Georgia Law Exam Questions and Answers 100% Pass

Georgia Law Exam Questions and Answers 100% Pass The Commissioner is elected by who? For how many years? - Correct Answer ️️ -The public - 4 years The Commissioner will examine domestic insurance companies how often? - Correct Answer ️️ -At least every 5 years. Agents and brokers must keep a record of his business for how long? - Correct Answer ️️ -5 years, or term of the policy, which ever is longer Domestic insurance companies or insurance holding companies are subject to ____. - Correct Answer ️️ -Examination Commissioner may hold a hearing based upon his belief that there is a possible violation of Insurance code - the hearing will be held within how many days of the demand? - Correct Answer ️️ -30 Commissioner has a right to impose any penalty provided by the law against anyone who has been investigated and found responsible WITHOUT a hearing - Correct Answer ️️ -WITHOUT a hearing If the wrongdoer wishes a hearing, they must request one within how many days? - Correct Answer ️️ -10 days of the receipt of order Commissioner can order which things to someone who has violated a statute? - Correct Answer ️️ --Cease and desist -Placed on probation for no longer than 1 year (for each and every violation) -Payment of fine (not knowing) = $1,000 (for each violation) Payment of fine (knowingly) = $5,000 (for each violation) Stock companies - Correct Answer ️️ -Do not pay dividends Mutual companies - Correct Answer ️️ -pay dividends Certificate of Authority - Correct Answer ️️ -given by commissioner - says that you are an authorized company that can transact business in the state of Georgia. People who do not need a certificate of authority - Correct Answer ️️ -Businesses who are not transacting new business - just collecting premiums for continuing business. Surplus lines transaction - Correct Answer ️️ -Allow non admitted/authorized companies in circumstances. An insurance company may transact insurance for one kind of insurance or combination of kinds except: - Correct Answer ️️ -1) Reciprocal may not transact life insurance 2) A Lloyd's insurer shall not transact life insurance. Main reason for Commission to revoke Certificate of Authority is...? - Correct Answer ️️ -Financial distress Producer requirements - Correct Answer ️️ --Must be 18 - At least be present within GA for 6 months of every year -40 hours of license class -Pass exam Continuing Ed - Correct Answer ️️ -Less than 20 years = 15 hours each