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GA State Insurance Exam - GEORGIA LIFE, ACCIDENT AND SICKNESS Questions & 100% Verified Correct Answers with complete solutions (Latest update $7.99   Add to cart
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GA State Insurance Exam - GEORGIA LIFE, ACCIDENT AND SICKNESS Questions & 100% Verified Correct Answers with complete solutions (Latest update

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GA State Insurance Exam - GEORGIA LIFE, ACCIDENT AND SICKNESS Questions & 100% Verified Correct Answers with complete solutions (Latest update

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  • August 14, 2024
  • 2
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • ga state insurance exam georgia life accident a

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GA State Insurance Exam - GEORGIA LIFE,
ACCIDENT AND SICKNESS
Illustrations are part of the insurance contract. - ANS-Which of the following is false regarding
life insurance policy illustrations?

Surrender cost index - ANS-Which policy cost comparison method compares the projected
policy cash value to premiums paid after a certain number of years?

Notify insurers of policies to be replaced, and if requested, provide insurers with the policy
comparison statement - ANS-All of the following are the insurance producer's duties with
respect to life insurance policy replacement, EXCEPT:

Policy replacement is defined as an insurance transaction in which a new life insurance policy or
annuity contract is to be purchased, and the producer or insurer is aware or should be aware
that an existing life insurance policy or annuity contract is to be: lapsed, forfeited, surrendered or
terminated; converted to reduced paid-up insurance, continued as extended term life insurance,
or reduced in value due to utilization of nonforfeiture benefits or policy cash values; modified
causing a reduction in benefits; or reissued with a reduction in cash value.
The correct answer is: All of the above - ANS-A life insurance policy is considered replaced if:

Illustrations; Policy illustrations are the nonguaranteed elements of a policy and are not part of
the policy summary. - ANS-Which of the following is not included in a policy summary for life
insurance?

Life and variable products and securities licenses - ANS-Saul wants to sell variable life
insurance products. Which license(s) must he hold?

Insolvent - ANS-What is the term used to describe an insurer that cannot pay its claim
obligations?

Illustrations - ANS-Which document contains information about the nonguaranteed elements of
a life insurance policy?

A 10% penalty tax is applied to distributions made from a qualified plan prior to the plan
participant reaching the age of 59 1/2. - ANS-Mildred is age 58. She withdraws a sum of money
from her qualified plan. What is the penalty?

Nonqualified plans are characterized by the following: do not need to be approved by the IRS,
can discriminate in favor of certain employees, contributions are not tax-deductible, and interest
earned on contributions is tax-deferred until withdrawn upon retirement.

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