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Insurance Exam > State Laws, Rules, and Regulations > Flashcards

State Laws, Rules, and Regulations Flashcards

1
Q

an offer than attempts to influence the other party

A

inducement

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2
Q

unable to meet financial obligations

A

insolvent

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3
Q

operate an insurance mechanism, in which members are liable only for their portion of the risk

A

Lloyd Association

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4
Q

to make public or put into action

A

promulgate

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5
Q

a formal written law enacted by legislature

A

statute

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6
Q

insurance not available from authorized insurers

A

surplus lines

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7
Q

an insurance company that is incorporated in this state

A

domestic insurer

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8
Q

an insurance company that is incorporated in another state or territorial possession

A

foreign insurer

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9
Q

insurance company that is incorporated outside of the United States

A

alien insurer

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10
Q

the authority a principal intends to grant to an agent by means of the agents contract

A

express authority

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11
Q

authority that is not expressed or written into the contract, but which the agent is assumed to have in order to transact the business

A

implied authority

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12
Q

the appearance or the assumption of authority based on the actions, words, or deeds of the principal or because of circumstances that principal created

A

apparent authority

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13
Q

how often to license expire?

A

2 years

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14
Q

an individual who is domiciled and licensed as a resident producer in another state

A

nonresident producer

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15
Q

resides in a state that awards nonresident agent licenses to residents of Georgia on the same basis

A

reciprocity agreement

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16
Q

refers to anyone who engages in the business of advising customers as to the benefits under any contract of insurance issued

A

counselor license

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17
Q

someone in the position of trust

A

fiduciary

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18
Q

defined as any inducement offered to the insured in the sale of insurance products that is not specified in the policy

A

rebating

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19
Q

a misrepresentation, or incomplete or fraudulent comparison of insurance policies that persuades an insured/owner, to his or her detriment, to cancel, lapse, switch policies, or take out a policy with another insurer

A

twisting

20
Q

defined as replacing insurance policies for the sole purpose of making commisions

A

churning

21
Q

occurs when an oral or written statement is made that is intended to injure a person engaged in the insurance business

A

defamation

22
Q

any coverage written on a producers own life, health, or immediate family or business associates

A

controlled business

23
Q

a nonprofit, unincorporated association that protects policy owners, insureds, and beneficiaries of life, health, annuities, and supplemental contracts issued by member insurers who become insolvent or are unable to perform their contractual obligations

A

georgia life and health insurance guaranty association

24
Q

any attempt to dissuade a current policy owner from the replacement of existing life insurance or annuity

A

conservation

25
Q

how long must an agent keep copies of the replacement policy signed notice?

A

3 years

26
Q

the insurance comapny whose policy is being replaced

A

existing insurer

27
Q

any life insurance or annuity in force, including life insurance under a binding or conditional receipt or a life insurance policy or annuity that is within an unconditional refund period

A

existing life insurance or annuity

28
Q

when a replacement is involved, what must the applicant sign?

A

replacement notice

29
Q

whenn must claim forms be furnished?

A

10 working days

30
Q

time of payment of claims

A

withing 30 days

31
Q

legal action time

A

no sooner than 60 days and no later than 3 years after the proof of loss

32
Q

long term care insurance policy that meets model regulations and requirements of the National Association of Insurance Commissioners and covers an insured who was a resident of the state when coverage first became effective under the policy

A

qualified state long term care insurance partnership policy

33
Q

means that an amount of the policy holders assets equal to the amount of long term care insurance benefits received under a qualified Partnership Policy will be disregarded for the purpose of determining the insured eligibility for medicaid

A

Asset disregard

34
Q

who is responsible for the contents of life insurance advertising

A

the insurer

35
Q

what is a foreign insurer?

A

an insurer with a home office in another state

36
Q

whenever agents submit applications to insurers, they must also submit statements disclosing whether or not replacement is involved. Who must sign these statements?

A

applicant and agent

37
Q

a willfull violation of an agents fiduciary responsibility that involved funds exceeding $500 will be considered

A

a felony

38
Q

a child is born to a mother whose insurance covers health-related losses of family members. How long will the newborn be automatically covered under the mothers plan?

A

31 days

39
Q

If an agent changes his residence address, within how many days must the agent notify the commissioner of the change?

A

30 days

40
Q

Medicare supplements specifically exclude all of the following except

A

Surgical expenses of persons eligible for medicare

41
Q

a claimant wants to bring a recovery action against an insurance company for a loss claimed under a policy. The action must be brought

A

within 3 years

42
Q

the authority granted to an agent through the agents contract is referred to

A

express authority

43
Q

coverage for adopted children must be effective at what point?

A

at the date of the final decree of adoption

44
Q

what is NOT true about rebating?

A

rebating is allowed if its in the best interest of the client

45
Q

what is also known as perceived authority?

A

apparent authority

Insurance Exam (10 decks)

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