Georgia Rules and Codes Pertinent to Property and Casualty Insurance 100% correct answers 2024

Georgia Rules and Codes Pertinent to Property and Casualty Insurance Binders - correct answer • Binders and other temporary contracts of insurance may be made orally or in writing , and are deemed to include all the terms of the policy for which the binder was given , together with any applicable endorsements . • Binders are in effect for 90 days or until the issuance of the policy for which the binder was given , whichever comes first . • If a policy has not been issued , a binder may be extended or renewed beyond 90 days with the written approval of the Commissioner Regulation of Rates - correct answer • Consideration will be given to loss experience related to conflagration and catastrophe hazards • Rates cannot be excessive or inadequate • Every insurer must maintain copies of the rates, plans, systems, and underwriting rules it uses • These rate filings must be updated by the insurer at least once every two years • When a rate increases 10% or more within 12 months, the Commissioner will order an examination Cancellation and Nonrenewal - correct answer • Cancellation for nonpayment of premium : 10 days ' notice • Cancellation for other reasons : 30 days notice • After policy has been in effect at least 60 days , cancellation may only be for: - Nonpayment of premium - Fraud , concealment , or material misrepresentation - Substantial change in the risk - Violation of any material policy terms or conditions Financial Responsibility Law for Auto Policies - correct answer • Required limits : 25/50/25 • Proof of financial responsibility : maintain for 1 year • Uninsured / underinsured motorists : same limits of liability as personal auto liability ; deductibl $250 , $500 , or $1,000