Ga Insurance Law Quiz Questions

Front 1

In GA the Insurance Commissioner is...

Back 1

Elected for 4 Years

Front 2

If the Commissioner is absent or becomes disabled, the duties are fulfilled by...

Back 2

The Chief Deputy Commissioner

Front 3

Before new rules or regulations made by the Commissioner become effective, they must be on file as a matter of public record for at least...

Back 3

10 days

Front 4

Domestic insurers must be examined by the commissioner at least once every...

Back 4

3 years

Front 5

A request for a hearing must be made within at least _______________ after the commissioner's order on a hearing has been mailed or delivered.

Back 5

30 Days.

Front 6

Proper notice of a hearing must be given by a Commissioner at least how many days in advance?

Back 6

10 days.

Front 7

The Commissioner's ORDER on a hearing must be issued within how many days after the hearing is concluded?

Back 7

30 days.

Front 8

The document that indicates that an insurer has been approved and is authorized to transact insurance in GA is know as?

Back 8

Certificate of Authority

Front 9

A reciprocal insurer in the state of GA is not permitted to transact...

Back 9

life insurance

Front 10

If an application for Certificate of Authority is turned down, what is the Commissioner required to do?

Back 10

Issue a written order stating the grounds for the disapproval.

Front 11

What are the reasons for refusal, suspension, or revocation of a Certificate of Authority?

Back 11

1. Failure to comply with rules and regulations made by the Commissioner

2. refusal to be examined.

3.unsound financial condition

Front 12

What is the amount of the bond that the Chief Deputy must execute which will be conditioned upon the faithful performance of the Chief Deputy's duties while in office?

Back 12

$15,000

Front 13

In GA, who is required to obtain a license issued by the Insurance Commissioner?

Back 13

An Insurance Agent

an insurance subagent

an insurance counselor

Front 14

An independent insurance adjuster represents?

Back 14

The insurer

Front 15

A temporary license is issued for a period of _______, and may be extended by the Commissioner for additional periods of 3 months, but only up to a mac license period of __________.

Back 15

6 months / 15 months

Front 16

The premium for "controlled business" which a licensee is permitted to transact in any calendar year must be less than ____________ of total premiums on all business transacted.

Back 16

25%

Front 17

Who is exempt from the written examination requirement?

Back 17

A nonresident applicant

an applicant who has earned the CPCU designation

an applicant who has earned the CIC designation

Front 18

Continuing education hours required for some who has been licensed less than 20 years is

Back 18

24 hours

Front 19

An inactive license for an agent who does not currently have authority to represent any insurer will be revoked after it has remained inactive for ...

Back 19

2 consecutive years

Front 20

If a license is revoked, the licensee must wait at least how long before being eligible to file application for a new license?

Back 20

5 years!

Front 21

What is defamation?

Back 21

Issuing false statements which are maliciously critical and intended to injure a person engaged in the insurance business AND is prohibited

Front 22

What is twisting?

Back 22

Making statement with misrepresent an insurance policy in order to induce an insured to replace the contract with one issued by another carrier AND is prohibited

Front 23

Generally, it is unlawful to engage in unfair discrimination between individuals or risks of the same class and essentially the same ________ insured against.

Back 23

Hazard

Front 24

What is true about rebates

Back 24

It is unlawful to pay or accept a rebate.

Prohibited inducements include anything of value not specified in the insurance contract.

Front 25

When can an insured charge amounts in excess on the premium?

Back 25

1. Interest charges on unpaid premiums more than 30 days past due

2. Expenses charged by a life insurer for the cost of a medical examination

3. Taxes charge by a surplus line broker

Front 26

Notice of a hearing on alleged unfair trade practices must be served at least how many days before the hearing may be held?

Back 26

15 days

Front 27

A fine of up to _________ may be imposed for each violation of a cease and desist order while the order is in effect.

Back 27

$10,000

Front 28

All of the following are true about a court review of a case involving trade practices

Back 28

1. the court may issue a restraining order

2. if sustained by evidence, the commissioners findings on facts shall be accepted as final.

3. the court may issue orders and decrees

Front 29

What is true about a property and casualty binder?

Back 29

1. It may be made orally.

2. It may not be issued for a period greater than 90 days

3. It is not valid after the policy effective date

Front 30

Statements made in an application are deemed to be:

Back 30

Representations

Front 31

An omission on an insurance application may prevent recovery under the policy when:

Back 31

it was made with fraudulent intent

Front 32

The 3 primary goals of rate regulation are to make sure that insurance rates are NOT

Back 32

1. Excessive

2. Inadequate

3. Unfairly discriminatory

Front 33

For commercial property and casualty policies issued in GA, notice of cancellation for nonpayment of premium must be given at least:

Back 33

10 days in advance

Front 34

After a commercial property or casualty policy has been in effect for more than 60 days in GA, notice of cancellation by the insurer for reasons other than non payment of the premium must be given at least

Back 34

45 days in advance

Front 35

In the case of a paid loss, who is entitled to the salvage under the Standard Fire Policy?

Back 35

The insurer.

Front 36

All licenses must promptly notify the commissioner in writing within _________ days of any change in the business address.

Back 36

30 days

Front 37

Employers with FEWER than __________ employees are exempt from the state workers compensation act

Back 37

3

Front 38

What is the medical limit for an employee under the GA workers comp act?

Back 38

There is no limit!

Front 39

How long can a temporary total disability payments be paid to an injured employee?

Back 39

400 weeks

Front 40

How long are payments made to an employee who has suffered a permanent total disability injury?

Back 40

Payments continue for the duration of the disability!

Front 41

What is the maximum penalty per violation if a person willingly and intentionally makes any false or misstatement for the purpose of obtaining or denying benefits or payment of works compensation coverage?

Back 41

$10,000

Front 42

An applicant for GA insurance license must be a resident of GA who will reside and be present within the state for at least ____ of every year

Back 42

6 months

Front 43

an applicant for a public adjuster license is required to have filed a bond with the commissioner for the amount of

Back 43

$5,000

Front 44

All licensees are required to notify the Commissioner within ____________ of any arrest, charge, sentence, or conviction on any felony or crime involving moral turpitude.

Back 44

60 days.