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Cheat Sheet

Georgia Law Supplement

QuestionAnswer
What is the period of time in which the Commissioner must conduct an examination of eery authorized insurer? 5 Years
What is the time frame for the Commissioner to provide the examinee a copy of the written report? 20 Days
How many days written notice to all interested parties must be given for a Hearing? 10 Days
The Hearing must be held no later than ____ after the request was received. 30 Days
Parties may request a rehearing within ____ . 30 Days
The Commissioner must make an order on the hearing within ____ . 30 Days
What is the Maximum fine for each nonwillful insurance code violation? $1,000
What is the Maximum fine for each willful insurance code violation? $5,000
What is the Maximum fine for violating a cease and desist order? $10,000
Insurance Fraud is a ____ . Felony
What is the Maximum fine for insurance fraud? $10,000
What is the Minimum prison time in addition to the above fine? 2 Years
What is the Maximum prison time in addition to the above fine? 10 Years
____ days notice is required to temporarily suspend a license, if emergency action is needed. 3 Days
Association's maximum liability for any one life is? $100,000
Producers must report name or address changes within ____ days. 30 Days
Applicants minimum age is? Age 18
Applicants must complete ____ hours of prelicensing education per line of authority. 20 Hours
Pass the licensing exam with a score of at least ____ %. 70%
Nonresident producers moving to Georgia have this long to establish themselves as a resident producer (without taking Georgia prelicensing education or insurance exam). 90 Days
Insurers must renew their agents' certificates of authority ____ . Annually
Agents must renew their subagents' certificates of authority every ____ years. 3 Years
Insurers must report an agent's certificate of authority (appointment) termination within ____ days. 30 Days
Biennial Continuing Education (CE) requires ____ hours, if licensed for fewer than 20 years. 24 Hours
Biennial Continuing Education (CE) requires ____ hours, if licensed for 20 years or more. 20 Hours
Biennial Continuing Education (CE) requires ____ hours of the total CE hours must be in ethics. 3 Hours
Long-Term Care Partnership (LTCP) requires ____ hours of initial LTCP training. 8 Hours
Long-Term Care Partnership (LTCP) requires ____ hours biennial LTCP refresher course. 4 Hours
One-time ____ hour annuity suitability training course (effective March 1, 2016). 4 Hours
Temporary licenses are effective for ____ months and can be renewed up to a total of 15 months. 6 Months
Surplus lines broker must post a $____ bond with the Commissioner. $50,000
Insurers must maintain copies of the replacement notices for at least ____ year(s), or until after the next regular Insurance Department examination, whichever is later. 3 Years
Minors age ____ or older can purchase insurance. Age 15
The Free-look period (right to examine) for life insurance is ____ . 10 Days
The Grace Period for individual life insurance is ____ . 30 Days
Employer groups must cover at least ____ employees at the date of issue. 2 Employees
Labor union groups must cover at least ____ members at the date of issue. 25 Members
Newborn children are covered from the moment of birth. Insurer must be notified within ____ days for coverage to continue past the initial 31-day period. 31 Days
What is the Minimum benefit period for Long-Term Care Insurance? 24 Months
For Long-Term Care Insurance what is the Maximum pre-existing exclusion period? 6 Months
For Medicare Supplements; what is the Maximum pre-existing exclusion period? 6 Months
For Medicare Supplements; Open enrollment is within ____ months of enrolling in Medicare Part B and being age 65 or older. 6 Months