GA LIFE INSURANCE EXAM WITH
CORRECT ACTUAL QUESTIONS
MERGED WITH CORRECT COMPLETE
SOLUTIONS || ALREADY GRADED A+
|| 2026-2027 LATEST UPDATE!!!
Who elects the governing body of a mutual insurance company? -
ANSWER-policyholders
What year was the McCarran-Ferguson Act enacted? - ANSWER-1945
A nonprofit incorporated society that does not have capital stock and
operates for the sole benefit of its members is known as: - ANSWER-a
fraternal benefit society
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: - ANSWER-reserves
What is the name of the law that requires insurers to disclose
information gathering practices and where the information was
obtained? - ANSWER-Fair Credit Reporting Act
, The part of a life insurance policy guaranteed to be true is called a: -
ANSWER-warranty
What is the consideration given by an insurer in the consideration
clause of a life policy? - ANSWER-promise to pay a death benefit to a
named beneficiary
Statements made on an insurance application that are believed to be
true to the best of the applicant's knowledge are called: - ANSWER-
representations
Which of the following consists of an offer, acceptance, and
consideration? - ANSWER-contract
Which of these require an offer, acceptance, and consideration? -
ANSWER-contract
In regards to representation or warranties, which of these statements
is TRUE? - ANSWER-If material to the risk, false representation will
void a policy
Insurance policies are offered on a "take it or leave it" basis, which
make them: - ANSWER-Contracts of Adhesion
A life insurance policy would be considered a wagering contract
WITHOUT: - ANSWER-insurable interest
Insurance policies are considered aleatory contracts because -
ANSWER-performance is conditioned upon a future occurrence
Life and health insurance policies are: - ANSWER-Unilateral contracts
Who makes the legally enforceable promises in a unilateral contract? -
ANSWER-insurance company
CORRECT ACTUAL QUESTIONS
MERGED WITH CORRECT COMPLETE
SOLUTIONS || ALREADY GRADED A+
|| 2026-2027 LATEST UPDATE!!!
Who elects the governing body of a mutual insurance company? -
ANSWER-policyholders
What year was the McCarran-Ferguson Act enacted? - ANSWER-1945
A nonprofit incorporated society that does not have capital stock and
operates for the sole benefit of its members is known as: - ANSWER-a
fraternal benefit society
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: - ANSWER-reserves
What is the name of the law that requires insurers to disclose
information gathering practices and where the information was
obtained? - ANSWER-Fair Credit Reporting Act
, The part of a life insurance policy guaranteed to be true is called a: -
ANSWER-warranty
What is the consideration given by an insurer in the consideration
clause of a life policy? - ANSWER-promise to pay a death benefit to a
named beneficiary
Statements made on an insurance application that are believed to be
true to the best of the applicant's knowledge are called: - ANSWER-
representations
Which of the following consists of an offer, acceptance, and
consideration? - ANSWER-contract
Which of these require an offer, acceptance, and consideration? -
ANSWER-contract
In regards to representation or warranties, which of these statements
is TRUE? - ANSWER-If material to the risk, false representation will
void a policy
Insurance policies are offered on a "take it or leave it" basis, which
make them: - ANSWER-Contracts of Adhesion
A life insurance policy would be considered a wagering contract
WITHOUT: - ANSWER-insurable interest
Insurance policies are considered aleatory contracts because -
ANSWER-performance is conditioned upon a future occurrence
Life and health insurance policies are: - ANSWER-Unilateral contracts
Who makes the legally enforceable promises in a unilateral contract? -
ANSWER-insurance company
