Georgia Property & Casualty Insurance License Exam — All Questions
3 questions
Which body regulates insurance and licenses property and casualty producers in Georgia?
- a.Georgia Department of Motor Vehicles
- b.Georgia Office of Commissioner of Insurance and Safety Fire✓
- c.Georgia Department of Banking and Finance
- d.Georgia Insurance Guaranty Association
Georgia's insurance regulator is the Office of Commissioner of Insurance and Safety Fire, led by an elected Commissioner. It licenses producers and enforces the Georgia insurance code; its name reflects its added fire-safety duties.
A Georgia producer offers a prospective client a gift card worth part of the premium to induce purchase of an auto policy. This is:
- a.Allowed if under $100
- b.Allowed for renewals only
- c.Prohibited rebating under Georgia's unfair trade practices law✓
- d.Required to be reported but lawful
Rebating — giving any part of the premium or commission or other valuable consideration as an inducement to buy — is prohibited in Georgia. It can cause unfair discrimination among insureds and is grounds for discipline.
Under Georgia law, an insurer's mid-term cancellation of a seasoned personal auto policy is generally:
- a.Limited to specific statutory grounds and requires advance written notice to the insured✓
- b.Permitted at any time for any reason with no notice
- c.Prohibited entirely once issued
- d.Handled by the DMV, not the insurer
Georgia restricts mid-term cancellation of in-force personal-lines policies to defined grounds and requires advance written notice so the insured can obtain replacement coverage. Specific notice periods are set by statute; verify current figures with the state insurance office.