GA PROPERTY AND CASUALTY TEST 2024 NEWEST
EXAM 2 VERSIONS (VERSION A AND B) 450 QUESTIONS
WITH DETAILED VERIFIED ANSWERS AND RATIONALES
(100% CORRECT) /ALREADY GRADED A+
an insurer must obtain the following from the commission's before transacting
insurance business - ANSWER: certificate of authority
the guaranty fund provides coverage for unpaid health insurance claims up to: -
ANSWER: $300,000
the commissioner may: - ANSWER: fine a Producer $10,000 for violating a Cease and
Desist order
the commissioner must inspect the records of a domestic property or life insurance
company Every: - ANSWER: 3 years
an insurer may pay commissions directly to the agency rather than to the agents
only if: - ANSWER: each person who sells insurance is a licensed agent
the commissioner may issue cease and desist orders: - ANSWER: when any insurance
company or agent violates insurance laws
the commissioner has the authority to do the following EXCEPT: - ANSWER: regulate
insurance proffits
FAIR Plan policies: - ANSWER: are issued by the Plan rather than by private insurers
under Georgia's Guaranty Fund System, if a work comp insurer is insolvent, claims
will be covered up to a maximum of: - ANSWER: no limit
premium rates that are unreasonably low are referred to: - ANSWER: inadequate
workers compensation insurance premium rates are: - ANSWER: set by the individual
insurance Work Comp insurance companies.
when public employees are concerned that motor vehicle accidents occurring while
they are driving government vehicles may be used as a basis for auto insurers to
increase the rates under the individuals: - ANSWER: state employees driving highway
maintenance vehicles
a producer may share commission with: - ANSWER: Resident producer
Terry is a Georgia insurance agent. she has received an application for coverage on a
single-family home. her client has submitted an application with a premium. which
, of the following is correct? - ANSWER: Terry may issue a binder to provide temporary
coverage for up to 90 days
defamation involves making false statements about the financial conditions of: -
ANSWER: any insurer
each of the following is a method of satisfying the Georgia Motor Vehicle
Reparations Act EXCEPT: - ANSWER: a letter from a certified public accountant
attesting to the individual
under Georgia insurance laws, the agent is presumed to represent the - ANSWER:
insurer
a Georgia property insurer is going to cancel an insured policy. the notice of the
cancellation must provide how many days advance notice that the property may be
eligible for coverage under the FAIR plan? - ANSWER: 30
to be eligible for a resident agent license, and applicant must be present in Georgia -
ANSWER: at least 6 months per year
When the Guaranty (Insolvency) Fund pays claims, the Fund is replenished by: -
ANSWER: an assessment against the remaining insurers' premiums
which of the following may subpoena witness and document at a hearing? -
ANSWER: both the commissioner and the affected party
using different rate for persons of approximately the same rate and hazard
classification is: - ANSWER: unfair discrimination
any action of the commissioner may be appealed within 30 days to: - ANSWER:
Supreme Court of Fulton county
medical malpractice insurers must notify which of the following of claim payment
within 30 days? - ANSWER: the composite state board of medical examiners
a Georgia insurer may ignore its field rates and charge either higher or lower
premium rates by simply filing a rate deviation with the commissioner in advance.
however, the insurer may immediately build coverage and then way up to 20 days to
file the rate deviation with the commissioner if the premium exceed: - ANSWER:
$1,000
licensees must keep copies of all records for: - ANSWER: 5 years
which of the following are required to be covered by work comp? - ANSWER:
restaurant employees
paying a person an inducement to purchase insurance is called: - ANSWER: rebating
EXAM 2 VERSIONS (VERSION A AND B) 450 QUESTIONS
WITH DETAILED VERIFIED ANSWERS AND RATIONALES
(100% CORRECT) /ALREADY GRADED A+
an insurer must obtain the following from the commission's before transacting
insurance business - ANSWER: certificate of authority
the guaranty fund provides coverage for unpaid health insurance claims up to: -
ANSWER: $300,000
the commissioner may: - ANSWER: fine a Producer $10,000 for violating a Cease and
Desist order
the commissioner must inspect the records of a domestic property or life insurance
company Every: - ANSWER: 3 years
an insurer may pay commissions directly to the agency rather than to the agents
only if: - ANSWER: each person who sells insurance is a licensed agent
the commissioner may issue cease and desist orders: - ANSWER: when any insurance
company or agent violates insurance laws
the commissioner has the authority to do the following EXCEPT: - ANSWER: regulate
insurance proffits
FAIR Plan policies: - ANSWER: are issued by the Plan rather than by private insurers
under Georgia's Guaranty Fund System, if a work comp insurer is insolvent, claims
will be covered up to a maximum of: - ANSWER: no limit
premium rates that are unreasonably low are referred to: - ANSWER: inadequate
workers compensation insurance premium rates are: - ANSWER: set by the individual
insurance Work Comp insurance companies.
when public employees are concerned that motor vehicle accidents occurring while
they are driving government vehicles may be used as a basis for auto insurers to
increase the rates under the individuals: - ANSWER: state employees driving highway
maintenance vehicles
a producer may share commission with: - ANSWER: Resident producer
Terry is a Georgia insurance agent. she has received an application for coverage on a
single-family home. her client has submitted an application with a premium. which
, of the following is correct? - ANSWER: Terry may issue a binder to provide temporary
coverage for up to 90 days
defamation involves making false statements about the financial conditions of: -
ANSWER: any insurer
each of the following is a method of satisfying the Georgia Motor Vehicle
Reparations Act EXCEPT: - ANSWER: a letter from a certified public accountant
attesting to the individual
under Georgia insurance laws, the agent is presumed to represent the - ANSWER:
insurer
a Georgia property insurer is going to cancel an insured policy. the notice of the
cancellation must provide how many days advance notice that the property may be
eligible for coverage under the FAIR plan? - ANSWER: 30
to be eligible for a resident agent license, and applicant must be present in Georgia -
ANSWER: at least 6 months per year
When the Guaranty (Insolvency) Fund pays claims, the Fund is replenished by: -
ANSWER: an assessment against the remaining insurers' premiums
which of the following may subpoena witness and document at a hearing? -
ANSWER: both the commissioner and the affected party
using different rate for persons of approximately the same rate and hazard
classification is: - ANSWER: unfair discrimination
any action of the commissioner may be appealed within 30 days to: - ANSWER:
Supreme Court of Fulton county
medical malpractice insurers must notify which of the following of claim payment
within 30 days? - ANSWER: the composite state board of medical examiners
a Georgia insurer may ignore its field rates and charge either higher or lower
premium rates by simply filing a rate deviation with the commissioner in advance.
however, the insurer may immediately build coverage and then way up to 20 days to
file the rate deviation with the commissioner if the premium exceed: - ANSWER:
$1,000
licensees must keep copies of all records for: - ANSWER: 5 years
which of the following are required to be covered by work comp? - ANSWER:
restaurant employees
paying a person an inducement to purchase insurance is called: - ANSWER: rebating
