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Georgia Life Health Insurance Exam Study Guide Questions And Answers Rated A+ New Update Assured Satisfaction $7.99   Add to cart

Exam (elaborations)

Georgia Life Health Insurance Exam Study Guide Questions And Answers Rated A+ New Update Assured Satisfaction

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  • Course
  • State Life and Health Insurance
  • Institution
  • State Life And Health Insurance

Georgia Life Health Insurance Exam Study Guide Questions And Answers Rated A+ New Update Assured Satisfaction

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  • September 10, 2024
  • 9
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • State Life and Health Insurance
  • State Life and Health Insurance
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Hkane
Georgia Life/Health Insurance Exam Study Guide
1. Assimilate policies, procedures and internal controls based on an in-house risk assessment,
including: Instituting AML programs similar to banks and securities lenders and file suspicious
activity reports (SAR) with Federal authorities; 2. Appointing a qualified compliance officer
responsible for administering the AML program; 3. Continual training for applicable employees,
producers and other; and 4. Allow for independent testing of the program on a regular basis -
ANS-AML program consists of the following minimum requirements

3 key factors for life insurance: mortality, interest, and expense; Mode - ANS-Premium
Determination (Process of issuing a Life Insurance Policy)

a beneficiary who has a vested interest in the policy and therefore, the policyowner may not
exercise certain rights without the consent of the beneficiary - ANS-Irrevocable beneficiary

a contract between a policyowner (and/or insured) and an insurance company which agrees to
pay the insured or the beneficiary for loss caused by specific events - ANS-Insurance policy

a contract between a policyowner (and/or insured) and an insurance company which agrees to
pay the insured or the beneficiary for loss caused by specific events - ANS-Insurance policy

a federal law that mandates increased preventive, educational, and community-based health
care services, and that established the Health Insurance Marketplace to make health coverage
available to any uninsured individuals - ANS-Affordable Care Act (ACA or PPACA)

a formal written law enacted by legislature; insurance statutes can be found in the state
Insurance Code - ANS-Statute

a legal representative of an insurance company; the classification of producer usually includes
agents and brokers; agents are the agents of the insurer - ANS-Agent/Producer

a legal representative of an insurance company; the classification of producer usually includes
agents and brokers; agents are the agents of the insurer - ANS-Agent/Producer

a mutual interchange of rights and privileges - ANS-Reciprocity

a period of time during which benefits are paid under the policy - ANS-Benefit period

a period of time that must pass after a loss occurs before the insurer start paying policy benefits
- ANS-Waiting period

a person applying for insurance - ANS-Applicant or proposed insured

, a person applying for insurance - ANS-Applicant or proposed insured

a person enrolled in a health insurance plan. an insured (doesn't include dependents of the
insured) - ANS-Enrollee

a person under legal age - ANS-Minor

a person who receives the benefits of an insurance policy - ANS-Beneficiary

a person's essential activities that include bathing, dressing, eating, transferring, toileting,
continence - ANS-Activities of daily living (ADLs)

a person's income before taxes or other deductions - ANS-Gross income

a person's net worth - ANS-Estate

a policy that is written on a noncancellable basis with the right to renew guaranteed -
ANS-Guaranteed renewable

a policy's savings element or living benefit - ANS-Cash value

a principle of reimbursement on which insurance is based; in the event of loss, an insurer
reimburses the insureds or beneficiaries for the loss - ANS-Indemnity

a reduction of taxable income, resulting in lower tax liability; a qualified expense that mav
reduce the amount of income subject to taxation - ANS-Tax deductible

a specified dollar amount that the insured must pay first before the insurance company will pay
the policy benefits - ANS-Deductible

added to the basic insurance policy to add, modify or delete policy provisions - ANS-Riders

Adhesion, Aleatory, Conditional, Unilateral - ANS-Contract Characteristics (Insurance contract
Section)

agent's observations about the applicant that can assist in underwriting - ANS-Agent's report

Agreement, Consideration, Competent parties, legal purpose - ANS-Elements of a Legal
Contract (Insurance Contract Selection)

an illness, which first manifests itself while the policy is in force - ANS-Sickness

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