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GA Life Insurance Exam Practice Questions and Answers (100% Pass)
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GA Life Insurance Exam Practice Questions and Answers (100% Pass)
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©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Wednesday, July 31, 2024 9:10 AMGA Life Insurance Exam Practice
Questions and Answers (100% Pass)
Who elects the governing body of a mutual insurance company? - ✔️✔️policyholders
What year was the McCarran-Ferguson Act enacted? - ✔️✔️1945
A nonprofit incorporated society that does not have capital stock and operates for the
sole benefit of its members is known as: - ✔️✔️a fraternal benefit society
The stated amount or percent of liquid assets that an insurer must have on hand that
will satisfy future obligations to its policyholders is called: - ✔️✔️reserves
What is the name of the law that requires insurers to disclose information gathering
practices and where the information was obtained? - ✔️✔️Fair Credit Reporting Act
The part of a life insurance policy guaranteed to be true is called a: - ✔️✔️warranty
What is the consideration given by an insurer in the consideration clause of a life policy?
- ✔️✔️promise to pay a death benefit to a named beneficiary
Statements made on an insurance application that are believed to be true to the best of
the applicant's knowledge are called: - ✔️✔️representations
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,©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Wednesday, July 31, 2024 9:10 AM
Which of the following consists of an offer, acceptance, and consideration? -
✔️✔️contract
Which of these require an offer, acceptance, and consideration? - ✔️✔️contract
In regards to representation or warranties, which of these statements is TRUE? - ✔️✔️If
material to the risk, false representation will void a policy
Insurance policies are offered on a "take it or leave it" basis, which make them: -
✔️✔️Contracts of Adhesion
A life insurance policy would be considered a wagering contract WITHOUT: -
✔️✔️insurable interest
Insurance policies are considered aleatory contracts because - ✔️✔️performance is
conditioned upon a future occurance
Life and health insurance policies are: - ✔️✔️Unilateral contracts
Who makes the legally enforceable promises in a unilateral contract? - ✔️✔️insurance
company
When must insurable interest be present in order for a life insurance policy to be valid? -
✔️✔️when the application is made
Which of these is NOT a type of agent authority - ✔️✔️principal
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, ©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Wednesday, July 31, 2024 9:10 AM
When third-party ownership is involved, applicants who also happen to be the stated
primary beneficiary are required to have: - ✔️✔️insurable interest in the proposed insured
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? - ✔️✔️family
maintenance policy
When is the face amount paid under a Joint Life and Survivor policy? - ✔️✔️upon the
death of the insured
A 15-year mortgage is best protected by what kind of life policy? - ✔️✔️15-year
decreasing term
A term life insurance policy matures: - ✔️✔️upon the insured's death during the term of
the policy
The amount of coverage on a group credit life policy is limited to: - ✔️✔️the insured's total
loan value
Which statement is TRUE regarding a Variable Whole Life policy? - ✔️✔️a minimum
guaranteed Death benefit is provided
Life insurance that covers an insured's whole life with level premiums paid over a limited
time is called: - ✔️✔️limited pay life
Which of the following characteristics is CORRECT about Interest Sensitive Whole Life?
- ✔️✔️premium payments can vary
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