Exam (elaborations)
Georgia Insurance Laws and Rules: Quick Q&A Update
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Georgia Insurance Laws and Rules: Quick Q&A Update
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---### Georgia Insurance Laws and Rules: Quick Q&A Update
**1. Coercion Concern**
J, an insurance agent, recently told a claimant that he might lose certain rights if he doesn’t fill out a
release form on time. What could J be in trouble for?
**Answer:** Coercion.
**2. Continuing Education Requirement**
Agents licensed for less than 20 years need to complete **24 hours** of continuing education every
two years.
**3. Contestability Period**
In Georgia, most life insurance policies have a contestability period of **2 years**.
**4. Coverage for Newborns**
All accident and sickness plans must cover newborns for **31 days**.
**5. Foreign Insurer Definition**
An insurer licensed to do business in Georgia but based in New Jersey is considered a **foreign
company**.
**6. Advertising Responsibility**
In Georgia, insurance agencies are responsible for the ads their agents place.
, **7. Alien Insurer Example**
An example of an alien insurer would be a company incorporated in **France**. Basically, if it’s based
outside the U.S., it’s an alien company in Georgia.
**8. Long-Term Care Policy Requirement**
Long-term care policies in Georgia must provide benefits for at least **12 months**.
**9. Misrepresentation Consequences**
If an agent misrepresents a policy to get a policyholder to surrender their existing policy, they are guilty
of **twisting**.
**10. Domestic Insurance Company**
A domestic insurance company in Georgia is one that is incorporated and formed right here in the state.
**11. Fiduciary Responsibility**
T, an agent, was reminded that he needs to handle clients' funds ethically. This responsibility is known as
**fiduciary responsibility**.
**12. Rebating Practices**
An agent would be guilty of rebating if they return part of a premium as an incentive to get someone to
purchase insurance.
**13. Churning Explanation**
Using the cash value of an existing life insurance policy to buy another policy from the same insurer just
to earn more commissions is called **churning**.
**14. Ethics Education Requirement**
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