Page | 1
Georgia 2026/2027 Life Insurance
Study Exam Approved Questions &
Answers for Guaranteed Pass
An insurance producer selling a Variable Annuity whose cash
value depends on the performance of an underlying investment
account must be registered with: - ............
SOLUTION✔✔✔..........The Financial Industry Regulatory
Authority (FINRA, formerly the NASD)
A life insurance policy whose cash value will fluctuate depending
upon the performance of a separate account is: - ............
SOLUTION✔✔✔..........Variable Life
John Livingston owns a 30-Pay Life policy that he purchased at
the age of 30. The cash value will equal the face amount of the
policy when he reaches the age of: - ............
SOLUTION✔✔✔..........100
Which of the following types of insurance policies would provide
the greatest amount of protection for a temporary period during
which an insured will have limited financial resources? - ............
SOLUTION✔✔✔..........Term
, Page | 2
Which of the following statements about a Renewable Term policy
is true? - ............ SOLUTION✔✔✔..........It is renewable at the
option of the insured
An Annuity is designed to provide which of the following financial
features?
I. The liquidation of principal and interest
II. Favorable tax treatment
III. The creation of an estate - ............ SOLUTION✔✔✔..........I
and II
A 45-year old customer who is seeking to supplement his
retirement income at age 65 would not buy a: - ............
SOLUTION✔✔✔..........Immediate Annuity
Which of the following is an example of a Limited-Pay Life policy?
- ............ SOLUTION✔✔✔..........Life Paid-Up at Age 65
You have a client that is a real estate agent. Which of the following
types of permanent protection is best for this type of client? -
............ SOLUTION✔✔✔..........Adjustable life
Which of the following individual policy conversions is usually
permitted without any evidence of insurability? - ............
, Page | 3
SOLUTION✔✔✔..........Conversion from a Term policy to a
Whole Life policy
At age 30, Tom Morris wishes to purchase a Whole Life policy.
His producer explains that he can pay for the policy in several
ways. One method is called 20-Pay Life, and another, Straight
Life. Tom wishes to know which plan will accumulate cash value
at a faster rate in the early years of the policy. Which of the
following would be the producer's most appropriate response? -
............ SOLUTION✔✔✔.........."20-Pay Life will accumulate
cash value faster."
Sandra Timms, age 27, is advised by her producer to purchase Life
insurance to cover a 20-year-amortized $50,000 business-
improvement loan. Which of the following plans would
adequately protect Ms. Timms at the minimum premium outlay? -
............ SOLUTION✔✔✔..........A $50,000 Decreasing Term
policy for 20 years
In order to sell variable life insurance you must be registered with
which of the following? - ............ SOLUTION✔✔✔..........The
NASD
Which of the following contracts requires that a series of benefit
payments be made at specified intervals? - ............
SOLUTION✔✔✔..........Annuity
Georgia 2026/2027 Life Insurance
Study Exam Approved Questions &
Answers for Guaranteed Pass
An insurance producer selling a Variable Annuity whose cash
value depends on the performance of an underlying investment
account must be registered with: - ............
SOLUTION✔✔✔..........The Financial Industry Regulatory
Authority (FINRA, formerly the NASD)
A life insurance policy whose cash value will fluctuate depending
upon the performance of a separate account is: - ............
SOLUTION✔✔✔..........Variable Life
John Livingston owns a 30-Pay Life policy that he purchased at
the age of 30. The cash value will equal the face amount of the
policy when he reaches the age of: - ............
SOLUTION✔✔✔..........100
Which of the following types of insurance policies would provide
the greatest amount of protection for a temporary period during
which an insured will have limited financial resources? - ............
SOLUTION✔✔✔..........Term
, Page | 2
Which of the following statements about a Renewable Term policy
is true? - ............ SOLUTION✔✔✔..........It is renewable at the
option of the insured
An Annuity is designed to provide which of the following financial
features?
I. The liquidation of principal and interest
II. Favorable tax treatment
III. The creation of an estate - ............ SOLUTION✔✔✔..........I
and II
A 45-year old customer who is seeking to supplement his
retirement income at age 65 would not buy a: - ............
SOLUTION✔✔✔..........Immediate Annuity
Which of the following is an example of a Limited-Pay Life policy?
- ............ SOLUTION✔✔✔..........Life Paid-Up at Age 65
You have a client that is a real estate agent. Which of the following
types of permanent protection is best for this type of client? -
............ SOLUTION✔✔✔..........Adjustable life
Which of the following individual policy conversions is usually
permitted without any evidence of insurability? - ............
, Page | 3
SOLUTION✔✔✔..........Conversion from a Term policy to a
Whole Life policy
At age 30, Tom Morris wishes to purchase a Whole Life policy.
His producer explains that he can pay for the policy in several
ways. One method is called 20-Pay Life, and another, Straight
Life. Tom wishes to know which plan will accumulate cash value
at a faster rate in the early years of the policy. Which of the
following would be the producer's most appropriate response? -
............ SOLUTION✔✔✔.........."20-Pay Life will accumulate
cash value faster."
Sandra Timms, age 27, is advised by her producer to purchase Life
insurance to cover a 20-year-amortized $50,000 business-
improvement loan. Which of the following plans would
adequately protect Ms. Timms at the minimum premium outlay? -
............ SOLUTION✔✔✔..........A $50,000 Decreasing Term
policy for 20 years
In order to sell variable life insurance you must be registered with
which of the following? - ............ SOLUTION✔✔✔..........The
NASD
Which of the following contracts requires that a series of benefit
payments be made at specified intervals? - ............
SOLUTION✔✔✔..........Annuity
