Exam (elaborations)
GA Life Insurance Exam Questions And Answers Latest 2024/ 2025 Graded A+ | 100% Verified!!
- Course
- Institution
GA Life Insurance Exam Questions And Answers Latest 2024/ 2025 Graded A+ | 100% Verified!!
[Show more]
Content preview
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::
1/
26
, 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
2/
26
, 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
3/
26
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller LECTGRADER. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77254 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now