GEORGIA LAWS AND RULES EXAM QUESTIONS AND ANSWERS 100% PASS

GEORGIA LAWS AND RULES EXAM QUESTIONS AND ANSWERS 100% PASS 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... - Correct 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 - Correct 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? - Correct 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. - Correct Answer ️️ -agent The Commissioner must give ___ days notice prior to holding a hearing regarding an agent's unfair or deceptive practice. - Correct 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? - Correct Answer ️️ -Coercion When advertising, an insurer is required to use its ___ - Correct Answer ️️ -true corporate name Which type of insurance company allows their policyowners to elect governing body? - Correct 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 - Correct Answer ️️ -fiduciary responsibility Which of the following is NOT an unfair claim settlement practice? - Correct Answer ️️ -Needing written documentation of claim details Before an insurance company can pay commissions to an agent, the agent must be - Correct Answer ️️ -licensed and appointed What is one of the roles of the Commissioner? - Correct Answer ️️ -Administering insurance laws In Georgia, an example of an alien insurer would be one that is incorporated in - Correct Answer ️️ -France All agents licensed less than 20 years are required to complete ___ continuing education hours every two years. - Correct Answer ️️ -24 During the application process, the agent's responsibility is to - Correct Answer ️️ -the insurance company A person who is required to be a licensed agent would be a(n) - Correct Answer ️️ -a person who places insurnace on behalf All accident and sickness plans MUST provide coverage on newborn children for ___ days. - Correct Answer ️️ -31 Insurance agents do NOT have a fiduciary responsibility to - Correct Answer ️️ - another agent The coordination of benefits (COB) provision exists in order to - Correct Answer ️️ - avoid duplication of benefit payments Which of the following is the MINIMUM age at which an individual can sign a life insurance application? - Correct Answer ️️ -15 Someone who is appointed by an insurer to engage in insuranc