GA Adjuster Exam Review | 94 Questions with 100% Correct Answers

In GA, _____insurance cannot be written by a reciprocal type insurer. - life No insurer or licensee doing business in Georgia may pay any commissions or valuable consideration to any person for services as an agent, subagent, or adjuster unless that person is duly licensed under the - Code Mediation is not _____ on the parties involved, but with arbitration the decision is final and _____. - Binding Standard and Poor's, A.M. Best and Moody's are examples of: - Independent Rating Services What is the application fee for filing to become a self-insurer for workers compensation in Georgia? - $500 Insurance adjusters have the "power to bind". Which of the following statements best describes what this means? - The principal is bound to the decisions of the adjuster. The perils most frequently covered by a Difference in Conditions policy are: - Flood and Earthquake What is the purpose of the Georgia Insurance Guaranty Association? - Cover claims of insolvent insurers Twisting - The act of inducing or attempting to induce a policy owner to drop an existing life insurance policy and to take another policy that is substantially the same kind by using misrepresentations or incomplete comparisons of the advantages and disadvantages of the two policies. Most states have enacted legislation making twisting a crime. Churning - Churning occurs when an insurance agent replaces a policyholder's insurance policy for another insurance policy, usually without consulting the policyholder and often with no changes to the coverage itself. Agents who engage in churning do so in order to secure an additional commission for the new policy they swap in. Rebating - Rebating — a portion of the premium or the agent's/broker's commission on the premium to the insured or other inducements to place business with a specific insurer. Rebating is illegal in the majority of states. Insurers must use filed rate credits or have supporting methodology.