GEORGIA LIFE AND HEALTH MOCK EXAM

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GEORGIA LIFE AND HEALTH MOCK EXAM

Actual Qs and Ans - Expert-Verified Explanation -Guaranteed passing score -66 Questions and Answers

-Format: Multiple-choice / Flashcard

Question 1: Health insurance [benefits NOT covered] due to an act of war are:

• excluded by the insurer in the contract provisions
• assigned to a reinsurer
• given a longer probationary period
• charged a higher premium

Answer:

• excluded by the insurer in the contract provisions

Question 2: What is the reason for the establishment of Rules Governing Life Insurance and Annuity Replacements?

• Lessen the chance for misrepresentation and incomplete disclosure
• Regulate insurance rates
• Protect the interests of the insurer
• Protect the interests of the beneficiary

Answer:

• Lessen the chance for misrepresentation and incomplete disclosure

Question 3: 2. If the primary beneficiary dies before the insured

Answer:

The option that provided an additional death benefit for a limited amount of time at the lowest possible

cost is called a(n):

• Term rider

• Accidental Death and Dismemberment rider (AD&D)

• Family rider

• Annuity

Question 4: 3. Insurer's corporate business

Answer:

Which Accident and Health policy provision addresses preexisting conditions?

• Proof of Loss

• Legal Actions

• Time Limit on Certain Defenses

• Payment of Claims

Question 5: 2. Carryover provision (permits expenses incurred during the last three months of the calendar year to be carried over into the new year if needed to satisfy the deductible for the next year)

Answer:

When an insurance application is taken by a producer, which of these statements is true?

• The applicant should have an attorney present during the application process

• Any charges made on the application require the applicant's initials

• Any changes made on the application can later be initialed by the producer if the applicant is

unavailable

• The producer has the discretion to ask or not ask any of the questions listed on the application

Question 6: 2. AD&D

Answer:

The policy provision that entitles the insurer to establish conditions the insured must meet while a claim

is pending is:

• Grace period

• Physical Examination and Autopsy

• Entire Contract

• Time Limit on Certain Defenses

Question 7: 3. November 1 (The insured must wait 60 days after written proof of loss before legal action can be brought against the company)

Answer:

Y purchased $100,000 worth of permanent protection on himself and $50,000 its of 10-year Term coverage for his wife on the same policy. Which of these policies did Y purchase?

• Endowment with Extended Term

• Endowment with a Payor Benefit

• Whole Life policy with an Other Insured Rider

• Family Income policy

Question 8: 1. tax-deductible to the employer (deductible to the business)

Answer:

S filed a written Proof of Loss for a Disability Income claim on September

• The insurance company did not respond to the the claim. S can take legal action against the insurer

beginning:

• September 21

• October 16

• November 1

• December 1

Question 9: 2. exclusion

Answer:

Which statement regarding the Change of Beneficiary provision is true?

• The beneficiary can only be changed with the consent of the insurer

• The policy owner can change the beneficiary

• The insured can change the beneficiary

• A beneficiary change is subject to underwriting procedures

Question 10: During the application process, the [agent's primary responsibility] is to

• the Commissioner
• the applicant
• the insurance company
• the State of Georgia

Answer:

• the insurance company

Question 11: 4. Time Limit on Certain Defenses

Answer:

Whole Life insurance policies are contractually guaranteed to provide each of the following, EXCEPT:

• cash value that will ultimately replace the death benefit

• nonforfeiture benefit options

• premiums that remain fixed for the life of the policy

• partial withdrawal features beyond a surrender charge period

Question 12: All of these statements about Waiver of Premium provision are correct, EXCEPT:

• A waiting period must pass before becoming eligible for benefits
• Waiver of Premium is available on both permanent and term insurance policies