Ga P & C Insurance Exam - Ga Law
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| How is the Ins Commissioner chosen? Term Length? Max # terms? | Election; 4yrs; unlimited # terms
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| Who is the current ins commissioner of GA? | Ralph Hudgens
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| What are the two chief capacities/ powers of Ga Ins Commissioner? | 1. Chief Officer of Insurance
2. Chief Fire Marshal
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| What are the 4 duties/ responsibilities of Ga's Ins Commissioner? | 1. appoint deputy commissioners
2. select chief deputy commissioner from deputies
3. Establish bond of $15k
4. Examine financial records of ins co's doing business in Ga (min each 5 yrs for each co.)
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| With regards to a domestic ins co accused of wrongdoing, what are the duties of the state? the rights of ins co? | state must offer accused co public hearing within 30 days; accused co. may request a public hearing
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| Who has final judgement in the appeal of decision by ins commission? | Superior Court of Fulton Co
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| What is the penalty for violating Ga law codes? | probation for 1 yr + fine (unintentional, first violation = $1k per transaction and intentional, post-warning = $5k per transaction
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| Can an ins co have its license revoked for being in financial distress? | Yes
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| What are four qualifications to being a producer (ins agent) in Ga? | 1. 18+yo
2. 40 hr training class
3. pass license exam
4. pass background check (no felonies)
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| What does the snowbird exclusion state? | To obtain a resident ins sales license in GA, one must be a Ga resident (live in GA 6+ moths per yr)
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| Who would be exempt from taking a pre-licensing course before a state insurance exam? | Charter Property Casual Underwriter
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| How much continuing ed per yr do the following need: 1. agent licensed for 20+yrs 2. agent licensed < 20 yrs | 1. 15 hrs training per yr
2. 10 hrs training per yr (3hrs ethics)
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| If an agent's license has inactive status, is he/she still required to do training to maintain that inactive status (and not have it cancelled altogether)? | Yes- same required training as active agents
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| What does a temporary sales license allow its holder to do? How long is it valid? | go on sales calls with a licensed agent; min = 6mos. and max = 15 mos.
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| What does a counselor's license allow its holder to do? Qualifications? | charge customers fees for doing insurance work (as opposed to commission as an agent); qualifications = 5 yrs experience as an agent and pass counselor's exam
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| What is a rebate and are they legal in the ins biz in Ga? | offer of a gift/$ to potential client while he or she is considering buying a policy; illegal in Ga
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| What is controlled business with respect to ins agents in Ga? | rule that states an agent can only have <25% of their accounts as ones that ONLY deal with him/ her as an agent
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| What is twisting with respect to ins agents in Ga? | unethical practice of "downgrading" a policy's terms when switching that policy from another company for a new client
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| Within how many days of a request by insured must an ins co provide forms needed for filing a claim? | 15 days
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| What is the time period for which a binder is valid? | earliest date between:
1. date policy issued
2. 90 days after binder issued
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| Can an agent sahre his/ her commission with an unlicensed person (i.e. to realtor who sends business to agent regularly)? | No- must be an agent and of same type of license(i.e. P & C)
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| What is the purpose of a Fair Plan? | to provide insurance for buildings that are deemed uninsurable because of location, occupancy or condition (helps to encourage property development and improvement in Ga)
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| Name 2 pers auto insurance discounts in Ga and describe the qualifications for receiving each. | 1. Defensive driving discount= at least 10% discount for client: 25+yo, took defensive driving course & licensed and accident free for 3 yrs 2. Good student discount= at least 10% discount for client who: <25 yo, unmarried, full time student w/ 3.0 GPA
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