LIFE ACCIDENT and SICKNESS GA (LATEST) QUESTIONS WITH 100% CORRECT ANSWERS!!
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LIFE ACCIDENT and SICKNESS GA
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LIFE ACCIDENT And SICKNESS GA
accidental death is also known as... - double, ,multiple, or triple indemnity
90 days
Are dividends a return of an overcharge of premiums or a gain? - Not a profit but a return of
excess premiums. policyowners pays a somewhat higher "gross" prmium and is entitled to policy
dividends as declared...
LIFE ACCIDENT and SICKNESS GA
accidental death is also known as... - double, ,multiple, or triple indemnity
90 days
Are dividends a return of an overcharge of premiums or a gain? - Not a profit but a return of
excess premiums. policyowners pays a somewhat higher "gross" prmium and is entitled to policy
dividends as declared by insurers.
absolute assignment - transfers all incidents of ownership
Why does whole life represent permanent ins? why ask why - Whole life is level premium, fixed
amount policy which offers coverage for the whole life. aka permanent life
31 day grace period - premium is due BEFORE or on the due date. after the due date starts at 31
day grace period. GROUP LIFE AND GROUP HEALTH
_____ gets the assignment from the ______. - assignee, assignor
31 day conversion period for group life - from group to individual w/o showing evidence of
insurability
4 interchangeable words - clause, conditions, provisions, period
accumulation at interest - leave dividends alone, decide later
accumulation period - the putting in time the growth period
acquisition costs - how much will it cost to put the policy on the books, including commissions
paid
,adjustable life - policy holder can adjust the face premium and length of protetion
adjustable life - policy holder can adjust the face, premium and length of protection
age limits - a limit on age to write a policy, if age was already reached when policy was taken out,
misstatement of age, premium is returned and policy is null and void
age requirement for credit accident and sickness (health) - 65, or pay off before 66
Age requirement for credit life - 70 or must pay off before 71
amount fixed - amount is paid the same amount every time
annuities - the upside down application of life insurance, liquidate an estate
annuity period - the taking out time
the benefits period
application to reduce premium - use dividend to offset premium some
are dividends taxed? - the gain is taxed dividends itself is not
At what age can minors enter into a contract for insurance? - A person not less than 15 years of
age as determined by the nearest birthday, but it is not valid unless an age of Majority, age 18, parent or
guardian, also signs.
At what age is the policyholder written for on a group medicare conversion that's being replaced with
another group? - coverage is written on the policyholder at the insured's age it was written at the
inception of the replaced coverage.
,automatic premium loan - usually no charge, must be done at the point of sale and provides for a
loan to be charged if the owner fails to pay the premium (after cash value has accumulated)
aviation restriction - application asks if you are doing anything hazardous, you must fill out
questionnaire. If you lie and die any way claim can be denied within two years.
benefit period - how long the policy will cover you after the onset of the illness or injury
Blue Cross Blue Shield does it cover large groups only? Does it get special consideration from the
government? Does it contract services with providers? Do subscribers pay a set fee? - covers
individuals as well as small and large groups. Non profit organization. contractual relationship with the
doctors and hospitals. Subscribers pay a set fee.
Borrowers right - Applicant does not have to buy from creditor
buy-sell agreement - allows associates of the deceased to purchase deceased's interest.
Cam variable premium policies reduce benefit? - Flexible premium variable policy does not
guarantee death benefit. There is usually no guaranteed death benefit bc of the flexible premium
concept.
Can a resident conduct business after moving to a new state with the old state's license? - Yes for
90 days if license from other state is in good standing.
Can AD&D be written on life policies or health? - Both
can the ins commissioner or department set rates for lines of insurance? make laws? enforce laws?
amend laws? - CANNOT set rates, make laws, or amend laws.
CAN enforce or regulate laws
, Can you write ins with an out of state or unauthorized insurer? - Yes with an out of state,
NOT WITH AN UNAUTHORIZED
capital sum vs principal sum - capital is dismemberment payment; principal is accidental death
payment
cash dividend - get check mailed to you
cash value - longer you keep the policy, the more cash value it builds
Certificate of authority renewal - annually by insurer, before january 1 each year, but expires
midnight june 30th the following year
change of beneficiary - irrevocable can only be changed by the irrevocable, otherwise insured can
change
characteristics of whole life - age 100 the ultimate age, level, level face amount, guaranteed cash
value
cheapest mode of premium payment - annual
Churning - Replacing your own company's business from within.
ex- canceled ins pol to rewrite to make more commission.
claim form health ins - company must furnish claim forms within 15 days after receiving notice of
claim
Coersion - forcing someone into doing something
pressue, ect
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