status.
-If in Inactive Status, you must still complete the continuing education requirements.
-license will be automatically revoked if it has been continuously on "inactive status" with out a
current Certificate of Authority on file to represent any insurer in GA for a period of 2 years.
License Suspension Correct Ans-if you engage in fraudulent activities, you insurance license
will be revoked for 5yrs.
Temporary License Correct Ans--can be issued for minimum 6 months
- must be with licensed supervisor
- can be extended but no more than 15 months after first issuance
Counselors Correct Ans-- engages in business of counseling, advising, or rendering opinions
- must have Counselor License to charge fees to customer
a. minimum of 5yrs. experience as agent, subagent or adjuster
b. must take Counselor exam
Rebating Correct Ans-a practice, prohibited in most states, of offering a cash payment or
something of value to an applicant as an inducement to buy or maintain insurance
, Controlled Business Correct Ans-any business you write on yourself, your employees, your
family, anyone else whom you have a significant amount of influence on (only 25% of 12 month
income can come from Controlled Business)
Twisting and Churning Correct Ans-- agent of life insurance company misrepresents the facts
in order to replace a policy. Lying to replace
-replacement policy must be equal or greater in value than what they already have.
Binders Correct Ans-1. A temporary insurance contract that may be verbal or written.
2. A binder is deemed to include all usual terms of the policy for which it was given, plus
endorsements.
-min. 30 days
-max 90 days
- after 90days must be approved by Commissioner
3. it is not valid after the policy effective date
Return of Premium Following a Total Loss of Property Correct Ans-if policy is paid in full and
total loss is not paid, insurer must return premiums
FAIR ACCESS TO INSURANCE REQUIREMENTS Correct Ans-a program to provide property
insurance to GA citizens and to encourage improvement and development of properties located
in GA areas with high exposure to hazards they cannot control
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