Georgia State Life & Health Insurance Laws

85 terms by minda68

Create a new folder

Advertisement Upgrade to remove ads

Elected

How does the Insurance Commissioner get into office.

4 years

What is the term of the Ins. Commissioner

What are the powers of the Commissioner

Regulation, Examination of Records, Investigation, Hearing and Judicial Review, Issuing Penalties

5 years

how often does the commissioner examine domestic insurers

30 days

length of time the commissioner has to hold a hearing if a person has complained and the commissioner feels a hearing is warranted

10 days

length of time a violater has to request a hearing regarding a penalty from the commissioner

stock companies

do not pay dividends

mutual companies

does pay dividends

30 days

length of time a company has to pay final restitution on a judgement rendered against it in Ga.

$5,000 per act

fine for a willful violation of the insurance code

$1,000

fine for an unintended violation of the insurance code

18

age you have to attain to receive an ins. license

6 months

lenth of time of residence in Ga. that you must maintain in order to receive and Ins. license

10 quarter hours of insurance related courses within the last 12 months

what could exempt you from taking the pre-licensing course

15 hours

amount of continuing education needed each year for agents licensed less than 20 years

10 hours

amount of continuing education needed each year for agents licensed more than 20 years

probation

you can play but we will be watching you

suspension

you are in time out, but will be able to play when i say so

revocation

you can no longer play

refuse to issue

you can never play

refuse to renew

you used to play, but can play no more

6 months

length of time a temporary license can be issued without requiring an examination

15 months

maximum length of time a temporary license will be issued

5 years

length of years experience needed to become an insurance counselor

15 days

length of time the insurer has to get claims forms to the customer

15 days

length of notice commissioner has to give in advance of a hearing to insurers

$10,000

penalty for each violation of a cease and desist order from commissioner

commingling

depositing premium money into your business checking account

commingling over $500

considered a felony

What policies does the replacement regulation not apply to

annuities
credit life
group life
life ins connected with a pension or profit sharing

three things you must submit with replacement application

statement signed by applicant regarding replacement of ins
statement signed by you regarding your knowledge of ins replacement, signed copy of replacement notice

at time of application

when must the replacement notice be given to the applicant

who signs the replacement notice

you, the applicant, and a copy must be left with the applicant

list of existing life insurance being replaced

what else must you obtain at the time of replacement and turned in with the application

original or copy of written or printed material used for the replacement sales presentation

what must you leave with the applicant at the time of the application for replacement

conservation

the attempt by the existing company to convince the applicant that replacement is not in his best interest

3 years

length of time copies of replacement notices, copies of communications, and signed statement regarding replacement must be kept in office

10 days

length of time the existing insurer being replaced has to furnish the policyholder a policy summary statement if requested

within 3 working days of the receipt of the application by your company company or the date the proposed
policy is issued whichever is sooner.

length of time the replacing company has to mail notification to the existing company regarding replacement

Georgia Life and Health Insurance Guaranty Association

created to protect policyowners, insureds, and beneficiaries of life insurance policies, health insurance policies, and annuities against companies becoming insolvent

payment of benefits and continuation of coverage

what is guaranteed by the Ga. Life and Health Ins. Guaranty Assoc.

medicare part A

automatic, covers hospital expense

medicare part B

optional, covers doctors expense

$100,00 in cash value, or $300,000 total

maximum the Guaranty association will pay on any one life

Medicare Supplement Insurance (Medigap)

coverage that pays what Medicare does not

When is the only time the Medicare Supplement company must accept an applicant regardless of a pre-existing conditions

within the first 6 months of enrollment in Medicare Part B

person who seeks coverage

who is considered the applicant in an individual Medicare Supplement policy

certificate holder

who is considered the applicant in a group Medicare Supplement policy

greater than 63 days

length of lapse time that would knock a policy out of the creditable coverage definition

group health plan

creditable coverage

individual health insurance

creditable coverage

Part A or B of Medicare

creditable coverage

medicaid

creditable coverage

Champus

creditable coverage

Medicare program of the Indian Health Service or tribal organization

creditable coverage

any risk pool

creditable coverage

Federal Employee Health Benefits Program

creditable coverage

Health Benefits Plan of the Peace Corps

creditable coverage

Accident and Disability insurance

not creditable coverage

supplement to liability insurance

not creditable coverage

general liability or auto liability ins

not creditable coverage

workers comp

not creditable coverage

auto med pay

not creditable coverage

credit only insurance

not creditable coverage

on site medical clinic coverage

not creditable coverage

any coverage that makes its coverage secondary to another policy

not creditable coverage

limited dental or vision in a separate policy

not creditable coverage

Benefits for Long Term Care, nursing home care, home health care, community-based care in a separete policy

not creditable coverage

coverage for a specified disease

not creditable coverage

hospital indemnity or any other fixed indemnity policy

not creditable coverage

separate Medicare Supplemental Health policy

not creditable coverage

any other group medicare supplemental health policy

not creditable coverage

12 consecutive months

length of time for coverage to be defined as a Long Term Care policy

not to exceed 6 months

length of time that can separate recurrent confinements and still qualify for a LTC policy

LTC Partnership Program

program that allows consumers to avoid the "spend down" of assets to qualify for Medicaid

insured must be a resident of the State of Georgia
when coverage first became effective under the policy

requirement for a LTC

policy is qualified Long Term Care insurance policy as defined by the Internal Revenue Code and was not issued prior to January 1, 2007

requirement for LTC

policy meets all the applicable requirements of this Rule and the requirements of the NAIC Long Term Care insurance model act

requirement for LTC

policy provides inflation protection

requirement for LTC

LTC Partnership Program Notice

outlines the requirements and benefits of a partnership policy. Must be given to the prospective applicant.

8 hour initial training class and 4 hours every 24 months

training needed to sell LTC policies, including Partnership policies

5 years

length of time partnership training records must be kept on agents

United States Secretary of Health and Human Resources

agency that requires reporting on partnership policies, benefits paid, etc.

"THIS IS A LIMITED POLICY DESIGNED TO COVER ONLY THOSE
EXPENSES WHICH MEDICARE DOES NOT COVER."

statement required to be in advertisements relating to Medical Supplemental Insurance

5 years

length of time advertisement files must be kept on file

Please allow access to your computer’s microphone to use Voice Recording.

Having trouble? Click here for help.

We can’t access your microphone!

Click the icon above to update your browser permissions above and try again

Example:

Reload the page to try again!

Reload

Press Cmd-0 to reset your zoom

Press Ctrl-0 to reset your zoom

It looks like your browser might be zoomed in or out. Your browser needs to be zoomed to a normal size to record audio.

Please upgrade Flash or install Chrome
to use Voice Recording.

For more help, see our troubleshooting page.

Your microphone is muted

For help fixing this issue, see this FAQ.

Star this term

You can study starred terms together

NEW! Voice Recording

Create Set