GA LIFE INSURANCE EXAM

PDF Download

GA LIFE INSURANCE EXAM

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

-Format: Multiple-choice / Flashcard

Question 1: Life and health insurance policies are:

Answer:

Unilateral contracts Question 2: S would like to use dividends from her life insurance policy to purchase paid-up additions. All of these would be factors that determine how much coverage can be purchased

EXCEPT:

Answer:

beneficiary's age Question 3: If its employees share in the cost of insurance, what type of group life insurance plan would a corporation have?

Answer:

contributory

Question 4: Which of these do NOT constitute policy delivery?

Answer:

Policy issued with a rating

Question 5: A Medical Information Report (MIB) report may disclose which of the following:

Answer:

prior use of marjuana Question 6: Which of these terms accurately defines an underwriter's assessment of information on a life insurance application?

Answer:

risk classification Question 7: P is a producer who notices 5 questions on a life application were not answered.What actions should P take?

Answer:

set up a meeting with the applicant to answer the remaining questions Question 8: Who makes the legally enforceable promises in a unilateral contract?

Answer:

insurance company Question 9: When an employee is terminated, which statement about a group term life conversion is true?

Answer:

policy proceeds will be paid if the employee dies during the conversion period Question 10: Which of these types of policies may NOT have the Automatic Premium Loan provision attached to it?

Answer:

decreasing term Question 11: Any changes made on an insurance application requires the initials of whom?

Answer:

applicant Question 12: 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 13: The USA Patriot Act was enacted in:

Answer:

2001 Question 14: Which of these is NOT considered to be a right given to a policy owner?

Answer:

modify a provision in the insurance contract

Question 15: What year was the McCarran-Ferguson Act enacted?

Answer:

1945 Question 16: The amount of coverage on a group credit life policy is limited to:

Answer:

the insured's total loan value Question 17: What kind of life insurance product covers children under their parent's policy?

Answer:

term rider

Question 18: Who elects the governing body of a mutual insurance company?

Answer:

policyholders Question 19: What is the consideration given by an insurer in the consideration clause of a life policy?

Answer:

promise to pay a death benefit to a named beneficiary Question 20: Statements made on an insurance application that are believed to be true to the

best of the applicant's knowledge are called:

Answer:

representations

Question 21: Upon delivery of a rated life insurance policy, the Producer must obtain each of the

following, EXCEPT:

Answer:

signed HIPAA disclosure Question 22: How long does the coverage normally remain on a limited-pay life policy?

Answer:

age 100 Question 23: A noncontributory group term life plan is characterized by:

Answer:

the entire cost of the plan is paid for the employer Question 24: A policy owner would like to change the beneficiary on a Life insurance policy and make the changes permanent. Which type of designation would fulfill this need?

Answer:

irrevocable Question 25: What kind of life insurance policy pays a specified monthly income to a beneficiary for 30 years and then pays a lump sum benefit at the end of that 30 years?

Answer:

family maintenance policy Question 26: A level premium indicates:

Answer:

the premium is fixed for the entire duration of the contract Question 27: A nonprofit incorporated society that does not have capital stock and operates for

the sole benefit of its members is known as:

Answer:

a fraternal benefit society Question 28: A policy owner's rights are limited under which beneficiary designation?

Answer:

irrevocable