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GA Life Insurance Exam Questions And Answers Latest 2024/ 2025 Graded A+ | 100% Verified!!
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GA Life Insurance Exam Questions And Answers Latest 2024/ 2025 Graded A+ | 100% Verified!!
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GA Life Insurance Exam1.Who elects the governing body of a mutual insurance company?:
policyhold- ers
2.What year was the McCarran-Ferguson Act enacted?: 1945
3.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
4.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
5.What is the name of the law that requires insurers to disclose information
gathering practices and where the information was obtained?: Fair Credit
Re- porting Act
6.The part of a life insurance policy guaranteed to be true is called a::
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, warranty
7.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
8.Statements made on an insurance application that are believed to be
true to the best of the applicant's knowledge are called:: representations
9.Which of the following consists of an offer, acceptance, and
consideration?-
: contract
10.Which of these require an offer, acceptance, and consideration?:
contract
11.In regards to representation or warranties, which of these statements
is TRUE?: If material to the risk, false representation will void a policy
12.Insurance policies are offered on a "take it or leave it" basis, which
make them:: Contracts of Adhesion
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, 13.A life insurance policy would be considered a wagering contract
WITH- OUT:: insurable interest
14.Insurance policies are considered aleatory contracts because:
perfor- mance is conditioned upon a future occurance
15.Life and health insurance policies are:: Unilateral contracts
16.Who makes the legally enforceable promises in a unilateral contract?:
in- surance company
17.When must insurable interest be present in order for a life insurance
policy to be valid?: when the application is made
18.Which of these is NOT a type of agent authority: principal
19.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
20.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
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