GEORGIA INSURANCE RULES & REGULATIONS QUESTIONS WITH CORRECT VERIFIED ANSWERS

GEORGIA INSURANCE RULES & REGULATIONS QUESTIONS WITH CORRECT VERIFIED ANSWERSWhat legislation was passed by congress for commercial clients? Answer Commerical clients must be offered terrorism coverage and must sign a form to accept/reject terrorism coverage What does congress designate the US secretary of treasury to do only? Answer Determine if loss came from the act of terrorism What is the largest public insurance agency? Answer Government What must an insurance company have to do policy in Georgia? Answer Approval What is a domestic regulated insurer? Answer Insurance company has home office in Georgia and issuing policies in Georgia What is a foreign regulated insurer? Answer Home office is in different state than issuing location of policies What is an alien regulated insurer? Answer Home office is located in different country than location of issuing policies What is an example of a domestic regulated insurer? Answer State Farm located in Atlanta issuing policies in Atlanta What is an example of a foreign regulated insurer? Answer Liberty mutual located in Boston, MA issuing policies in Georgia What is an example of an alien regulated insurer? Answer Zurich located in Switzerland issuing policies in Georgia What is the McCarran-Ferguson Act of 1945? Answer Congress passed legislation that allows every state to handle insurance regulation by them creating their own insurance laws concerning regulation of insurance (vary state to state) What is an authorized (Admitted) insurer? Answer Any insurance company authorized to do insurance in Georgia What must an insurer be granted before doing insurance in Georgia? Answer Certificate of authority by the state of Georgia showing company is authorized What is an unauthorized (Non-admitted) insurer? Answer Insurance company does not have certificate of authority to handle policies for agents in Georgia What is surplus lines risk? Answer Application rejected by 3 authorized insurance companies