GEORGIA LAWS AND RULES EXAM QUESTIONS AND ANSWERS 100% PASS
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Module
Georgia Life and Health Insurance
Institution
Georgia Life And Health Insurance
GEORGIA LAWS AND RULES EXAM
QUESTIONS AND ANSWERS 100% PASS
Using an existing life insurance policy's cash value to purchase another policy with the
same insurer for the sole purpose of earning additional commissions is called... -
Correct Answer ️️ -Churning: is an illegal practice where i...
GEORGIA LAWS AND RULES EXAM QUESTIONS AND ANSWERS 100% PASS Using an existing life insurance policy's cash value to purchase another policy with the same insurer for the sole purpose of earning additional commissions is called... - Correct Answer ✔️✔️-Churning: is an illegal practice where insurance agents unnecess arily replace existing life insurance for the purpose of earning additional (higher) first year commissions An example of unfair discrimination would be - Correct Answer ✔️✔️-offering different terms of coverage for different policyowners in the same risk classification A mutual insurance company and a stock insurance company have one main difference between them. What is this major contrast? - Correct Answer ✔️✔️-Stock company is owned by its shareholders. Mutual company is owned by its policyholders The _ __ must provide an insured with proper disclosure concerning the replacement of an insurance policy. - Correct Answer ✔️✔️-agent The Commissioner must give ___ days notice prior to holding a hearing regarding an agent's unfair or deceptive practice. - Correct Answer ✔️✔️-10 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? - Correct Answer ✔️✔️-Coercion When advertising, an insurer is required to use its ___ - Correct An swer ✔️✔️-true corporate name Which type of insurance company allows their policyowners to elect governing body? - Correct Answer ✔️✔️-Mutual T is an agent and when hired, is reminded that he has a responsibility to handle client's funds in an honest and e thical manner. This responsibility is referred to as - Correct Answer ✔️✔️-fiduciary responsibility Which of the following is NOT an unfair claim settlement practice? - Correct Answer ✔️✔️-Needing written documentation of claim details Before an insurance company can pay commissions to an agent, the agent must be - Correct Answer ✔️✔️-licensed and appointed What is one of the roles of the Commissioner? - Correct Answer ✔️✔️-Administering insurance laws In Georgia, an example of an alien insurer would be one that is incorporated in - Correct Answer ✔️✔️-France All agents licensed less than 20 years are required to complete ___ continuing education hours every two years. - Correct Answer ✔️✔️-24 During the application process, the agent's responsibility is to - Correct Answer ✔️✔️-the insurance company A person who is required to be a licensed agent would be a(n) - Correct Answer ✔️✔️-a person who places insurnace on behalf All accident and sickness plans MUST provide coverage on newborn children for ___ days. - Correct Answer ✔️✔️-31
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