When a resident applies for a temporary license, what information about the agent who will oversee the temporary licensee must the application contain?

The supervising resident agent's name and license number

A client owns a life or health certificate issued by a fraternal benefit society operating in Georgia and asks whether the state guaranty association would stand behind it. Under O.C.G.A. Sec. 33-38-2(c)(5), what is the correct answer?

The chapter provides no coverage for any certificate the society issues

A resident agent with an October birth month files no license renewal form at all in the renewal year. Under the resident renewal-date rule, as of what date does the license expire?

October 31, the last day of the birth month

Under Georgia's rule on advertising of life insurance and annuity contracts, how long must an insurer keep each advertisement in the file at its home or principal office?

Four years, or until the next examination report is filed, whichever is longer

An insurer handles a replacement sale. Its next regular examination by its domiciliary insurance department is expected to conclude five years from now. How long must it keep the Replacement Notice and its replacement register at its home office?

Until that examination concludes, about five years from now

A Georgia producer is reviewing how Title 33 uses the general term "person" (as distinct from "natural person"). Which statement matches that general definition?

It reaches individuals and entities alike, such as corporations and exchanges

A licensed Georgia life and health agent commits three separate acts, each violating a rule of the Commissioner of Insurance, and the Commissioner finds the agent reasonably should have known each act was a violation. Under the monetary penalty provision of Georgia's enforcement statute, what is the largest total penalty the Commissioner may impose?

$15,000, which is up to $5,000 for each of the three acts

A Georgia life and health producer gets a phone call from a department employee saying the Commissioner has ordered the producer to stop using an advertisement. No written order has been delivered. Under Georgia's rule on the form of the Commissioner's orders, what is the order's status?

It is not effective, since an order must be in writing and signed

Under O.C.G.A. Sec. 33-3-21, by what date must an insurer doing business under a Georgia certificate of authority file its annual report of affairs and operations with the Commissioner?

On or before March 1, covering the year that ended the previous December 31

A person circulates to prospective policyholders a statement of a Georgia insurer's financial condition that turns out to be false. Under Georgia's statute on false financial statements, what additional element makes the circulation prohibited?

The person must have acted with intent to deceive when circulating the false statement

