All Practice Exam Questions - Life, Accident and Sickness - GA State License Practice Questions and Answers (100% Pass)
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Course
GA Life Insurance
Institution
GA Life Insurance
All Practice Exam Questions - Life,
Accident and Sickness - GA State
License Practice Questions and
Answers (100% Pass)
How much participation does a Noncontributory plan require? -
Answer️️ -100%
The insured hands control of the policy to another person (usually the
agent) - Answer️�...
All Practice Exam Questions - Life,
Accident and Sickness - GA State
License Practice Questions and
Answers (100% Pass)
How much participation does a Noncontributory plan require? -
Answer✔️✔️-100%
The insured hands control of the policy to another person (usually the
agent) - Answer✔️✔️-constructive delivery
Filing a request with the insurer - Recording Method, or by endorsement -
Answer✔️✔️-beneficiary change can be made by doing what?
The application is part of the policy. Which policy provision states this? -
Answer✔️✔️-Entire Contract Provision
Life insurance premiums are calculated based on three factors. What are
the three factors? - Answer✔️✔️-Mortality Interest Earnings, and Expenses
Typically, health insurance policies stipulate that coverage cannot be
renewed beyond age? - Answer✔️✔️-65 (Medicare kicks in)
Coinsurance is a percentage (%)and the Copayment is associated with
dollar ($) amount. - Answer✔️✔️-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. - Answer✔️✔️-60 days
What is the exemption for the Incontestability Provision? - Answer✔️✔️-
Fraud
An Annual Renewable Term (ART) policy provides a level face amount
with an increasing premium, and is guaranteed renewable annually
without? - Answer✔️✔️-Proof of insurability
With guaranteed renewable policy, the policy premiums can be
_______________. - Answer✔️✔️-Increased.
When does insurable interest need exist with a life and health contract? -
Answer✔️✔️-At the time of the application
What are the two ways that an annuity can be funded? - Answer✔️✔️-Single
premium or periodic payments
When a person other than the insured applies for a policy, it is referred to
as? - Answer✔️✔️-Third party ownership
What does Medicare, Medicaid, TRICARE, and Social Security Disability
Benefits all have in common? - Answer✔️✔️-Government health programs
How many days does the insurer have to provide claim forms from the
insurance company? 15, 30, 60 days? - Answer✔️✔️-15 days
What is the only life policy with cash accumulation? - Answer✔️✔️-Straight
Whole Life
Which is the cheaper policy that has cash accumulation, Straight Whole
Life or Term? - Answer✔️✔️-Straight Whole Life
Term life policies accumulate cash value? True or False. - Answer✔️✔️-False
What program (ACT) protects individuals and their coverage when their
employment is terminated? - Answer✔️✔️-COBRA
How may a life policy be delivered? - Answer✔️✔️-Electronically, by mail or
in person
What is the primary difference between a Universal (or Adjustable) Life
and a Whole Life policy? - Answer✔️✔️-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. - Answer✔️✔️-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. - Answer✔️✔️-Whole Life policy
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