Georgia Laws and Rules Questions and answers latest update

Georgia Laws and Rules Questions and answers latest update J is an agent who recently told a claimant that his rights might be impaired if he does not complete a release form within a specified time. What could this agent be found guilty of? Coercion All agents licensed less than 20 Years are required to complete ___ continuing education hours every two years, 24 In Georgia, most life insurance policies have a contestability period of 2 years All accident and sickness plans MUST provide coverage on newborn children for ___ days 31 In Georgia, an insurer licensed to conduct business in Georgia, but domiciled in New Jersey, is called a foreign company In Georgia, which of the following statements is CORRECT about life insurance advertisements? An insurance agency is responsible for advertisements placed by its insurance agents In Georgia, an example of an alien insurer would be one that is incorporated in France Alien insurance company is a company that is charted and organized in any country other than the United States. Therefore, a company chartered in France would be an alien company in Georgia. In Georgia, long-term care policies are required to provide benefits for at least 12 Months An insurance agent is guilty of___ if the agent misrepresents a policy to induce a policyowner to surrender an existing policy. twisting A domestic insurance company in Georgia is considered a company that is incorporated and formed in Georgia T is an agent and when hired, is reminded that he has a responsibility to handle clients' funds in an honest and ethical manner. This responsibility is referred to as fiduciary responsibility An agent would be guilty of rebating by returning a portion of a premium as incentive to purchase insurance Using an existing life insurance policy's cash value to purchase another policy with with same insurer for the sole purpose of earning additional commissions is called Churning An agent must have ___ hours of ethics per continuing education reporting period 3 Convincing a prospective insured to buy an insurance policy based on exaggerations is called misrepresentation In Georgia, which of the following is considered an Unfair Trade Practice Coercion In the state of Georgia, every policyowner must be offered which of the following free-look period The purpose of the Rules Governing Advertisement of Life Insurance and Annuities is to assure full disclosure to the public of all material and relevant information Under which circumstance may the Commissioner of Insurance suspend, revoke, or refuse to renew the license of an agent Agent is found guilty of misrepresentation in obtaining the license An example of an unfair claims settlement practice is turning down a claim without providing the basis of denial Which document MUST accompany an application that initiates the replacement of an existing life insurance policy A signed statement by the applicant regarding the replacement A producer must notify the Commissioner within___ days of an address change 30 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? Coercion Which of the following correctly describes a certificate of authority? Permits an insurance company to transact business in Georgia An example of an unfair claims practice would be failing to effectuate prompt, fair, and equitable settlements of a claim When the Commission examines an insurer's records, who pays for the costs associated with the examination? The insurance company being examined The Life and Health Insurance Guaranty Association is funded by admitted insurance companies through assessments J is an agent who has induced an insured through misrepresentation to surrender an existing insurance policy. What is J guilty of? Twisting Who owns a stock company? its stockholders Which of the following is the MINIMUM age at which an individual can sign a life insurance application? 15 Which of these is NOT a requirement to obtain an insurance agent license in Georgia Graduate High School Insurance agent licenses normally must be renewed every ___ years in Georgia 2 What would be an accurate definition of "controlled business"? Insurance business that is written on the agent's own life, property, or interests What is the purpose of the Life and Health Insurance Guaranty Association Protects policyowners against insolvent insurance companies The coordination of benefits (COB) provision exists in order to avoid duplication of benefits payments Before an insurance company can pay commissions to an agent, the agent must be licensed and appointed Upon reaching the limiting age, a handicapped child can extend their health insurance coverage as a dependent only if the child is incapable of employment and chiefly dependent on the policyowner An example of rebating would be offering a client something of value not stated in the contract in exchange for their business