Which of the following is true about record-keeping for life insurance agents in Georgia?

Maintaining proper records is crucial for life insurance agents in Georgia to ensure compliance with state regulations and to provide transparency in their business practices. The correct answer states that records must be maintained for at least 5 years. This requirement reflects the necessity to keep detailed documentation of transactions, client communications, and policy information for an extended period, as it protects both the agent and their clients. It also facilitates audits or inquiries by regulatory authorities, helping ensure that agents can provide evidence of their compliance with applicable laws and regulations.

Keeping records for at least this period allows agents to address any future disputes or claims that could arise from past transactions. The 5-year requirement aligns with broader regulatory practices found in many states, aiming to promote accountability and protect consumer interests. This standard period is also in line with general business practices across various industries, reinforcing its importance within the insurance field.