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1.When a resident applies for a temporary license, what information about the agent who will oversee the temporary licensee must the application contain?
Answer: A. The supervising resident agent's name and license number
Among the items the temporary license rule requires in the application process is the name and license number of the supervising resident agent for the temporary licensee. The rule does not call for the supervising agent's continuing education record, a bond, or a FINRA registration as part of that application.
Source
Ga. Comp. R. & Regs. 120-2-3-.40(2)(c) (Resident Temporary License)
Choose an answer to see the explanation.
2.A client owns a life or health certificate issued by a fraternal benefit society operating in Georgia and asks whether the state guaranty association would stand behind it. Under O.C.G.A. Sec. 33-38-2(c)(5), what is the correct answer?
Answer: C. The chapter provides no coverage for any certificate the society issues
Sec. 33-38-2(c)(5) excludes from the chapter's coverage any policy, contract, or certificate issued by a fraternal benefit society. The exclusion carries no condition about the holder's residence, a reduced limit, or the society's licensing status, so each of those answers describes coverage the paragraph does not provide. Subsection (d) of the same section carves an exception out of paragraph (3) only, which leaves the fraternal exclusion intact.
Source
O.C.G.A. Sec. 33-38-2(c)(5) (Scope)
Choose an answer to see the explanation.
3.A resident agent with an October birth month files no license renewal form at all in the renewal year. Under the resident renewal-date rule, as of what date does the license expire?
Answer: C. October 31, the last day of the birth month
When a licensee fails to file the required renewal form, the license expires at the end of the licensee's birth month in the renewal year. For an October birth month, that is October 31 of the renewal year. The rule fixes expiration at the end of the birth month itself, so it is not November 15, December 31, or a date in the following year.
Source
Ga. Comp. R. & Regs. 120-2-3-.16(1)(b) (Dates for Resident License Renewal and Required Filing of Continuing Education Credits)
Choose an answer to see the explanation.
4.Under Georgia's rule on advertising of life insurance and annuity contracts, how long must an insurer keep each advertisement in the file at its home or principal office?
Answer: B. Four years, or until the next examination report is filed, whichever is longer
Rule 120-2-11-.11(1) requires each insurer to keep at its home or principal office a file of its advertisements, open to inspection by the Georgia Insurance Department, and to retain each one for four years or until the next regular report on the examination of the insurer is filed, whichever period is longer. Choosing the shorter of the two reverses the rule. Three years is not the period this rule sets for advertisements, and the rule sets no five-year period.
Source
Ga. Comp. R. & Regs. 120-2-11-.11(1) (Enforcement Procedures)
Choose an answer to see the explanation.
5.An insurer handles a replacement sale. Its next regular examination by its domiciliary insurance department is expected to conclude five years from now. How long must it keep the Replacement Notice and its replacement register at its home office?
Answer: C. Until that examination concludes, about five years from now
Each insurer must keep the Replacement Notice, the required written communications, the applicant's signed replacement statement and a replacement register, cross indexed by replacing agent and existing insurer, in its home office. The period is at least three years or until the next regular examination by its domiciliary department concludes, whichever is later. With the examination ending in five years, the later date governs, so the records stay about five years. Three years is only the floor, and the rule chooses the later of the two dates, not the shorter. The retention duty is tied to years and examinations, not to any policy review period.
Source
Ga. Comp. R. & Regs. 120-2-24-.06(3) (Duties of All Insurers)
Choose an answer to see the explanation.
6.A Georgia producer is reviewing how Title 33 uses the general term "person" (as distinct from "natural person"). Which statement matches that general definition?
Answer: D. It reaches individuals and entities alike, such as corporations and exchanges
Title 33 defines person broadly. The list names an individual, an insurer, companies, associations and trade associations, partnerships, syndicates, business trusts, corporations, reciprocal or interinsurance exchanges, and Lloyd's associations, and it closes with any other legal entity. Because individuals and entities both appear in the list, the term is not confined to human beings, to business entities, or to insurers.
Source
O.C.G.A. Sec. 33-1-2(7) (Definitions)
Choose an answer to see the explanation.
7.A licensed Georgia life and health agent commits three separate acts, each violating a rule of the Commissioner of Insurance, and the Commissioner finds the agent reasonably should have known each act was a violation. Under the monetary penalty provision of Georgia's enforcement statute, what is the largest total penalty the Commissioner may impose?
Answer: C. $15,000, which is up to $5,000 for each of the three acts
Georgia's enforcement statute lets the Commissioner impose a monetary penalty of up to $2,000.00 for each and every act that violates the insurance title or the Commissioner's rules, regulations or orders. Where the person knew or reasonably should have known of the violation, the cap per act may be increased to $5,000.00. The penalty is measured per act, so three acts with that knowledge finding allow up to three times $5,000.00, or $15,000. The $6,000 figure applies the lower cap meant for a case without the knowledge finding, and a single total of $5,000 or $2,000 ignores the per-act measure.
Source
O.C.G.A. Sec. 33-2-24(g)(2) (Enforcement of title and rules, regulations, and orders; penalties)
Choose an answer to see the explanation.
8.A Georgia life and health producer gets a phone call from a department employee saying the Commissioner has ordered the producer to stop using an advertisement. No written order has been delivered. Under Georgia's rule on the form of the Commissioner's orders, what is the order's status?
Answer: C. It is not effective, since an order must be in writing and signed
Georgia law makes the Commissioner's orders and notices effective only when they are in writing and signed by the Commissioner or by the Commissioner's authority. A spoken instruction relayed by telephone is neither written nor signed, so the order has not taken effect. Even an order issued by the Commissioner's authority must be a signed writing to take effect, and neither the producer's own written acknowledgment nor a later report to the Commissioner turns a phone call into a signed written order.
Source
O.C.G.A. Sec. 33-2-10(a) (Issuance and service of orders and notices)
Choose an answer to see the explanation.
9.Under O.C.G.A. Sec. 33-3-21, by what date must an insurer doing business under a Georgia certificate of authority file its annual report of affairs and operations with the Commissioner?
Answer: A. On or before March 1, covering the year that ended the previous December 31
O.C.G.A. Sec. 33-3-21 requires every insurer, in each year after it begins business under a certificate of authority, to file a report on its affairs and operations on or before March 1, covering the year ending December 31 of the preceding year. January 31 and June 30 are not the filing date the section sets, the report is tied to the calendar year rather than an insurer's chosen fiscal year, and the deadline does not run from the certificate's anniversary. The section also makes compliance a condition to renewal of the certificate of authority under Sec. 33-3-16.
Source
O.C.G.A. Sec. 33-3-21 (Reports of business affairs and operations of insurers generally)
Choose an answer to see the explanation.
10.A person circulates to prospective policyholders a statement of a Georgia insurer's financial condition that turns out to be false. Under Georgia's statute on false financial statements, what additional element makes the circulation prohibited?
Answer: C. The person must have acted with intent to deceive when circulating the false statement
The provision applies to any person, not only to insurers or their officers, and reaches filing a false statement of an insurer's financial condition with a public official as well as publishing, circulating or delivering one to any person or to the public. The element it adds is intent to deceive. Nothing in it confines the prohibition to officers or directors, requires that the statement first be filed with the Commissioner, or requires that anyone relied on the statement and lost money.
Source
O.C.G.A. Sec. 33-6-4(b)(5) (Enumeration of unfair methods of competition and unfair or deceptive acts or practices; penalty)
Choose an answer to see the explanation.

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1.When a resident applies for a temporary license, what information about the agent who will oversee the temporary licensee must the application contain?

2.A client owns a life or health certificate issued by a fraternal benefit society operating in Georgia and asks whether the state guaranty association would stand behind it. Under O.C.G.A. Sec. 33-38-2(c)(5), what is the correct answer?

3.A resident agent with an October birth month files no license renewal form at all in the renewal year. Under the resident renewal-date rule, as of what date does the license expire?

4.Under Georgia's rule on advertising of life insurance and annuity contracts, how long must an insurer keep each advertisement in the file at its home or principal office?

5.An insurer handles a replacement sale. Its next regular examination by its domiciliary insurance department is expected to conclude five years from now. How long must it keep the Replacement Notice and its replacement register at its home office?

6.A Georgia producer is reviewing how Title 33 uses the general term "person" (as distinct from "natural person"). Which statement matches that general definition?

8.A Georgia life and health producer gets a phone call from a department employee saying the Commissioner has ordered the producer to stop using an advertisement. No written order has been delivered. Under Georgia's rule on the form of the Commissioner's orders, what is the order's status?

9.Under O.C.G.A. Sec. 33-3-21, by what date must an insurer doing business under a Georgia certificate of authority file its annual report of affairs and operations with the Commissioner?

10.A person circulates to prospective policyholders a statement of a Georgia insurer's financial condition that turns out to be false. Under Georgia's statute on false financial statements, what additional element makes the circulation prohibited?

The other 307 questions are $29.