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All Practice Exam Questions - Life, Accident and Sickness - GA State License Questions and Answers well Explained Latest 2024/2025 Update 100% Correct.$7.99
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All Practice Exam Questions - Life, Accident and Sickness - GA State License Questions and Answers well Explained Latest 2024/2025 Update 100% Correct.
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Course
- Life, Accident and S
Institution
- Life, Accident And S
How are underwriting and field underwriting different? - Underwriting (conducted at the insurer's
offices) uses statistics, field underwriting relies on face-to-face contact with the applicant/insured
(usually the producer/agent)
What is the difference between the unethical practices of twisting...
All Practice Exam Questions - Life,
Accident and Sickness - GA State
License
How are underwriting and field underwriting different? - Underwriting (conducted at the insurer's
offices) uses statistics, field underwriting relies on face-to-face contact with the applicant/insured
(usually the producer/agent)
What is the difference between the unethical practices of twisting and churning? - Twisting
involves the policies, revenues or another insurer; churning occurs within the same company/insurer.
How many days does the insurer have to provide claim forms from the insurance company? 15, 30, 60
days? - 15 days
Life insurance premiums are calculated based on three factors. What are the three factors? -
Mortality Interest Earnings, and Expenses
How much participation does a Noncontributory plan require? - 100%
The insured hands control of the policy to another person (usually the agent) - constructive
delivery
Filing a request with the insurer - Recording Method, or by endorsement - beneficiary change can
be made by doing what?
The application is part of the policy. Which policy provision states this? - Entire Contract Provision
Typically, health insurance policies stipulate that coverage cannot be renewed beyond age? - 65
(Medicare kicks in)
,Coinsurance is a percentage (%)and the Copayment is associated with dollar ($) amount. - What is
the difference between coinsurance and copayment?
A binding receipt (binder) provides coverage from the date of the date of the application and usually
lasts for ____ days. - 60 days
What is the exemption for the Incontestability Provision? - Fraud
An Annual Renewable Term (ART) policy provides a level face amount with an increasing premium, and is
guaranteed renewable annually without? - Proof of insurability
With guaranteed renewable policy, the policy premiums can be _______________. - Increased.
When does insurable interest need exist with a life and health contract? - At the time of the
application
What are the two ways that an annuity can be funded? - Single premium or periodic payments
When a person other than the insured applies for a policy, it is referred to as? - Third party
ownership
What does Medicare, Medicaid, TRICARE, and Social Security Disability Benefits all have in common? -
Government health programs
What is the only life policy with cash accumulation? - Straight Whole Life
Which is the cheaper policy that has cash accumulation, Straight Whole Life or Term? - Straight
Whole Life
Term life policies accumulate cash value? True or False. - False
, What program (ACT) protects individuals and their coverage when their employment is terminated? -
COBRA
How may a life policy be delivered? - Electronically, by mail or in person
What is the primary difference between a Universal (or Adjustable) Life and a Whole Life policy? -
Policyowner can skip premium payments if there is enough cash value to cover the cost of death
protection.
This policy gives the policyowner flexibility in the premium payments, death benefits, and the savings of
their policy. This makes the premiums higher than normal policies. - Universal (or Adjustable) Life
policy
The policy has fixed premiums, guaranteed death benefit that are designed to build tax deferred cash
value. Provides coverage on the insured for the insured's entire life as long as the premiums are paid and
the policy has not been surrendered. It does not have a term. - Whole Life policy
Misstatement of age or sex could be considered? - Misrepresentation
Payment of a life could be reduced by a policy loan, overdue premium payment (missed/late), or? -
Misstatement of age or sex
Which is based on a dollar amount? Copayment or Coinsurance? - Copayment
Individuals with earned income are eligible to own an IRA if they are under the age of? - 70
Which is based on a percentage? Copayment or Coinsurance? - Coinsurance
The death benefit fluctuates based on the investment experience in the insurer's separate account. -
How is the death benefit affected by the investment performance?
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