FREE INSURANCE AND STUDY GAMES ABOUT GA LAW

PDF Download

FREE INSURANCE AND STUDY GAMES ABOUT GA LAW

EXAM QUESTIONS

Actual Qs and Ans Expert-Verified Explanation

This Exam contains:

-Guarantee passing score -23 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation

Question 1: What is a rebate and are they legal in the ins biz in Ga?

Answer:

offer of a gift/$ to potential client while he or she is considering buying a policy; illegal in Ga

Question 2: What are four qualifications to being a producer (ins agent) in Ga?

Answer:

• 18+yo

• 40 hr training class

• pass license exam

• pass background check (no felonies)

Question 3: Who is the current ins commissioner of GA?

Answer:

Ralph Hudgens

Question 4: What are the 4 duties/ responsibilities of Ga's Ins Commissioner?

Answer:

• appoint deputy commissioners

• select chief deputy commissioner from deputies

• Establish bond of $15k

• Examine financial records of ins co's doing business in Ga (min each 5 yrs for each co.)

Question 5: Can an agent sahre his/ her commission with an unlicensed person (i.e. to realtor who sends business to agent regularly)?

Answer:

No- must be an agent and of same type of license(i.e. P & C)

Question 6: What is controlled business with respect to ins agents in Ga?

Answer:

rule that states an agent can only have <25% of their accounts as ones that ONLY deal with him/ her as an agent Question 7: What does a temporary sales license allow its holder to do? How long is it valid?

Answer:

go on sales calls with a licensed agent; min = 6mos. and max = 15 mos.Question 8: What does a counselor's license allow its holder to do? Qualifications?

Answer:

charge customers fees for doing insurance work (as opposed to commission as an agent); qualifications = 5 yrs experience as an agent and pass counselor's exam Question 9: If an agent's license has inactive status, is he/she still required to do training to maintain that inactive status (and not have it cancelled altogether)?

Answer:

Yes- same required training as active agents

Question 10: What are the two chief capacities/ powers of Ga Ins Commissioner?

Answer:

• Chief Officer of Insurance

• Chief Fire Marshal

Question 11: What is the purpose of a Fair Plan?

Answer:

to provide insurance for buildings that are deemed uninsurable because of location, occupancy or condition (helps to encourage property development and improvement in Ga) Question 12: Within how many days of a request by insured must an ins co provide forms needed for filing a claim?

Answer:

15 days Question 13: Who has final judgement in the appeal of decision by ins commission?

Answer:

Superior Court of Fulton Co Question 14: Name 2 pers auto insurance discounts in Ga and describe the qualifications for receiving each.

Answer:

• Defensive driving discount= at least 10% discount for client: 25+yo, took defensive driving course &

licensed and accident free for 3 yrs

• Good student discount= at least 10% discount for client who: <25 yo, unmarried, full time student w/

3.0 GPA

Question 15: How much continuing ed per yr do the following need:

• agent licensed for 20+yrs
• agent licensed < 20 yrs

Answer:

• 15 hrs training per yr

• 10 hrs training per yr (3hrs ethics)

Question 16: What does the snowbird exclusion state?

Answer:

To obtain a resident ins sales license in GA, one must be a Ga resident (live in GA 6+ moths per yr)

Question 17: What is the penalty for violating Ga law codes?

Answer:

probation for 1 yr + fine (unintentional, first violation = $1k per transaction and intentional, post-warning = $5k per transaction Question 18: Who would be exempt from taking a pre-licensing course before a state insurance exam?

Answer:

Charter Property Casual Underwriter

Question 19: What is twisting with respect to ins agents in Ga?

Answer:

unethical practice of "downgrading" a policy's terms when switching that policy from another company for a new client Question 20: Can an ins co have its license revoked for being in financial distress?

Answer:

Yes

Question 21: What is the time period for which a binder is valid?

Answer:

earliest date between:

• date policy issued

• 90 days after binder issued

Question 22: How is the Ins Commissioner chosen? Term Length? Max # terms?

Answer:

Election; 4yrs; unlimited # terms