EXAM SIMULATOR GEORGIA LIFE AND HEALTH INSURANCE

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EXAM SIMULATOR GEORGIA LIFE AND HEALTH INSURANCE

Actual Qs and Ans - Expert-Verified Explanation -Guaranteed passing score -100 Questions and Answers

-Format: Multiple-choice / Flashcard

Question 1: An IRA owner can start making withdrawals and NOT be subjected to a tax penalty beginning at what age?

Answer:

59 1/2

Question 2: When a misrepresentation on a life insurance policy application is discovered, what action may an insurance company take?

Answer:

Void the policy only if it is discovered during the Contestable period and proven to be material Question 3: All of these are considered to be a benefit under social security Except for

Answer:

unemployment Question 4: N is a 40 year old applicant who like to retire at age 70. He is looking to buy a life insurance policy level premiums, permanent protection, and be paid up at retirement. Which of these should N purchase?

Answer:

30 Pay Life

Question 5: Which of the following statements are correct about death benefits

Answer:

Must have mental illness to qualify Question 6: What is the maximum social security disability benefit amount an insured receive

Answer:

100% of the insureds primary insurance amount ( PIA) Question 7: The combination of whole life and ___ Term insurance is referred to as a family income policy

Answer:

decreasing Question 8: Which of these factors does not influence an applicants need for life insurance

Answer:

Self-maintenance expenses Question 9: Upon reaching the limiting age, a handicapped child can extend their health insurance coverage as a dependent

Answer:

only if the child is incapable of employment and chiefly dependent on the policyowner Question 10: Upon policy delivery, a signed good health statement is requested from the applicant. Why would this be necessary?

Answer:

The initial premium was NOT submitted with the application Question 11: A potential client, age 40, would like to purchase a Whole Life policy that will accumulate cash value at a faster rate in the early years of the policy. Which of these statements made by the producer would be correct?

Answer:

20-Pay Life accumulates cash value faster than Straight Life

Question 12: When must insurable interest exist for a life insurance contract to be valid?

Answer:

Inception of the contract Question 13: A "reimbursement policy" pays what amount of covered Long-Term Care expenses?

Answer:

Actual covered expenses up to the daily maximum Question 14: What action can a policyowner take if an application for a bank loan requires collateral?

Answer:

Assign policy ownership to the bank

Question 15: A variable insurance policy

Answer:

does not guarantee a return on its investment accounts

Question 16: Medicare Part A and Part B do NOT pay for

Answer:

dental work Question 17: As a condition for a loan, a bank requires the borrower to purchase credit insurance from a specific company. What is the bank guilty of?

Answer:

coercion Question 18: Which of the following items are regulated by the rules governing advertisement of life insurance and annuities

Answer:

Prepared sales presentations used by insurance agents Question 19: Which of the following BEST describes how pre admission certification is used

Answer:

Used to prevent nonessential medical costs

Question 20: Which provision allows the policyowner to change a term life policy to a permanent one without providing proof of good health?

Answer:

conversion Question 21: Which of the following types of Term Life policies most likely contains a renewability feature

Answer:

10 year convertible term

Question 22: What does the owenrship clause in a life insurance policy state ?

Answer:

Who the policy owner is and what rights the policy owner is entitled to

Question 23: The benefits under a Disability Buy-Out policy are

Answer:

payable to the company or another shareholder Question 24: An ___ contained in a life insurance policy states that the policy will NOT cover certain risks.

Answer:

exclusion Question 25: The commissioner must give __ days notice prior to holding a hearing regarding an agents unfair or deceptive practice

Answer:

10 Question 26: What is consideration given by an insurer in the consideration clause of a life policy

Answer:

Promise to pay a death benefit to a named beneficiary