Georgia Law
Who regulates the insurance industry in Georgia?
Georgia Insurance Commissioner
Offering something of value not included in the policy to induce a sale.
Rebating
Minimum age to obtain an insurance license.
18
Time period when a policyholder can cancel a policy for a full refund.
Free-look period
Amount paid before insurance begins paying.
Deductible
How often must an insurance license be renewed in Georgia?
Every 2 years
Misrepresenting a policy to convince someone to replace it.
Twisting
How many years between license renewals?
2 years
Time allowed to pay premium after due date before lapse.
Grace period
Percentage the insured pays after deductible.
Coinsurance
How many continuing education hours must agents complete every renewal period?
24 hours
Spreading false statements about another insurance company.
Defamation
Late renewal period before retaking the exam.
12 months
Life insurance that lasts for a specific time period.
Term life
Health plan requiring in-network providers and referrals.
HMO
How many ethics hours are required in Georgia continuing education?
3 hours
Treating applicants unfairly because of race or other protected traits.
Unfair discrimination
What responsibility does an agent have when handling premiums?
Fiduciary responsibility
Person who receives the benefit if the primary beneficiary dies.
Contingent beneficiary
Health plan allowing more flexibility without referrals.
PPO
How long can a temporary insurance license last in Georgia?
6 months
Writing most policies on yourself or family members.
Controlled Business
What can happen if an agent violates insurance law?
License suspension, revocation, or fines
Requirement that someone would suffer financial loss if the insured dies.
Insurable interest
Process insurers use to evaluate risk and set premiums.
Underwriting