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Georgia insurance exam with Complete Solutions
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Georgia insurance exam with Complete Solutions
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Georgia insurance exam with CompleteSolutions
Which of the following statements is most correct concerning the changing of an irrevocable
beneficiary? Correct Ans-They can be changed only with the written consent of that
beneficiary.
Which of the following provides coverage on a first-dollar basis? Correct Ans-basic expense
policy
Which of the following statements is TRUE about a policy assignment? Correct Ans-It
transfers the ownership rights under the policy to the extent expressed in the assignment form
A guaranteed renewable disability insurance policy Correct Ans-Is renewable at the insureds
option to a specified age
Which of the following is a generic consumer publication that explains life insurance in general
terms in order to assist the applicant in the decision-making process? Correct Ans-Buyer's
Guide
Which of the following is another term for an authorized insurer? Correct Ans-Admitted
Insurers who meet the state's financial requirements and are approved to transact business in
the state are considered authorized or admitted into the state as a legal insurer.
,Which of the following statements is correct regarding a whole life policy? Correct Ans-The
policyowner is entitled to policy loans
What is the purpose of a conditional receipt? Correct Ans-It is intended to provide coverage
on a date prior to the policy issue.
All of the following could be considered rebates if offered to an insured in the sale of insurance
EXCEPT Correct Ans-dividends from a mutual insurer-Dividends paid to policyholders of a
mutual insurer are not considered to be a rebate because the policy specifies that they might be
paid.
Which of the following applicants would NOT qualify for a Keogh Plan? Correct Ans-Someone
who works 400 hours per year (must work 1000 hours)
For how long are insurers required to maintain records pertaining to life insurance solicitation?
Correct Ans-3 years
Who determines the eligibility and contribution limits of an HRA? Correct Ans-employer
both
An insurance policy that only requires a payment of premium at its inception, provides
insurance protection for the life of the insured, and matures at the insured's age 100 is called
Correct Ans-Single premium whole life
, An insured receives an annual life insurance dividend check. What term best describes this
arrangement? Correct Ans-Cash option
COBRA applies to employers with at least Correct Ans-20 employees
In an Adjustable Life policy all of the following can be changed by the policy owner EXCEPT
Correct Ans-Type of investment
Variable Whole Life insurance is based on what type of premium? Correct Ans-Level fixed
The dividend option in which the policyowner uses dividends to purchase a term policy for one
year is referred to as the Correct Ans-one-year term option
If $100,000 of life insurance proceeds were used in a settlement option, which paid $13,000 per
year for ten years, which of the following would be taxable annually? Correct Ans-$3,000
Under a pure life annuity, an income is payable by the company Correct Ans-Only for the life
of the annuitant
All of the following are differences between individual and group health insurance EXCEPT
Correct Ans-Individual insurance does not require medical examinations, while group
insurance does require medical examinations.
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